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CIRCOR Announces Record Second Quarter Earnings of $0.60 per share

BURLINGTON, Mass., Aug. 1 /PRNewswire-FirstCall/ -- CIRCOR International, Inc. (NYSE:CIR), a leading provider of valves and other fluid control devices for the instrumentation, aerospace, thermal fluid and energy markets, today announced results for the second quarter and six months ended July 1, 2007.

Revenues for the 2007 second quarter were $165.9 million, an increase of 15% from $144.4 million for the second quarter 2006 period. Net income for the second quarter of 2007 increased 55% to $10.0 million, or $0.60 per diluted share, which included $0.03 per diluted share of special charges primarily related to the consolidation of manufacturing facilities. Net income for the second quarter of 2006 was $6.5 million, or $0.40 per diluted share.

For the six months ended July 1, 2007, revenues were $327.2 million, an increase of 20% from $271.7 million for the comparable period in 2006. Net income for the first half of 2007 was $17.4 million, or $1.05 per diluted share, an increase of 50% from $11.6 million, or $0.71 per diluted share, in the same period last year. Results for the first half of 2007 include $0.05 per diluted share of special charges.

The Company received a record level of orders totaling $228.4 million during the second quarter of 2007, increasing 18% over the second quarter of 2006, and a 22% increase from the first quarter of 2007. For the first six months of 2007, orders totaled $415.2 million with July 1, 2007, backlog reaching another record level of $373.7 million, representing increases of 5% and 28%, respectively, over the same periods in 2006.

During the second quarter of 2007, the Company generated $5.4 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid) and, for the first six months of 2007, the Company had positive free cash flow of less than $0.1 million despite higher working capital needed to support the Company's record orders and backlog. This compares favorably to the first six months of 2006 during which the Company used $4.8 million of free cash flow. The improvement from 2006 largely resulted from the sharp increase in profitability.

Circor's Instrumentation and Thermal Fluid Controls Products segment revenues increased 8% to $85.7 million from $79.5 million in the second quarter of 2006. Incoming orders for this segment were a quarterly record $99.1 million, while this segment's backlog at July 1, 2007, reached a record $130.2 million, a 15% increase from one year ago, and an 11% increase from the end of the first quarter of 2007. This segment's operating margin for the second quarter was 8.7% excluding special charges for a U.S. facility closure, compared to the 8.6% operating margin achieved in the second quarter of 2006. However, the second quarter margin represented an 80 basis point increase from the first quarter of 2007, excluding special charges, reflecting higher unit shipments and improved pricing.

Circor's Energy Products segment revenues increased 24% to $80.2 million from $64.9 million in the second quarter of last year. Incoming orders for the quarter were $129.3 million and ending backlog totaled another record at $243.5 million compared to incoming orders of $113.4 million and ending backlog of $179.1 million in the same periods last year. This segment's operating margin reached a record 16.3% during the second quarter of 2007 compared to 11.4% for the second quarter of 2006, reflecting shipments of high-margin projects.

David A. Bloss, Sr., Circor's Chairman and Chief Executive Officer, said, "Oil and gas exploration and processing activity has once again exceeded our expectations this past quarter, despite some softness experienced in Western Canada. Our profitability also benefited from a favorable mix of international project shipments as well as increased sourcing from our facility in China and productivity improvements worldwide. We expect to see this strong market activity continue into 2008 with some dampening effect for near-term seasonal wet weather conditions in North America and for distributor inventory replenishment cycles, since they are now approaching target on-hand quantity levels."

Mr. Bloss continued, "Results for our Instrumentation and Thermal Fluid Control Products segment were in line with our expectations. The primary markets for this segment are showing mixed trends, but are positive overall due to the strength of the general aviation and European industrial process controls sectors. Operating margins for this segment improved from the first quarter trough and we expect to post quarterly improvements going forward as our cost reduction and customer delivery performance initiatives continue to be realized with stronger leadership in place at all major facilities."

Circor provided guidance for its third quarter 2007 results, indicating it expects earnings to be in the range of $0.53 to $0.56 per diluted share, with no expected special charges. The guidance compares favorably to earnings in the third quarter of 2006 of $0.45 per diluted share, but is lower than second quarter 2007 results due to an anticipated less-favorable mix of product revenues within the Energy Products segment that will be partially offset by higher operational performance of the Instrumentation and Thermal Fluid Controls Products segment.

