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CIRCOR Announces Fourth Quarter Earnings of $0.60 Per Share

BURLINGTON, Mass., Feb. 20 /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 fourth quarter and 12 months ended December 31, 2007.

Revenues for the 2007 fourth quarter were $174.5 million, an increase of 3% from $169.6 million for the fourth quarter 2006 period. Net income for the fourth quarter of 2007 was $10.1 million, or $0.60 per diluted share, compared to $10.4 million, or $0.63 per diluted share, for the fourth quarter of 2006. Net income for the fourth quarter of 2007 includes net pre-tax charges of $1.6 million, or $0.06 per diluted share: (i) a $0.10 per share charge to accrue estimated indemnity costs associated with open asbestos claims affecting the Company's Leslie Controls subsidiary; (ii) $0.01 per diluted share for a charge related to accelerated vesting of equity awards for retiring executives; and (iii) $0.05 per share from a gain on sale of the Company's former location in China.

For the 12 months ended December 31, 2007, revenues were $665.7 million, an increase of 13% from $591.7 million for 2006. Net income for the 12 months of 2007 was $37.9 million, or $2.27 per diluted share, an increase of 26% from $29.3 million, or $1.80 per diluted share, in the same period last year. Results for the 12 months of 2007 include net pre-tax charges of $3.3 million, or $0.15 per diluted share: (i) $0.11 per diluted share for charge from accelerated vesting of equity awards for the Company's retiring executives; (ii) $0.10 per diluted share for charge to accrue estimated indemnity costs associated with open asbestos claims affecting the Company's Leslie Controls subsidiary; (iii) $0.05 per diluted share for charges related to facility consolidation; (iv) $0.06 per diluted share from gain on sale of an unrelated business; and (v) $0.05 per diluted share from gain on sale of a former Chinese manufacturing site.

The Company received orders totaling $170.4 million during the fourth quarter of 2007, increasing 1% over the fourth quarter of 2006, and an 8% decrease from the third quarter of 2007. For the 12 months of 2007, orders totaled $771.7 million with year-end backlog remaining at a near record level of $391.6 million, representing increases of 9% and 37%, respectively, over 2006.

During the fourth quarter of 2007, the Company generated $28.0 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid) and, for the 12 months of 2007, the Company had positive free cash flow of $42.5 million despite higher working capital needed to support the Company's record orders and its 37% increase in backlog. This compares favorably to the 12 months of 2006 during which the Company generated $17.5 million of free cash flow. The improvement in 2007 largely resulted from reduced working capital and an increase in profitability as compared to 2006.

Circor's Instrumentation and Thermal Fluid Controls Products segment revenues increased 12% to $91.5 million from $81.6 million in the fourth quarter of 2006. Incoming orders for this segment were $93.1 million, up 26%, while this segment's backlog at December 31, 2007, reached a record $136.7 million, a 21% increase from one year ago, and a 1% increase from the end of the third quarter of 2007. This segment's operating margin for the fourth quarter was 8.3% compared to the 8.2% operating margin achieved in the fourth quarter of 2006. Excluding special charges and the accrual for estimated indemnity costs associated with open asbestos claims affecting the Company's Leslie Controls subsidiary, the fourth quarter 2007 operating margin was 11.2% which represented a 300 basis point increase from the third quarter of 2007, reflecting improved manufacturing efficiencies and lower inventory costs from foreign-sourcing.

During the fourth quarter of 2007, the Company's Leslie Controls subsidiary, whose results are reported in Circor's Instrumentation and Thermal Fluid Controls Segment, recorded an additional liability of $9.0 million for the estimated indemnity cost associated with resolution of its current open claims for asbestos-related litigation. The recording of this liability resulted in a pre-tax charge of $2.6 million, or $0.10 per share, net of insurance recoveries.

Circor's Energy Products segment revenues decreased 6% to $83.1 million from its record level of $88.0 million in the fourth quarter of 2006. Incoming orders for the quarter were $77.3 million and ending backlog totaled another record at $254.8 million compared to incoming orders of $95.4 million and ending backlog of $172.2 million in the same periods last year. This segment's operating margin was 16.7% during the fourth quarter of 2007 compared to 15.4% for the fourth quarter of 2006.

Bill Higgins, Circor's Chief Executive Officer-elect, said, "As expected, our Energy Products business experienced some softening in market activities this quarter from record levels, as distributor inventories in North America caught up with demand and, globally, project awards returned to more normal levels. Prospects in 2008 remain healthy as this segment's backlog remains at near record levels."

