Breaking News Bar

Business News and Information

CIRCOR Announces Third Quarter Earnings of $0.62 per share

BURLINGTON, Mass., Oct. 31 /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 third quarter and nine months ended September 30, 2007.

Revenues for the 2007 third quarter were $164.0 million, an increase of 9% from $150.4 million for the third quarter 2006 period. Net income for the third quarter of 2007 increased 42% to $10.4 million, or $0.62 per diluted share compared to $7.3 million or $0.45 per diluted share for the third quarter of 2006. Net income for the third quarter of 2007 includes three transactions: $0.09 per diluted share for special charges primarily related to accelerated vesting of equity awards for retiring executives; $0.06 per share for a gain on sale of the Company's interest in an unrelated business; plus a $0.06 per share benefit from lower income tax expense resulting from tax law changes and lower rates in Germany and the United Kingdom.

For the nine months ended September 30, 2007, revenues were $491.2 million, an increase of 16% from $422.1 million for the comparable period in 2006. Net income for the first nine months of 2007 was $27.8 million, or $1.67 per diluted share, an increase of 47% from $18.9 million, or $1.16 per diluted share, in the same period last year. Results for the first nine months of 2007 include $0.14 per diluted share of special charges for facility consolidation and accelerated vesting of equity awards for the Company's retiring executives, partially offset by a $0.06 per share for a gain on sale of the Company's interest in an unrelated business and the $0.06 per share benefit from German and UK tax law and rate changes.

The Company received orders totaling $186.0 million during the third quarter of 2007, increasing 33% over the third quarter of 2006, and a 19% decrease from the second quarter of 2007. For the first nine months of 2007, orders totaled $601.2 million with September 30, 2007, backlog reaching another record level of $395.7 million, representing increases of 12% and 39%, respectively, over the same periods in 2006.

During the third quarter of 2007, the Company generated $11.5 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid) and, for the first nine months of 2007, the Company had positive free cash flow of $11.5 million despite higher working capital needed to support the Company's record orders and backlog. This compares favorably to the first nine months of 2006 during which the Company generated $4.1 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 7% to $85.1 million from $79.2 million in the third quarter of 2006. Incoming orders for this segment were $90.0 million, up 8%, while this segment's backlog at September 30, 2007, reached a record $135.1 million, a 13% increase from one year ago, and a 4% increase from the end of the second quarter of 2007. This segment's operating margin for the third quarter was 7.1% compared to the 9.5% operating margin achieved in the third quarter of 2006. The third quarter margin represented a 160 basis point decrease from the second quarter of 2007, excluding special charges, reflecting cost/price pressures continuing within the Instrumentation market and higher legal costs associated with asbestos claims within one of the Company's Thermal Fluid Products businesses.

Circor's Energy Products segment revenues increased 11% to $78.9 million from $71.2 million in the third quarter of last year. Incoming orders for the quarter were $96.0 million and ending backlog totaled another record at $260.6 million compared to incoming orders of $57.0 million and ending backlog of $164.9 million in the same periods last year. This segment's operating margin reached 17.4% during the third quarter of 2007 compared to 13.2% for the third quarter of 2006, reflecting shipments of higher-margin products.

David A. Bloss, Sr., Circor's Chairman and Chief Executive Officer, said, "As expected, we witnessed some sequential softening in market activities this quarter within our energy products businesses from their record levels as distributor inventories caught up with demand and project awards returned to more normal levels. Prospects into 2008 remain healthy as this segment's profitability and backlogs remain at record levels."

Mr. Bloss continued, "Results for our Instrumentation and Thermal Fluid Control Products segment were mixed. Incoming order rates improved in all primary markets including steam, instrumentation and general aerospace, except for our military landing gear market where large annual orders were received in the previous quarter. We continue to make progress on our profit improvement initiatives within this segment, but will not fully recognize cost reduction benefits from component sourcing until the first half 2008. Some selective pricing increases have been successfully instituted as well. These improvements have been offset by higher legal costs associated with asbestos claims filed against a subsidiary of the company within this segment."

Circor provided guidance for its fourth quarter 2007 results, indicating it expects earnings to be in the range of $0.54 to $0.59 per diluted share, excluding any special charges. The guidance compares to earnings in the fourth quarter of 2006 of $0.63 per diluted share, which included $0.01 per share for a facility consolidation.

