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CIRCOR Reports Third Quarter Earnings of $1.16 Per Share

- Company posts record quarterly operating margins at 13.9%

- Diluted earnings per share increased 87% over the third quarter of 2007 on revenue growth of 27%

BURLINGTON, Mass., Oct. 29 /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 ended September 28, 2008.

Revenues for the 2008 third quarter were $208.7 million, an increase of 27% from $164.0 million for the third quarter 2007. Net income for the third quarter of 2008 increased 91% to $19.8 million, or $1.16 per diluted share. Net income for the third quarter of 2007 was $10.4 million, or $0.62 per diluted share, which included special charges of $0.13 per diluted share primarily related to executive retirement expenses.

For the nine months ended September 28, 2008, revenues were $591.9 million, an increase of 21% from $491.2 million for the comparable period in 2007. Net income for the first nine months of 2008 was $51.1 million, or $3.01 per diluted share, an increase of 84% from $27.8 million, or $1.67 per diluted share, from the first nine months of 2007.

The Company received orders totaling $164.3 million during the third quarter of 2008, a decrease of 12% from the third quarter of 2007, and a 17% decrease from the second quarter of 2008. Instrumentation and Thermal Fluid Controls segment orders remained strong, increasing 13% during the third quarter of 2008 compared to the same period in 2007, and increasing 1% compared to the second quarter of 2008. Energy segment orders declined 35% in the third quarter of 2008 compared to the same quarter in 2007 and declined 35% compared to the second quarter of 2008. Currency revaluation of the Euro-denominated backlog contributed to 15%, or $14.6 million of the Energy segment's order decline. The remaining order drop in the Energy segment of $18.7 million is primarily the result of lower bookings for large projects for the Middle East. These lower bookings are the direct result of a short-term selective quoting approach targeted at large projects in the Middle East and implemented to enable the supply chain to alleviate past due deliveries caused by capacity constraints. The level of Middle East inquiries remains high and Energy segment orders in North America remained strong during the third quarter of 2008.

For the first nine months of 2008, orders totaled $599.2 million with a third quarter 2008 ending backlog of $401.6 million. This compares to 2007 orders for the first nine months of $601.2 million and a third quarter 2007 ending backlog of $395.7 million.

During the third quarter of 2008, the Company consumed $2.1 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 2008, the Company had free cash flow of $24.1 million. This compares favorably to the first nine months of 2007 during which the Company generated $11.5 million of free cash flow. The improvement from 2007 largely resulted from the sharp increase in profitability partially off-set by an increase in working capital needs.

Revenue for Circor's Instrumentation and Thermal Fluid Controls Products segment increased 13%, to $96.3 million from $85.1 million in the third quarter of 2007, with approximately 1% of the increase due to favorable currency adjustments. Incoming orders for this segment were $101.6 million for the third quarter 2008, an increase of 13% from $90.0 million in the third quarter 2007. This segment's operating margin for the third quarter 2008 was 7.9% compared to 7.1% in the third quarter of 2007, and 10.9% in the second quarter of 2008. Removing the impact of asbestos-related charges from all periods, this segment's operating margin for the third quarter 2008 was 12.3% compared to 9.3% in the third quarter of 2007 and 12.6% in the second quarter of 2008. Compared to the third quarter of 2007, improvement primarily came from higher unit volume, favorable product mix, customer price increases and improved productivity as well as the Motor Technologies, Inc. acquisition. However these increases were partially offset by continuing increases in raw material costs.

Circor's Energy Products segment revenues increased by $33.5 million, or 42%, to $112.4 million for the quarter ended September 28, 2008 compared to $78.9 million in the quarter ended September 30, 2007. Higher foreign exchange rates, primarily the higher Euro compared to the US dollar, accounted for approximately 7% of the incremental revenue increase. This segment's operating margin was 23.2% during the third quarter of 2008 compared to 17.4% for the third quarter of 2007 and 20.4% for the second quarter of 2008. Consistent with the second quarter of 2008, margins benefited from favorable mix on large international oil and gas projects and increased unit volume, partially offset by material cost inflation and unfavorable currency impacts from China sourcing as the RMB continued to appreciate versus the US dollar.