CIRCOR International has scheduled a conference call to review its results for the second quarter of 2007 tomorrow, August 2, 2007, at 10:30 am ET. Interested parties may access the call by dialing (800) 289-0544 from the US and Canada and (913) 981-5533 from international locations. A replay of the call will be available from 1:30 pm ET on August 2, 2007, through midnight on August 8, 2007. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code # 4597912 when prompted. The presentation slides that will be discussed in the conference call are expected to be available on Wednesday, August 1, 2007, by 6:00 pm ET. The presentation slides may be downloaded from the quarterly earnings page of the investor section on the CIRCOR website: http://www.circor.com/quarterlyearnings/. An audio recording of the conference call also is expected to be posted on the company's website by August 6, 2007.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of CIRCOR. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.



                          CIRCOR INTERNATIONAL, INC.
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                    (in thousands, except per share data)
                                  UNAUDITED

                                     Three Months Ended     Six Months Ended
                                     July 1,     July 2,    July 1,    July 2,
                                      2007        2006       2007       2006

    Net revenues                    $165,937   $144,389   $327,200   $271,684
    Cost of revenues                 116,116    102,268    232,587    191,225
      GROSS PROFIT                    49,821     42,121     94,613     80,459
    Selling, general and
     administrative expenses          33,376     31,409     65,464     61,259
    Special charges                      615          -      1,305          -
      OPERATING INCOME                15,830     10,712     27,844     19,200
    Other (income) expense:
      Interest income                    (77)       (89)      (130)      (197)
      Interest expense                   961      1,553      2,232      2,686
      Other (income) expense, net        214       (248)       118       (380)
        Total other expense            1,098      1,216      2,220      2,109
      INCOME BEFORE INCOME TAXES      14,732      9,496     25,624     17,091
    Provision for income taxes         4,714      3,038      8,200      5,469
      NET INCOME                     $10,018     $6,458    $17,424    $11,622

    Earnings per common share:
      Basic                            $0.61      $0.40      $1.07      $0.73
      Diluted                          $0.60      $0.40      $1.05      $0.71

    Weighted average common
     shares outstanding:
      Basic                           16,390     15,968     16,301     15,911
      Diluted                         16,679     16,332     16,582     16,266



                          CIRCOR INTERNATIONAL, INC.
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (in thousands)
                                  UNAUDITED

                                                     Six Months Ended
                                             July 1, 2007        July 2, 2006

    OPERATING ACTIVITIES
    Net income                                 $17,424               $11,622
    Adjustments to reconcile net income to net
     cash provided by operating activities:
      Depreciation                               5,620                 5,788
      Amortization                               1,258                 1,082
      Compensation expense of stock-
       based plans                               1,711                 1,580
      Tax effect of share based
       compensation                             (2,065)                 (957)
      Loss on sale of assets held for sale         210                     -
      Gain on disposal of property,
       plant and equipment                         (28)                  (80)
      Equity in undistributed income
       of affiliates                                43                    (8)

      Changes in operating assets and
       liabilities, net of effects from
       business acquisitions:
        Trade accounts receivable                  938                (8,472)
        Inventories                            (15,276)              (24,471)
        Prepaid expenses and other assets       (6,927)               (1,213)
        Accounts payable, accrued
         expenses and other liabilities          2,367                14,833
    Net cash provided by (used in)
     operating activities                        5,275                  (296)

    INVESTING ACTIVITIES
    Additions to property, plant and equipment  (4,042)               (3,320)
    Proceeds from disposal of property,
     plant and equipment                           412                   304
    Proceeds from sale of assets held for sale     508                   100
    Business acquisitions, net of cash  acquired     -               (60,989)
    Purchase of investments                          -                (5,734)
    Proceeds from sale of investments                -                 3,195
    Net cash used in investing activities       (3,122)              (66,444)