Mr. Higgins continued, "Results for our Instrumentation and Thermal Fluid Control Products segment were encouraging. Incoming order rates improved in all primary markets including steam, instrumentation and general aerospace. We continue to make progress with lean manufacturing and global outsourcing initiatives to drive profit improvement within this segment, and expect to more fully realize cost reduction benefits throughout 2008. Some selective pricing increases have been successfully instituted as well. These improvements have been partially offset by higher legal costs associated with Leslie Controls' asbestos claims."

Circor provided guidance for its first quarter 2008 results, indicating it expects earnings to be in the range of $0.54 to $0.58 per diluted share, including an expected $0.02 special charge related to facility closures. The guidance compares to earnings in the first quarter of 2007 of $0.45 per diluted share, which included $0.03 per share for a facility consolidation.

CIRCOR International has scheduled a conference call to review its results for the fourth quarter of 2007 tomorrow, February 21, 2008, at 10:30 am ET. Interested parties may access the call by dialing (888) 256-9119 from the US and Canada and (913) 312-6693 from international locations. A replay of the call will be available from 1:30 pm ET on February 21, 2008, through 1:30 pm ET on February 28, 2008. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code # 2840279 when prompted. The presentation slides that will be discussed in the conference call are expected to be available on Wednesday, February 20, 2008, 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 February 25, 2008.

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       Year Ended
                                     Dec 31,    Dec 31,    Dec 31,    Dec 31,
                                      2007       2006       2007       2006

       Net revenues                 $174,523   $169,615   $665,740   $591,711
       Cost of revenues              121,320    120,643    470,373    418,803
         GROSS PROFIT                 53,203     48,972    195,367    172,908
       Selling, general and
        administrative expenses       37,951     32,641    136,086    124,720
       Special charges (income),
        net                             (922)       200      2,514        678
         OPERATING INCOME             16,174     16,131     56,767     47,510
       Other (income) expense:
         Interest income                (134)       (97)      (393)      (429)
         Interest expense                289      1,342      3,394      5,546
         Other (income) expense,
          net                            133        487     (1,257)       134
           Total other expense           288      1,732      1,744      5,251
         INCOME BEFORE INCOME TAXES   15,886     14,399     55,023     42,259
       Provision for income taxes      5,765      4,016     17,112     12,931
         NET INCOME                  $10,121    $10,383    $37,911    $29,328

       Earnings per common share:
         Basic                         $0.61      $0.65      $2.31      $1.84
         Diluted                       $0.60      $0.63      $2.27      $1.80

       Weighted average common
        shares outstanding:
         Basic                        16,646     16,076     16,442     15,976
         Diluted                      16,925     16,438     16,730     16,291



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

                                                        Year Ended
                                           Dec 31, 2007           Dec 31, 2006

       OPERATING ACTIVITIES
       Net income                             $37,911                 $29,328
       Adjustments to reconcile net
        income to net cash provided
        by operating activities:
           Depreciation                        10,870                  11,206
           Amortization                         2,579                   2,394
           Compensation expense of stock-
            based plans                         5,704                   3,252
           Tax effect of share based
            compensation                       (3,623)                      -
           Deferred income taxes               (3,574)                 (4,708)
           (Gain) Loss on sale of assets
            held for sale                      (1,229)                      -
           (Gain) Loss on sale of
            property, plant and equipment         102                      91
           Gain on sale of affiliate           (1,605)                    (11)
           Equity earnings and paid
            dividends of affiliate, net           452                       -

           Changes in operating assets
            and liabilities, net of
            effects from business
            acquisitions:
             Trade accounts receivable        (12,532)                (20,857)
             Inventories                      (15,672)                (29,804)
             Prepaid expenses and other
              assets                          (13,187)                  4,966
             Accounts payable, accrued
              expenses and other
              liabilities                      50,720                  34,001
       Net cash provided by operating
        activities                             56,916                  29,858

       INVESTING ACTIVITIES
       Additions to property, plant and
        equipment                             (11,983)                 (9,933)
       Proceeds from disposal or sale of
        property, plant and equipment             939                     371
       Proceeds from sale of assets held
        for sale                                4,072                     100
       Business acquisitions, net of cash
        acquired                               (2,704)                (61,103)
       Proceeds from sale of affiliate          1,605                   2,309
       Purchase of investments                 (8,760)                (12,194)
       Proceeds from sale of investments            -                  12,211
       Net cash used in investing
        activities                            (16,831)                (68,239)

       FINANCING ACTIVITIES
       Proceeds from debt borrowings           87,641                 100,561
       Payments of debt                      (130,709)                (70,204)
       Dividends paid                          (2,464)                 (2,395)
       Proceeds from the exercise of
        stock options                           6,380                   3,627
       Tax effect of share based
        compensation                            3,623                   2,559
       Net cash (used in) provided by
        financing activities                  (35,529)                 34,148
       Effect of exchange rate changes on
        cash and cash equivalents               1,454                   1,773