Bill Higgins, Circor's President and Chief Executive Officer, said, "Our third quarter results once again exceeded our expectations, producing another record quarter with operating margins of 13.9% compared to 7.8% for the similar period in 2007 and 13.3% in the second quarter of 2008. Also, free cash flow has greatly exceeded the first nine months of last year. Both segments continued to contribute with Instrumentation and Thermal Fluid Controls' operating margins, excluding asbestos related expenses, 300 basis points over the third quarter of 2007 and Energy Products 580 basis points higher. We believe we are gaining market share in the Instrumentation and Thermal Fluid Controls segment as evidenced by strong bookings, and, although our large project business supplying the Middle East has been working through supply chain constraints, we are delivering great results. In addition, we continue to have a very strong balance sheet with 5% total debt to capital and $65 million of cash, cash equivalents and short-term investments."

Circor provided guidance for its fourth quarter 2008 results, indicating it expects earnings, excluding special charges, to be in the range of $0.82 to $0.94 per diluted share. This fourth quarter guidance reflects a $0.09 reduction as a result of recent foreign currency devaluations against the US dollar since the end of the third quarter.

CIRCOR International will hold a conference call to review its results on Thursday, October 30, 2008, at 1:00 pm ET. Interested parties may access the call by dialing 888-221-3915 from the US and Canada and (913) 312-1498 from international locations. A replay of the call will be available from 4:00 pm ET on Thursday, October 30, 2008, through 4:00 pm ET on Thursday, November 6, 2008. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code 5254517 when prompted. The presentation slides that will be discussed in the conference call are expected to be available today, Wednesday, October 29, 2008, by 6:00 pm ET and may be downloaded from the quarterly earnings page of the investor section on the CIRCOR website at http://www.circor.com/quarterlyearnings

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
                                   ------------------   -----------------
                                  Sept. 28,  Sept. 30, Sept. 28, Sept. 30,
                                    2008       2007      2008      2007
                                   -------    -------   -------   -------
      Net revenues                 $208,680   $164,017  $591,860  $491,217
      Cost of revenues             141,369    116,465   402,752   349,052
                                   -------    -------   -------   -------
        GROSS PROFIT                67,311     47,552   189,108   142,165
      Selling, general and
       administrative expenses      38,297     32,672   112,934    98,136
      Special charges                    -      2,131       160     3,436
                                   -------    -------   -------   -------
        OPERATING INCOME            29,014     12,749    76,014    40,593
                                   -------    -------   -------   -------
      Other (income) expense:
        Interest income               (447)      (129)     (954)     (259)
        Interest expense               265        873       894     3,105
        Other (income) expense, net     11     (1,508)      660    (1,390)
                                   -------    -------   -------   -------
          Total other expense         (171)      (764)      600     1,456
                                   -------    -------   -------   -------    INCOME BEFORE INCOME TAXES      29,185    1 3,513    75,414    39,137
      Provision for income taxes     9,412      3,148    24,321    11,347
                                   -------    -------   -------   -------
        NET INCOME                 $19,773    $10,365   $51,093   $27,790
                                   =======    =======   =======   =======

      Earnings per common share:
        Basic                        $1.17      $0.63     $3.04     $1.70
        Diluted                      $1.16      $0.62     $3.01     $1.67

      Weighted average common shares
       outstanding:
        Basic                       16,853     16,509    16,789    16,369
        Diluted                     17,068     16,768    17,000    16,660



                            CIRCOR INTERNATIONAL, INC.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)
                                    UNAUDITED
                                                       Nine Months Ended
                                                       -----------------
                                                      September  September
                                                       28, 2008   30, 2007
                                                      ---------  ---------
      OPERATING ACTIVITIES
      Net income                                       $51,093    $27,790
      Adjustments to reconcile net income to net
       cash provided by operating activities:
          Depreciation                                   8,852      8,282
          Amortization                                   2,012      1,917
          Compensation expense of stock-based plans      3,428      4,769
          Tax effect of share based compensation        (2,510)    (3,570)
          Loss on sale of assets held for sale               1        210
          Gain on disposal of property, plant and
           equipment                                       (93)       (50)
          Gain on sale of affiliate                          -     (1,605)
          Equity in undistributed income of affiliates       -        452

          Changes in operating assets and
           liabilities, net of effects from
           business acquisitions:
        Trade accounts receivable                      (36,689)      (680)
        Inventories                                     (3,233)   (14,037)
        Prepaid expenses and other assets               (1,794)    (8,031)
        Accounts payable, accrued expenses and
         other liabilities                              15,091      4,759
                                                        ------      -----
      Net cash provided by operating activities         36,158     20,206
                                                        ------     ------