    FINANCING ACTIVITIES
    Proceeds from debt borrowings               45,994                65,547
    Payments of debt                           (55,616)               (7,038)
    Dividends paid                              (1,223)               (1,195)
    Proceeds from the exercise of stock
     options                                     2,611                 1,708
    Tax effect of share based compensation       2,065                   957
    Net cash (used in) provided by
     financing activities                       (6,169)               59,979
    Effect of exchange rate changes on
     cash and cash equivalents                     645                 1,615

    DECREASE IN CASH AND CASH EQUIVALENTS        3,371)               (5,146)
    Cash and cash equivalents at beginning
     of year                                    28,652                31,112
    CASH AND CASH EQUIVALENTS AT END OF PERIOD $25,281               $25,966



                          CIRCOR INTERNATIONAL, INC.
                         CONSOLIDATED BALANCE SHEETS
                      (in thousands, except share data)
                                  UNAUDITED

                                                      July 1,     December 31,
                                                       2007           2006
    ASSETS
    Current Assets:
      Cash & cash equivalents                         $25,281         $28,652
      Investments                                          94              86
      Trade accounts receivable, less allowance
       for doubtful accounts of $2,842 and
       $2,523, respectively                           109,054         108,689
      Inventories                                     167,420         150,160
      Prepaid expenses and other current assets        10,258           2,926
      Deferred income taxes                             6,649           7,305
      Assets held for sale                              2,647           3,132
        Total Current Assets                          321,403         300,950

    Property, Plant and Equipment, net                 77,927          79,039

    Other Assets:
      Goodwill                                        165,099         163,720
      Intangibles, net                                 48,599          49,226
      Other assets                                     12,792          12,740
    Total Assets                                     $625,820        $605,675

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
      Accounts payable                                $78,913         $71,788
      Accrued expenses and other
       current liabilities                             48,165          54,359
      Accrued compensation and benefits                17,176          15,325
      Income taxes payable                              3,259           6,027
      Notes payable and current
       portion of long-term debt                          238             415
        Total Current Liabilities                     147,751         147,914

    Long-Term Debt, net of current portion             54,985          64,411
    Deferred Income Taxes                              22,880          21,674
    Other Non-Current Liabilities                      14,666          14,375
    Shareholders' Equity:
      Preferred stock, $.01 par value; 1,000,000
       shares authorized; no shares issued
       and outstanding                                      -               -
      Common stock, $.01 par value; 29,000,000
       shares authorized; and  16,442,319 and
       16,181,070 issued and outstanding,
       respectively                                       164             162
      Additional paid-in capital                      230,599         224,508
      Retained earnings                               125,398         109,251
      Accumulated other comprehensive income           29,377          23,380
        Total Shareholders' Equity                    385,538         357,301
    Total Liabilities and Shareholders' Equity       $625,820        $605,675



                          CIRCOR INTERNATIONAL, INC.
                        SUMMARY OF ORDERS AND BACKLOG
                                (in thousands)
                                  UNAUDITED

                              Three Months Ended         Six Months Ended
                         July 1, 2007  July 2, 2006  July 1, 2007 July 2, 2006
    ORDERS
      Instrumentation
       & Thermal Fluid
       Controls             $99,057         $80,218  *    $183,828  $165,706 *

      Energy Products       129,345         113,440        231,416   229,419

      Total orders         $228,402        $193,658       $415,244  $395,125


                                          July 1, 2007     December 31, 2006
    BACKLOG
      Instrumentation &
       Thermal Fluid Controls               $130,224            $113,434

      Energy Products                        243,490             172,235

      Total backlog                         $373,714            $285,669

    Note: Backlog includes all unshipped customer orders.

    * Orders for the Instrumentation & Thermal Fluid Controls Products segment
      have been reduced by $2,489 and $4,265 for the 3-months ended July 2,
      2006 and the 6-months ended July 2, 2006, respectively, for the sale in
      December 2006 of the small, French business, Societe Alsacienne
      Regulaves Thermiques von Rohr ("Sart").