       INCREASE IN CASH AND CASH
        EQUIVALENTS                             6,010                  (2,460)
       Cash and cash equivalents at
        beginning of year                      28,652                  31,112
       CASH AND CASH EQUIVALENTS AT END
        OF PERIOD                             $34,662                 $28,652



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

                                        Dec 31, 2007             Dec 31, 2006

    ASSETS
    Current Assets:
      Cash & cash equivalents              $34,662                  $28,652
      Investments                            8,861                       86
      Trade accounts receivable, less
       allowance for doubtful accounts
       of $2,264 and $2,523,
       respectively                        125,663                  108,689
      Inventories                          171,661                  150,160
      Prepaid expenses and other
       current assets                        3,990                    2,926
      Insurance receivable                   6,885                        -
      Deferred income taxes                  8,220                    7,305
      Assets held for sale                     312                    3,132
          Total Current Assets             360,254                  300,950

    Property, Plant and Equipment, net      82,465                   79,039

    Other Assets:
      Goodwill                             169,110                  163,720
      Intangibles, net                      47,373                   49,226
      Non current insurance receivable       5,014                        -
      Other assets                          12,253                   12,740
    Total Assets                          $676,469                 $605,675

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
      Accounts payable                     $82,038                  $71,788
      Accrued expenses and other current
       liabilities                          72,481                   53,333
      Accrued compensation and benefits     21,498                   15,325
      Asbestos liability                     9,697                    1,026
      Income taxes payable                   7,900                    6,027
      Notes payable and current portion
       of long-term debt                       201                      415
          Total Current Liabilities        193,815                  147,914

    Long-Term Debt, net of current
     portion                                21,901                   64,411
    Deferred Income Taxes                   19,106                   21,674
    Long term asbestos liability             7,062                        -
    Other Non-Current Liabilities           14,201                   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
       16,650,407 and 16,181,070 issued
       and outstanding, respectively           167                      162
      Additional paid-in capital           240,000                  224,508
      Retained earnings                    144,644                  109,251
      Accumulated other comprehensive
       income                               35,573                   23,380
          Total Shareholders' Equity       420,384                  357,301
    Total Liabilities and Shareholders'
     Equity                               $676,469                 $605,675



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

                         Three Months Ended        Year Ended
                          Dec 31,   Dec 31,      Dec 31,   Dec 31,
                           2007      2006         2007      2006

    ORDERS
      Instrumentation
       & Thermal Fluid
       Controls          $93,071   $74,111 *   $366,913  $323,214 *

      Energy Products     77,348    95,368      404,752   381,762

      Total orders      $170,419  $169,479     $771,665  $704,976


                          Dec 31,   Dec 31,
                           2007      2006

    BACKLOG
      Instrumentation
       & Thermal Fluid
       Controls         $136,749  $113,434

      Energy Products    254,841   172,235

      Total backlog     $391,590  $285,669

    Note: Backlog includes all unshipped customer orders.

    * - Orders for the Instrumentation & Thermal Fluid Controls Products
        segment have been reduced by $1,851 and $8,281 for the three and
        twelve months ended December 31, 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  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)
       income, net                   -               (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  4TH QTR  Full Year

    NET REVENUES

      Instrumentation &
       Thermal Fluid Controls
       (TFC)                   $81,296   $85,740  $85,094  $91,466  $343,596
      Energy Products           79,967    80,197   78,923   83,057   322,144
        Total                  161,263   165,937  164,017  174,523   665,740

    OPERATING MARGIN

      Instrumentation & TFC        7.9%      8.7%     7.1%     8.3%      8.0%
      Energy Products             12.7%     16.3%    17.4%    15.3%     15.4%
        Segment operating
         margin                   10.3%     12.4%    12.1%    11.6%     11.6%
      Corporate expenses          -2.4%     -2.4%    -3.0%    -2.9%     -2.7%
      Special charges             -0.4%     -0.4%    -1.3%     0.5%     -0.4%
        Total operating
         margin                    7.4%      9.5%     7.8%     9.3%      8.5%

    OPERATING INCOME

      Instrumentation & TFC
       (excl. special &
       unusual charges)          6,433     7,438    6,076    7,589    27,536
      Energy Products
       (excl. special &
       unusual charges)         10,125    13,063   13,745   12,675    49,608
        Segment operating
         income (excl.
         special & unusual
         charges)               16,558    20,501   19,821   20,264    77,144
      Corporate expenses
       (excl. special &
       unusual charges)         (3,853)   (4,056)  (4,942)  (5,012)  (17,863)
      Special (charges)
       income, net                (691)     (615)  (2,130)     922    (2,514)