      INVESTING ACTIVITIES
      Additions to property, plant and equipment       (10,162)    (6,886)
      Proceeds from disposal of property, plant and
       equipment                                           202        435
      Proceeds from sale of assets held for sale           311      2,259
      Proceeds from sale of affiliate                        -      1,605
      Purchase of ST investments                      (155,786)         -
      Proceeds from sale of ST investments             134,044          -
      Business acquisitions, net of cash acquired       (7,263)    (2,704)
                                                        ------     ------
      Net cash used in investing activities            (38,654)    (5,291)
                                                       -------     ------

      FINANCING ACTIVITIES
      Proceeds from debt borrowings                     86,495     70,359
      Payments of debt                                 (86,358)   (93,415)
      Dividends paid                                    (1,888)    (1,840)
      Proceeds from the exercise of stock options        2,342      6,296
      Tax effect of share based compensation             2,510      3,570
                                                         -----      -----
      Net cash provided by (used in) financing
       activities                                        3,101    (15,030)
                                                         -----    -------
      Effect of exchange rate changes on cash and
       cash equivalents                                    (90)     1,637
                                                           ---      -----

      INCREASE (DECREASE) IN CASH AND CASH
       EQUIVALENTS                                         515      1,522
      Cash and cash equivalents at beginning of year    34,662     28,652
                                                        ------     ------
      CASH AND CASH EQUIVALENTS AT END OF PERIOD       $35,177    $30,174
                                                       =======    =======


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

                                                  --------- ---------
                                                  September  December
                                                   28, 2008  31, 2007
                                                  --------- ---------

      ASSETS
      Current Assets:
        Cash & cash equivalents                     $35,177   $34,662
        Investments                                  29,376     8,861
        Trade accounts receivable, less allowance
         for doubtful accounts of $ 1,813 and
         $2,151, respectively                       162,267   125,663
        Inventories                                 176,125   171,661
        Prepaid expenses and other current assets     6,388     3,990
        Deferred income taxes                         9,175     8,220
        Insurance receivable                          6,353     6,885
        Assets held for sale                              -       312
                                                          -       ---
        Total Current Assets                        424,861   360,254
                                                    -------   -------

      Property, Plant and Equipment, net             84,228    82,465

      Other Assets:
        Goodwill                                    178,932   169,110
        Intangibles, net                             47,789    47,373
        Non-current insurance receivable              5,014     5,014
        Other assets                                  1,907    12,253
                                                      -----    ------
      Total Assets                                 $742,731  $676,469
                                                   ========  ========

      LIABILITIES AND SHAREHOLDERS' EQUITY
      Current Liabilities:
        Accounts payable                            $87,910   $82,038
        Accrued expenses and other current
         liabilities                                 78,844    72,481
        Accrued compensation and benefits            21,900    21,498
        Asbestos liability                           12,723     9,697
        Income taxes payable                         10,972     7,900
        Notes payable and current portion of
         long-term debt                                 338       201
                                                        ---       ---
        Total Current Liabilities                   212,687   193,815
                                                    -------   -------

      Long-Term Debt, net of current portion         22,186    21,901
      Deferred Income Taxes                          18,571    19,106
      Long-Term Asbestos Liability                    7,062     7,062
      Other Non-Current Liabilities                  11,337    14,201
      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 16,895,250 and 16,650,407 issued
         and outstanding, respectively                  169       167
        Additional paid-in capital                  246,711   240,000
        Retained earnings                           193,977   144,644
        Accumulated other comprehensive income       30,031    35,573
                                                     ------    ------
        Total Shareholders' Equity                  470,888   420,384
                                                    -------   -------
      Total Liabilities and Shareholders' Equity   $742,731  $676,469
                                                   ========  ========



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

                                    Three Months Ended    Nine Months Ended
                                   --------------------  -------------------
                                   Sept. 28,   Sept. 30, Sept. 28,  Sept. 30,
                                     2008        2007      2008       2007
                                   --------    --------  --------   --------
    ORDERS
      Instrumentation & Thermal
       Fluid Controls              $101,593     $90,014  $313,760   $273,842
      Energy Products                62,689      95,998   285,426    327,404
                                   --------    --------  --------   --------
      Total orders                 $164,282    $186,012  $599,186   $601,246
                                   ========    ========  ========   ========


                                   --------    --------
                                   Sept. 28,   Sept. 30,
                                     2008        2007
                                   --------    --------
    BACKLOG
      Instrumentation & Thermal
       Fluid Controls              $169,554   $135,146
      Energy Products               232,022    260,555
                                   --------   --------
      Total backlog                $401,576   $395,701
                                   ========   ========

    Note: Backlog includes all unshipped customer orders.