                          CIRCOR INTERNATIONAL, INC.
                          SUMMARY REPORT BY SEGMENT
                  (in thousands, except earnings per share)
                                  UNAUDITED

                                                    2006
                                1ST QTR   2ND QTR  3RD QTR  4TH QTR     YTD
    NET REVENUES

      Instrumentation & Thermal
       Fluid Controls (TFC)     $72,434   $79,470  $79,205  $81,591  $312,700
      Energy Products            54,861    64,919   71,207   88,024   279,011
        Total                   127,295   144,389  150,412  169,615   591,711

    OPERATING MARGIN

      Instrumentation & TFC         9.1%      8.6%     9.5%     8.2%      8.8%
      Energy Products              10.4%     11.4%    13.2%    15.7%     13.0%
        Segment operating
         margin                     9.7%      9.9%    11.3%    12.1%     10.8%
      Corporate expenses           -3.0%     -2.5%    -2.8%    -2.4%     -2.7%
      Special charges               0.0%      0.0%    -0.3%    -0.1%     -0.1%
        Total operating margin      6.7%      7.4%     8.1%     9.5%      8.0%

    OPERATING INCOME

      Instrumentation & TFC
       (excl. special &
       unusual charges)           6,595     6,861    7,522    6,680    27,658
      Energy Products
       (excl. special &
       unusual charges)           5,702     7,429    9,420   13,797    36,348
        Segment operating
         income (excl. special
         & unusual charges)      12,297    14,290   16,942   20,477    64,006
       Corporate expenses        (3,809)   (3,578)  (4,284)  (4,146)  (15,817)
       Special charges                -               (479)    (200)     (679)

         Total operating income   8,488    10,712   12,179   16,131    47,510

     INTEREST EXPENSE, NET       (1,024)   (1,464)  (1,383)  (1,246)   (5,117)
     OTHER (EXPENSE) INCOME, NET    131       248      (27)    (486)     (134)

       PRETAX INCOME              7,595     9,496   10,769   14,399    42,259
    PROVISION FOR INCOME TAXES   (2,431)   (3,038)  (3,446)  (4,016)  (12,931)
    EFFECTIVE TAX RATE             32.0%     32.0%    32.0%    27.9%     30.6%
      NET INCOME                 $5,164    $6,458   $7,323  $10,383   $29,328

    Weighted Average Common
     Shares Outstanding
     (Diluted)                   16,197    16,332   16,368   16,438    16,291

    EARNINGS PER COMMON
     SHARE (Diluted)              $0.32     $0.40    $0.45    $0.63     $1.80

    EARNINGS PER COMMON
     SHARE (Diluted)
     excluding special charges    $0.32     $0.40    $0.47    $0.64     $1.83

    EBIT                         $8,619   $10,960  $12,152  $15,645   $47,376
    Depreciation                  2,619     3,169    2,901    2,517    11,206
    Amortization of
     intangibles                    515       567      709      603     2,394
      EBITDA                    $11,753   $14,696  $15,762  $18,765   $60,976

    EBITDA AS A PERCENT OF
     SALES                          9.2%     10.2%    10.5%    11.1%     10.3%

    CAPITAL EXPENDITURES         $1,578    $1,742   $3,823   $2,790    $9,933


                                                          2007
                                             1ST QTR     2ND QTR      YTD
    NET REVENUES

      Instrumentation & Thermal
       Fluid Controls (TFC)                 $81,296     $85,740    $167,036
      Energy Products                        79,967      80,197     160,164
        Total                               161,263     165,937     327,200

    OPERATING MARGIN

      Instrumentation & TFC                     7.9%        8.7%        8.3%
      Energy Products                          12.7%       16.3%       14.5%
        Segment operating margin               10.3%       12.4%       11.3%
      Corporate expenses                       -2.4%       -2.4%       -2.4%
      Special charges                          -0.4%       -0.4%       -0.4%
        Total operating margin                  7.4%        9.5%        8.5%

    OPERATING INCOME

      Instrumentation & TFC (excl.
       special & unusual charges)             6,433       7,438      13,871
      Energy Products (excl. special
       & unusual charges)                    10,125      13,063      23,188
        Segment operating income
         (excl. special & unusual
         charges)                            16,558      20,501      37,059
      Corporate expenses                     (3,853)     (4,056)     (7,909)
      Special charges                          (691)       (615)     (1,306)