CIRCOR International has scheduled a conference call to review its results for the third quarter of 2007 tomorrow, November 1, 2007, at 10:30 am ET. Interested parties may access the call by dialing (888) 599-8691 from the US and Canada and (913) 981-5543 from international locations. A replay of the call will be available from 1:30 pm ET on November 1, 2007, through 1:30 pm ET on November 8, 2007. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code # 4311438 when prompted. The presentation slides that will be discussed in the conference call are expected to be available on Wednesday, October 31, 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 November 5, 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     Nine Months Ended
                                     Sep 30,     Oct 1,     Sep 30,    Oct 1,
                                      2007        2006       2007       2006

    Net revenues                    $164,017   $150,412   $491,217   $422,096
    Cost of revenues                 116,465    106,934    349,052    298,159
      GROSS PROFIT                    47,552     43,478    142,165    123,937
    Selling, general and
     administrative expenses          32,672     30,819     98,136     92,079
    Special charges                    2,131        479      3,436        479
      OPERATING INCOME                12,749     12,180     40,593     31,379
    Other (income) expense:
      Interest income                   (129)      (134)      (259)      (332)
      Interest expense                   873      1,517      3,105      4,203
      Other (income) expense, net     (1,508)        27     (1,390)      (352)
        Total other expense             (764)     1,410      1,456      3,519
      INCOME BEFORE INCOME TAXES      13,513     10,770     39,137     27,860
    Provision for income taxes         3,148      3,446     11,347      8,915
      NET INCOME                     $10,365     $7,324    $27,790    $18,945

    Earnings per common share:
      Basic                            $0.63      $0.46      $1.70      $1.19
      Diluted                          $0.62      $0.45      $1.67      $1.16

    Weighted average common
     shares outstanding:
      Basic                           16,509     16,007     16,369     15,943
      Diluted                         16,768     16,368     16,660     16,302



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

                                                       Nine Months Ended
                                                  Sep 30, 2007     Oct 1, 2006
    OPERATING ACTIVITIES
    Net income                                       $27,790          $18,945
    Adjustments to reconcile net income to net
     cash provided by operating activities:
      Depreciation                                     8,282            8,689
      Amortization                                     1,917            1,791
      Compensation expense of
       stock-based plans                               4,769            2,476
      Tax effect of share based compensation          (3,570)               -
      Loss on sale of assets held for sale               210               36
      Gain on sale of property,
       plant and equipment                               (50)             (18)
      Gain on sale of affiliate                       (1,605)               -
      Equity earnings and paid
       dividends of affiliate, net                       452              (15)

      Changes in operating assets and liabilities,
       net of effects from business acquisitions:
        Trade accounts receivable                       (680)          (9,812)
        Inventories                                  (14,037)         (31,730)
        Prepaid expenses and other assets             (8,031)              97
        Accounts payable, accrued expenses
         and other liabilities                         4,759           22,533
    Net cash provided by operating activities         20,206           12,992

    INVESTING ACTIVITIES
    Additions to property, plant and equipment        (6,886)          (7,143)
    Proceeds from disposal or sale of
     property, plant and equipment                       435              364
    Proceeds from sale of assets held for sale         2,259              100
    Business acquisitions, net of cash acquired       (2,704)         (61,121)
    Proceeds from sale of affiliate                    1,605                -
    Purchase of investments                                -           (9,561)
    Proceeds from sale of investments                      -            9,537
    Net cash used in investing activities             (5,291)         (67,824)

    FINANCING ACTIVITIES
    Proceeds from debt borrowings                     70,359           65,565
    Payments of debt                                 (93,415)         (11,483)
    Dividends paid                                    (1,840)          (1,795)
    Proceeds from the exercise of stock options        6,296            2,066
    Tax effect of share based compensation             3,570            1,046
    Net cash (used in) provided by
     financing activities                            (15,030)          55,399
    Effect of exchange rate changes
     on cash and cash equivalents                      1,637            1,586

    INCREASE IN CASH AND CASH EQUIVALENTS              1,522            2,153
    Cash and cash equivalents at
     beginning of year                                28,652           31,112
    CASH AND CASH EQUIVALENTS AT END OF PERIOD       $30,174          $33,265



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

                                                      Sep 30,     December 31,
                                                       2007            2006
    ASSETS
    Current Assets:
      Cash & cash equivalents                         $30,174         $28,652
      Investments                                         100              86
      Trade accounts receivable, less allowance
       for doubtful accounts of $2,732 and
       $2,523, respectively                           113,470         108,689
      Inventories                                     169,615         150,160
      Prepaid expenses and other current assets        11,215           2,926
      Deferred income taxes                             6,794           7,305
      Assets held for sale                                914           3,132
           Total Current Assets                       332,282         300,950

    Property, Plant and Equipment, net                 79,732          79,039

    Other Assets:
      Goodwill                                        168,858         163,720
      Intangibles, net                                 48,493          49,226
      Other assets                                     12,612          12,740
           Total Assets                              $641,977        $605,675