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

                                                2007
                            --------------------------------------------
                            1ST QTR  2ND QTR  3RD QTR  4TH QTR     YTD
                            -------  -------  -------  -------   -------
      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
                            -------  -------  -------  -------   -------

      ADJUSTED OPERATING
       MARGIN

        Instrumentation &
         TFC (excl.
         special &
         asbestos charges)      8.9%     9.6%     9.3%    12.8%     10.2%
        Energy Products
         (excl. special
         charges)              12.7%    16.3%    17.4%    15.3%     15.4%
          Segment operating
           income (excl.
           special &
           asbestos charges)   10.8%    12.8%    13.2%    14.0%     12.7%
        Corporate expenses
         (excl. special &
         asbestos charges)     -2.3%    -2.3%    -3.0%    -3.1%     -2.7%
        Asbestos charges
         (attributable to
         Instrumentation &
         TFC)                  -0.6%    -0.6%    -1.1%    -2.1%     -1.1%
        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%

      ADJUSTED OPERATING
       INCOME

        Instrumentation &
         TFC (excl. special
         & asbestos charges)  7,271    8,204    7,913   11,681    35,069
        Energy Products
         (excl. special
         charges)            10,125   13,063   13,745   12,675    49,608
                             ------   ------   ------   ------    ------
          Segment operating
           income (excl.
           special &
           asbestos charges) 17,396   21,267   21,658   24,356    84,677
        Corporate expenses
         (excl. special &
         asbestos charges)   (3,653)  (3,804)  (4,942)  (5,463)  (17,862)
        Asbestos charges
         (attributable to
         Instrumentation &
         TFC)                (1,038)  (1,018)  (1,837)  (3,641)   (7,534)
        Special charges        (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
                             ======   ======   ======   ======   =======



                                                   2008
                                    -----------------------------------
                                    1ST QTR  2ND QTR  3RD QTR     YTD
                                    -------  -------  -------   -------
      NET REVENUES

        Instrumentation & Thermal
         Fluid Controls (TFC)       $88,450  $98,867  $96,298  $283,615
        Energy Products              88,125  107,738  112,382   308,245
                                    -------  -------  -------   -------
          Total                     176,575  206,605  208,680   591,860
                                    -------  -------  -------   -------
      ADJUSTED OPERATING MARGIN

        Instrumentation & TFC
         (excl. special &
         asbestos charges)            12.5%    12.6%    12.3%     12.5%
        Energy Products (excl.
         special charges)             16.2%    20.4%    23.2%     20.2%
          Segment operating income
           (excl. special & asbestos
           charges)                   14.4%    16.6%    18.1%     16.5%
        Corporate expenses
         (excl. special &
         asbestos charges)            -2.6%    -2.4%    -2.4%     -2.5%
        Asbestos charges
         (attributable to
         Instrumentation & TFC)       -0.6%    -1.0%    -1.8%     -1.2%
        Special charges               -0.1%     0.0%     0.0%      0.0%
          Total operating margin      11.0%    13.3%    13.9%     12.8%

      ADJUSTED OPERATING
       INCOME

        Instrumentation & TFC
         (excl. special &
         asbestos charges)           11,069   12,451   11,803    35,323
        Energy Products (excl.
         special charges)            14,303   21,938   26,023    62,264
                                     ------   ------   ------    ------
          Segment operating income
           (excl. special & asbestos
           charges)                  25,372   34,389   37,826    97,587
        Corporate expenses
         (excl. special &
         asbestos charges)           (4,628)  (4,890)  (5,001)  (14,519)
        Asbestos charges
         (attributable to
         Instrumentation & TFC)      (1,075)  (2,009)  (3,810)   (6,894)
        Special charges                (160)       -        -      (160)
                                     ------   ------   ------    ------
          Total operating income     19,509   27,490   29,015    76,014

      INTEREST EXPENSE, NET            (145)      23      182        60
      OTHER (EXPENSE) INCOME, NET      (401)    (248)     (11)     (660)
                                       ----     ----      ---      ----

        PRETAX INCOME                18,963   27,265   29,186    75,414
      PROVISION FOR INCOME TAXES     (6,068)  (8,840)  (9,413)  (24,321)
                                     ------   ------   ------   -------
      EFFECTIVE TAX RATE              32.0%    32.4%    32.3%     32.2%
        NET INCOME                  $12,895  $18,425  $19,773   $51,093
                                    =======  =======  =======   =======

      Weighted Average Common
       Shares Outstanding
       (Diluted)                     16,872   17,053   17,068    17,000

      EARNINGS PER COMMON
       SHARE (Diluted)                $0.76    $1.08    $1.16     $3.01
                                      =====    =====    =====     =====