        Total operating income               12,014      15,830      27,844

    INTEREST EXPENSE, NET                    (1,218)       (884)     (2,102)
    OTHER (EXPENSE) INCOME, NET                  97        (214)       (117)

      PRETAX INCOME                          10,893      14,732      25,625
    PROVISION FOR INCOME TAXES               (3,486)     (4,714)     (8,200)
    EFFECTIVE TAX RATE                         32.0%       32.0%       32.0%
      NET INCOME                             $7,407     $10,018     $17,425

    Weighted Average Common Shares
     Outstanding (Diluted)                   16,533      16,679      16,582

    EARNINGS PER COMMON SHARE (Diluted)       $0.45       $0.60       $1.05

    EARNINGS PER COMMON SHARE (Diluted)
     excluding special charges                $0.48       $0.63       $1.10

    EBIT                                    $12,111     $15,616     $27,727
    Depreciation                              2,808       2,812       5,620
    Amortization of intangibles                 626         632       1,258
      EBITDA                                $15,545     $19,060     $34,605

    EBITDA AS A PERCENT OF SALES                9.6%       11.5%       10.6%

    CAPITAL EXPENDITURES                     $1,776      $2,266      $4,042



                          CIRCOR INTERNATIONAL, INC.
         RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
                GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
                                (in thousands)
                                  UNAUDITED

                                               2006
                              1ST QTR   2ND QTR   3RD QTR   4TH QTR     YTD

    FREE CASH FLOW  [NET CASH
     FLOW FROM OPERATING
     ACTIVITIES LESS CAPITAL
     EXPENDITURES LESS
     DIVIDENDS PAID]          $(5,213)     $402    $8,865   $13,476   $17,530
       ADD: Capital
             expenditures       1,578     1,742     3,823     2,790     9,933
            Dividends paid        595       600       600       600     2,395

       NET CASH PROVIDED
        BY (USED IN)
        OPERATING ACTIVITIES  $(3,040)   $2,744   $13,288   $16,866   $29,858

    NET (CASH) DEBT [TOTAL
     DEBT LESS CASH & CASH
     EQUIVALENTS LESS
     INVESTMENTS]             $68,271   $64,336   $55,157   $36,088   $36,088
       ADD: Cash & cash
        equivalents            27,069    25,966    33,265    28,652    28,652
            Investments             -     2,639        90        86        86

       TOTAL DEBT             $95,340   $92,941   $88,512   $64,826   $64,826

    NET DEBT AS % OF NET
     CAPITALIZATION              17.7%     16.2%     13.9%      9.2%      9.2%

       NET CAPITALIZATION
        [TOTAL DEBT PLUS
        SHAREHOLDERS' EQUITY
        LESS CASH & CASH
        EQUIVALENTS, LESS
        INVESTMENTS]         $385,659  $397,814  $397,012  $393,389  $393,389
          LESS: Total debt    (95,340)  (92,941)  (88,512)  (64,826)  (64,826)
          ADD:  Cash & cash
                 equivalents   27,069    25,966    33,265    28,652    28,652
                Investments         -     2,639        90        86        86

       TOTAL SHAREHOLDERS'
        EQUITY                317,388   333,478   341,855   357,301   357,301
          ADD: Total debt      95,340    92,941    88,512    64,826    64,826

       TOTAL CAPITAL         $412,728  $426,419  $430,367  $422,127  $422,127

    TOTAL DEBT/TOTAL CAPITAL     23.1%     21.8%     20.6%     15.4%     15.4%

    EBIT  [NET INCOME LESS
     INTEREST EXPENSE, NET]    $8,619   $10,960   $12,152   $15,645   $47,376
       LESS: Interest expense,
              net              (1,024)   (1,464)   (1,383)   (1,246)   (5,117)
             Provision for
              income taxes     (2,431)   (3,038)   (3,446)   (4,016)  (12,931)

       NET INCOME              $5,164    $6,458    $7,323   $10,383   $29,328

    EBITDA [NET INCOME LESS
     INTEREST EXPENSE, NET
     LESS DEPRECIATION LESS
     AMORTIZATION LESS TAXES] $11,753   $14,696   $15,762   $18,765   $60,976
       LESS: Interest expense,
              net              (1,024)   (1,464)   (1,383)   (1,246)   (5,117)
             Depreciation      (2,619)   (3,169)   (2,901)   (2,517)  (11,206)
             Amortization of
              intangibles        (515)     (567)     (709)     (603)   (2,394)
             Provision for
              income taxes     (2,431)   (3,038)   (3,446)   (4,016)  (12,931)