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
      Accounts payable                                $72,617         $71,788
      Accrued expenses and other
       current liabilities                             62,224          54,359
      Accrued compensation and benefits                17,822          15,325
      Income taxes payable                              2,063           6,027
      Notes payable and current
       portion of long-term debt                        2,245             415
           Total Current Liabilities                  156,971         147,914

    Long-Term Debt, net of current portion             39,844          64,411
    Deferred Income Taxes                              21,494          21,674
    Other Non-Current Liabilities                      14,532          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  16,645,414
       and 16,181,070 issued and
       outstanding, respectively                          167             162
      Additional paid-in capital                      238,753         224,508
      Retained earnings                               135,146         109,251
      Accumulated other comprehensive income           35,070          23,380
           Total Shareholders' Equity                 409,136         357,301
    Total Liabilities and Shareholders' Equity       $641,977        $605,675



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

                            Three Months Ended           Nine Months Ended
                        Sep 30, 2007     Oct 1, 2006  Sep 30, 2007 Oct 1, 2006
    ORDERS
      Instrumentation &
       Thermal Fluid
       Controls            $90,014         $83,397  *    $273,842   $249,103 *

      Energy Products       95,998          56,975        327,404    286,394

      Total orders        $186,012        $140,372       $601,246   $535,497



                        Sep 30, 2007     Oct 1, 2006
    BACKLOG
      Instrumentation
       & Thermal Fluid
       Controls           $135,146        $119,203 *

      Energy Products      260,555         164,892

      Total backlog       $395,701        $284,095

    Note: Backlog includes all unshipped customer orders.

    *  - Orders for the Instrumentation & Thermal Fluid Controls Products
         segment have been reduced by $2,165 and $6,430 for the three and nine
         months ended October 1, 2006, respectively, for the sale in December
         2006 of the small, French business, Societe Alsacienne Regulaves
         Thermiques von Rohr ("Sart"),
       - Backlog as of October 1, 2006 was reduced by $1,128 for the December
         2006 sale of Sart.



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

                                                    2006
                               1ST QTR   2ND QTR   3RD QTR  4TH QTR  Full Year
    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
         (excl. special &
         unusual charges)        (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

    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   3RD QTR    YTD
    NET REVENUES

        Instrumentation & Thermal Fluid
         Controls (TFC)                  $81,296   $85,740  $85,094  $252,130
        Energy Products                   79,967    80,197   78,923   239,087
          Total                          161,263   165,937  164,017   491,217

    OPERATING MARGIN

        Instrumentation & TFC                7.9%      8.7%     7.1%      7.9%
        Energy Products                     12.7%     16.3%    17.4%     15.4%
          Segment operating margin          10.3%     12.4%    12.1%     11.6%
        Corporate expenses                  -2.4%     -2.4%    -3.0%     -2.6%
        Special charges                     -0.4%     -0.4%    -1.3%     -0.7%
          Total operating margin             7.4%      9.5%     7.8%      8.3%

    OPERATING INCOME

        Instrumentation & TFC (excl.
         special & unusual charges)        6,433     7,438    6,076    19,947
        Energy Products (excl. special
         & unusual charges)               10,125    13,063   13,745    36,933
          Segment operating income
           (excl. special & unusual
           charges)                       16,558    20,501   19,821    56,880
        Corporate expenses (excl.
         special & unusual charges)       (3,853)   (4,056)  (4,941)  (12,850)
        Special charges                     (691)     (615)  (2,131)   (3,437)

          Total operating income          12,014    15,830   12,749    40,593

    INTEREST EXPENSE, NET                 (1,218)     (884)    (744)   (2,846)
    OTHER (EXPENSE) INCOME, NET               97      (215)   1,508     1,390

        PRETAX INCOME                     10,893    14,731   13,513    39,137
    PROVISION FOR INCOME TAXES            (3,486)   (4,713)  (3,148)  (11,347)
    EFFECTIVE TAX RATE                      32.0%     32.0%    23.3%     29.0%
        NET INCOME                        $7,407   $10,018  $10,365   $27,790

    Weighted Average Common Shares
     Outstanding (Diluted)                16,533    16,679   16,768    16,660

    EARNINGS PER COMMON SHARE (Diluted)    $0.45     $0.60    $0.62     $1.67

    EBIT                                 $12,111   $15,615  $14,257   $41,983
    Depreciation                           2,808     2,812    2,662     8,282
    Amortization of intangibles              626       632      659     1,917
        EBITDA                           $15,545   $19,059  $17,578   $52,182