      EBIT                          $19,108  $27,242  $29,004   $75,354
      Depreciation                    2,874    2,977    3,001     8,852
      Amortization of intangibles       656      676      680     2,012
                                        ---      ---      ---     -----
        EBITDA                      $22,638  $30,895  $32,685   $86,218
                                    =======  =======  =======   =======

      EBITDA AS A PERCENT OF SALES    12.8%    15.0%    15.7%     14.6%
                                       ====     ====     ====      ====

      CAPITAL EXPENDITURES           $2,851   $3,433   $3,878   $10,162
                                     ======   ======   ======   =======



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

                                                    2007
                                --------------------------------------------
                                1ST QTR  2ND QTR  3RD QTR  4TH QTR     YTD
                                -------  -------  -------  -------   -------
    FREE CASH FLOW [NET CASH
     FLOW FROM OPERATING
     ACTIVITIES LESS CAPITAL
     EXPENDITURES LESS
     DIVIDENDS PAID]            $(5,429)  $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]    $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
                                =======  =======  =======  =======   =======



                                                  2008
                                ----------------------------------------
                                1ST QTR    2ND QTR    3RD QTR      YTD
                                -------    -------    -------    -------
    FREE CASH FLOW [NET CASH
     FLOW FROM OPERATING
     ACTIVITIES LESS CAPITAL
     EXPENDITURES LESS
     DIVIDENDS PAID]            $(5,366)   $31,536    $(2,062)   $24,108
        ADD: Capital
              Expenditures        2,851      3,433      3,878     10,162
             Dividends paid         626        631        631      1,888
                                -------    -------    -------    -------

     NET CASH PROVIDED BY
      (USED IN) OPERATING
       ACTIVITIES               $(1,889)   $35,600     $2,447    $36,158
                                =======    =======    =======    =======

    NET (CASH) DEBT [TOTAL
     DEBT LESS CASH & CASH
     EQUIVALENTS LESS
     INVESTMENTS]              $(21,709)  $(46,796)  $(42,029)  $(42,029)
        ADD: Cash & cash
              Equivalents        42,690     38,835     35,177     35,177
             Investments          4,036     31,590     29,376     29,376
                                -------    -------    -------    -------
     TOTAL DEBT                  25,017     23,629     22,524     22,524
                                =======    =======    =======    =======

    NET DEBT AS % OF NET
     CAPITALIZATION                 -5%       -11%       -10%       -10%

      NET CAPITALIZATION [TOTAL
       DEBT PLUS SHAREHOLDERS'
       EQUITY LESS CASH & CASH
       EQUIVALENTS, LESS
       INVESTMENTS]            $424,670   $419,162   $428,859   $428,859
        LESS: Total debt        (25,017)   (23,629)   (22,524)   (22,524)
        ADD: Cash & cash
              Equivalents        42,690     38,835     35,177     35,177
             Investments          4,036     31,590     29,376     29,376
                                -------    -------    -------    -------

     TOTAL SHAREHOLDERS' EQUITY 446,379    465,958    470,888    470,888
        ADD: Total debt         $25,017    $23,629    $22,524    $22,524
                                -------    -------    -------    -------
     TOTAL CAPITAL             $471,396   $489,587   $493,412   $493,412
                                =======    =======    =======    =======

    TOTAL DEBT / TOTAL
     CAPITAL                         5%         5%         5%         5%

    EBIT [NET INCOME LESS
     INTEREST EXPENSE, NET]     $19,108    $27,242    $29,004    $75,354
      LESS: Interest expense,
             Net                   (145)        23        182         60
            Provision for
             income taxes        (6,068)    (8,840)    (9,413)   (24,321)
                                -------    -------    -------    -------
    NET INCOME                  $12,895    $18,425    $19,773    $51,093
                                =======    =======    =======    =======

    EBITDA [NET INCOME LESS
     INTEREST EXPENSE, NET LESS
     DEPRECIATION LESS
     AMORTIZATION LESS TAXES]   $22,638    $30,895    $32,685    $86,218
       LESS:
        Interest expense, net      (145)        23        182         60
        Depreciation             (2,874)    (2,977)    (3,001)    (8,852)
        Amortization of
         Intangibles               (656)      (676)      (680)    (2,012)
        Provision for
         income taxes            (6,068)    (8,840)    (9,413)   (24,321)
                                -------    -------    -------    -------
     NET INCOME                 $12,895    $18,425    $19,773    $51,093
                                =======    =======    =======    =======

SOURCE CIRCOR International, Inc.

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