       NET INCOME              $5,164    $6,458    $7,323   $10,383   $29,328

    INCOME EXCLUDING SPECIAL
     CHARGES [NET INCOME LESS
     SPECIAL CHARGES, NET
     OF TAX]                   $5,164    $6,458    $7,649   $10,527   $29,799
       LESS: Special charges,
              net of tax            -         -      (326)     (144)     (471)

       NET INCOME              $5,164    $6,458    $7,323   $10,383   $29,328

       Weighted average common
        shares outstanding
        (diluted)              16,197    16,332    16,368    16,438    16,291

    EARNINGS PER SHARE EXCLUDING
     SPECIAL CHARGES            $0.32     $0.40     $0.47     $0.64     $1.83


                                                          2007
                                            1ST QTR     2ND QTR         YTD

    FREE CASH FLOW  [NET CASH FLOW
     FROM OPERATING ACTIVITIES LESS
     CAPITAL EXPENDITURES LESS
     DIVIDENDS PAID]                        $(5,429)     $5,439         $10
       ADD: Capital expenditures              1,776       2,266       4,042
            Dividends paid                      609         614       1,223

       NET CASH PROVIDED BY (USED IN)
        OPERATING ACTIVITIES                $(3,044)     $8,319      $5,275

    NET (CASH) DEBT  [TOTAL DEBT LESS
     CASH & CASH ITEMS LESS INVESTMENTS]    $39,366     $29,848     $29,848
       ADD: Cash & cash items                27,050      25,281      25,281
            Investments                          87          94          94

       TOTAL DEBT                           $66,503     $55,223     $55,223

    NET DEBT AS % OF NET CAPITALIZATION         9.6%        7.2%        7.2%

       NET CAPITALIZATION [TOTAL DEBT PLUS
        SHAREHOLDERS' EQUITY LESS CASH &
        CASH ITEMS, LESS INVESTMENTS]      $408,944    $415,386    $415,386
          LESS: Total debt                  (66,503)    (55,223)    (55,223)
          ADD:  Cash & cash items            27,050      25,281      25,281
                Investments                      87          94          94

       TOTAL SHAREHOLDERS' EQUITY           369,578     385,538     385,538
         ADD: Total debt                     66,503      55,223      55,223

       TOTAL CAPITAL                       $436,081    $440,761    $440,761

    TOTAL DEBT/TOTAL CAPITAL                   15.3%       12.5%       12.5%

    EBIT  [NET INCOME LESS INTEREST
     EXPENSE, NET]                          $12,111     $15,616     $27,727
       LESS: Interest expense, net           (1,218)       (884)     (2,102)
             Provision for income taxes      (3,486)     (4,714)     (8,200)

       NET INCOME                            $7,407     $10,018     $17,425

    EBITDA [NET INCOME LESS INTEREST
     EXPENSE, NET LESS DEPRECIATION
     LESS AMORTIZATION LESS TAXES]          $15,545     $19,060     $34,605
       LESS: Interest expense, net           (1,218)       (884)     (2,102)
             Depreciation                    (2,808)     (2,812)     (5,620)
             Amortization of intangibles       (626)       (632)     (1,258)
             Provision for income taxes      (3,486)     (4,714)     (8,200)

       NET INCOME                            $7,407     $10,018     $17,425

    INCOME EXCLUDING SPECIAL CHARGES
     [NET INCOME LESS SPECIAL CHARGES,
     NET OF TAX]                             $7,877     $10,436     $18,313
       LESS: Special charges, net of tax       (470)       (418)       (888)

    NET INCOME                               $7,407     $10,018     $17,425

    Weighted average common shares
     outstanding (diluted)                   16,533      16,679      16,582

    EARNINGS PER SHARE EXCLUDING SPECIAL
     CHARGES                                  $0.48       $0.63       $1.10

Source: CIRCOR International, Inc.

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