        Total operating
         income                 12,014    15,830   12,749   16,174    56,767

    INTEREST EXPENSE, NET       (1,218)     (884)    (744)    (155)   (3,001)
    OTHER (EXPENSE)
     INCOME, NET                    97      (215)   1,508     (133)    1,257

      PRETAX INCOME             10,893    14,731   13,513   15,886    55,023
    PROVISION FOR INCOME
     TAXES                      (3,486)   (4,713)  (3,148)  (5,765)  (17,112)
    EFFECTIVE TAX RATE            32.0%     32.0%    23.3%    36.3%     31.1%
      NET INCOME                $7,407   $10,018  $10,365  $10,121   $37,911

    Weighted Average Common
     Shares Outstanding
     (Diluted)                  16,533    16,679   16,768   16,925    16,730

    EARNINGS PER COMMON SHARE
     (Diluted)                   $0.45     $0.60    $0.62    $0.60     $2.27

    EBIT                       $12,111   $15,615  $14,257  $16,041   $58,024
    Depreciation                 2,808     2,812    2,662    2,588    10,870
    Amortization of
     intangibles                   626       632      659      662     2,579
      EBITDA                   $15,545   $19,059  $17,578  $19,291   $71,473

    EBITDA AS A PERCENT OF
     SALES                         9.6%     11.5%    10.7%    11.1%     10.7%

    CAPITAL EXPENDITURES        $1,776    $2,266   $2,844   $5,097   $11,983



                          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               18%       16%       14%        9%        9%

      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%       22%       21%       15%       15%

    EBIT [NET INCOME LESS
     INTEREST EXPENSE, NET
      LESS TAXES]             $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


                                                   2007
                              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]          $(5,429)   $5,439   $11,470   $30,989   $42,469
        ADD:  Capital
               expenditures     1,776     2,266     2,844     5,097    11,983
              Dividends paid      609       614       617       624     2,464

      NET CASH PROVIDED BY
       (USED IN) OPERATING
       ACTIVITIES             $(3,044)   $8,319   $14,931   $36,710   $56,916

    NET (CASH) DEBT [TOTAL
     DEBT LESS CASH & CASH
     EQUIVALENTS LESS
     INVESTMENTS]             $39,366   $29,848   $11,815  $(21,421) $(21,421)
        ADD:  Cash & cash
               equivalents     27,050    25,281    30,174    34,662    34,662
              Investments          87        94       100     8,861     8,861

      TOTAL DEBT              $66,503   $55,223   $42,089   $22,102   $22,102

    NET DEBT AS % OF NET
     CAPITALIZATION                10%        7%        3%       -5%       -5%

      NET CAPITALIZATION
       [TOTAL DEBT PLUS
       SHAREHOLDERS' EQUITY
       LESS CASH & CASH
       EQUIVALENTS, LESS
       INVESTMENTS]          $408,944  $415,386  $420,951  $398,963  $398,963
        LESS: Total debt      (66,503)  (55,223)  (42,089)  (22,102)  (22,102)
        ADD:  Cash & cash
               equivalents     27,050    25,281    30,174    34,662    34,662
              Investments          87        94       100     8,861     8,861

      TOTAL SHAREHOLDERS'
       EQUITY                 369,578   385,538   409,136   420,384   420,384
        ADD:  Total debt       66,503    55,223    42,089    22,102    22,102

      TOTAL CAPITAL          $436,081  $440,761  $451,225  $442,486  $442,486

    TOTAL DEBT / TOTAL
     CAPITAL                       15%       13%        9%        5%        5%

    EBIT [NET INCOME LESS
     INTEREST EXPENSE, NET
      LESS TAXES]             $12,111   $15,615   $14,257   $16,041   $58,024
        LESS: Interest
               expense,
               net             (1,218)     (884)     (744)     (155)   (3,001)
              Provision for
               income taxes    (3,486)   (4,713)   (3,148)   (5,765)  (17,112)

      NET INCOME               $7,407   $10,018   $10,365   $10,121   $37,911

    EBITDA [NET INCOME LESS
     INTEREST EXPENSE, NET
     LESS DEPRECIATION LESS
     AMORTIZATION LESS
     TAXES]                   $15,545   $19,059   $17,578   $19,291   $71,473
        LESS: Interest
               expense, net    (1,218)     (884)     (744)     (155)   (3,001)
              Depreciation     (2,808)   (2,812)   (2,662)   (2,588)  (10,870)
              Amortization
               of intangibles    (626)     (632)     (659)     (662)   (2,579)
              Provision for
               income taxes    (3,486)   (4,713)   (3,148)   (5,765)  (17,112)

      NET INCOME               $7,407   $10,018   $10,365   $10,121   $37,911

Source: CIRCOR International, Inc.

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