    EBITDA AS A PERCENT OF SALES             9.6%     11.5%    10.7%     10.6%

    CAPITAL EXPENDITURES                  $1,776    $2,266   $2,844    $6,886



                          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 Full Year

    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

    ADJUSTED INCOME
     EXCLUDING SPECIAL
     CHARGES, GAIN ON
     SALE of AFFILIATE,
     NET OF TAX and
     INCOME TAX BENEFIT       $5,164    $6,458    $7,649   $10,527   $29,799
      LESS: Special charges,
             net of tax            -         -      (326)     (144)     (471)
      LESS: Gain on sale of
             affiliate, net
             of tax                -         -         -         -         -
      LESS: Benefit from
             income tax
             changes               -         -         -         -         -

    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

    ADJUSTED EARNINGS
     PER SHARE EXCLUDING
     SPECIAL CHARGES,
     GAIN ON SALE of
     AFFILIATE, and INCOME
     TAX BENEFIT               $0.32     $0.40     $0.47     $0.64     $1.83


                                                       2007
                                        1ST QTR   2ND QTR   3RD QTR     YTD

    FREE CASH FLOW [NET CASH FLOW
     FROM OPERATING ACTIVITIES LESS
     CAPITAL EXPENDITURES LESS
     DIVIDENDS PAID]                    $(5,429)   $5,439   $11,470   $11,480
      ADD: Capital expenditures           1,776     2,266     2,844     6,886
           Dividends paid                   609       614       617     1,840

    NET CASH PROVIDED BY (USED IN)
     OPERATING ACTIVITIES               $(3,044)   $8,319   $14,931   $20,206

    NET (CASH) DEBT [TOTAL DEBT
     LESS CASH & CASH EQUIVALENTS
     LESS INVESTMENTS]                  $39,366   $29,848   $11,815   $11,815
      ADD: Cash & cash equivalents       27,050    25,281    30,174    30,174
           Investments                       87        94       100       100

      TOTAL DEBT                        $66,503   $55,223   $42,089   $42,089

    NET DEBT AS % OF NET
     CAPITALIZATION                         9.6%      7.2%      2.8%      2.8%

    NET CAPITALIZATION [TOTAL DEBT
     PLUS SHAREHOLDERS' EQUITY LESS
     CASH & CASH EQUIVALENTS,
     LESS INVESTMENTS]                 $408,944  $415,386  $420,951  $420,951
      LESS: Total debt                  (66,503)  (55,223)  (42,089)  (42,089)
      ADD:  Cash & cash equivalents      27,050    25,281    30,174    30,174
            Investments                      87        94       100       100

    TOTAL SHAREHOLDERS' EQUITY          369,578   385,538   409,136   409,136
      ADD: Total debt                    66,503    55,223    42,089    42,089

      TOTAL CAPITAL                    $436,081  $440,761  $451,225  $451,225

      TOTAL DEBT  /  TOTAL CAPITAL         15.3%     12.5%      9.3%      9.3%

    EBIT [NET INCOME LESS INTEREST
     EXPENSE, NET]                      $12,111   $15,615   $14,257   $41,983
      LESS: Interest expense, net        (1,218)     (884)     (744)   (2,846)
            Provision for income taxes   (3,486)   (4,713)   (3,148)  (11,347)

      NET INCOME                         $7,407   $10,018   $10,365   $27,790

    EBITDA [NET INCOME LESS INTEREST
     EXPENSE, NET LESS DEPRECIATION
     LESS AMORTIZATION LESS TAXES]      $15,545   $19,059   $17,578   $52,182
      LESS: Interest expense, net        (1,218)     (884)     (744)   (2,846)
            Depreciation                 (2,808)   (2,812)   (2,662)   (8,282)
            Amortization of
             intangibles                   (626)     (632)     (659)   (1,917)
            Provision for income taxes   (3,486)   (4,713)   (3,148)  (11,347)

      NET INCOME                         $7,407   $10,018   $10,365   $27,790

    ADJUSTED INCOME EXCLUDING SPECIAL
     CHARGES, GAIN ON SALE of AFFILIATE,
     NET OF TAX and INCOME TAX BENEFIT   $7,877   $10,436    $9,811   $28,124
      LESS: Special charges, net of tax    (470)     (418)   (1,449)   (2,337)
      LESS: Gain on sale of affiliate,
             net of tax                       -         -     1,043     1,043
      LESS: Benefit from income tax
             changes                          -         -       960       960

      NET INCOME                         $7,407   $10,018   $10,365   $27,790

    Weighted average common shares
     outstanding (diluted)               16,533    16,679    16,768    16,660

    ADJUSTED EARNINGS PER SHARE
     EXCLUDING SPECIAL CHARGES,
     GAIN ON SALE of AFFILIATE,
     and INCOME TAX BENEFIT               $0.48     $0.63     $0.59     $1.70

Source: CIRCOR International, Inc.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
bottom clear