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CIRCOR Reports Fourth Quarter Results

CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the instrumentation, aerospace, thermal fluid and energy markets, today announced results for the fourth quarter and full year ended December 31, 2008.

Comments on the Fourth Quarter and Full Year

Commenting on the Company’s performance, President and CEO Bill Higgins stated, “Circor delivered another quarter of strong operating performance as we completed a year of record financial results, including 19 percent revenue growth and a 370 basis point increase in adjusted operating margin, which is operating margins before special and asbestos charges. Many of our businesses experienced organic sales growth and excellent bottom-line performance for the quarter and the full year that was the direct result of robust markets and our continuous and aggressive efforts to improve Circor’s team, processes, and performance to customers. We exited 2008 with a strong balance sheet with 4 percent total debt to equity and $82.3 million in cash, cash equivalents and short-term investments.”

Consolidated Results

Revenues for the fourth quarter of 2008 were $202.0 million, an increase of $27.5 million from $174.5 million for the fourth quarter of 2007. The Company recorded a net loss of $110.1 million, or $6.52 per share, in the fourth quarter of 2008, compared with net income of $10.1 million, or $0.60 per diluted share, in the corresponding quarter of 2007. Fourth-quarter 2008 net income includes a pre-tax, non-cash goodwill and intangible impairment charge of $141.3 million recorded as a special charge. On an adjusted basis, net income, excluding the after-tax impact of special charges, for the fourth quarter of 2008 would have been $19.0 million, or $1.12 per diluted share, compared with adjusted net income of $9.5 million, or $0.56 per diluted share, for the fourth quarter of 2007.

The non-cash goodwill and intangible impairment charge recorded in the fourth quarter of 2008 was required by Statement of Financial Accounting Standards No. 142 primarily as a result of recent macroeconomic factors impacting global credit markets as well as slower industry business conditions. The goodwill impairment represented 81 percent of the Company’s total goodwill and was within the Instrumentation and Thermal Fluid Controls segment. Goodwill and intangibles related to the Energy segment were not found to be impaired. These fourth-quarter impairment charges do not require any cash payments or impact Circor’s operations, liquidity or compliance with debt covenants.

Revenues for the full year ended December 31, 2008 increased 19 percent to $793.8 million, compared with $665.7 million for full year 2007. In full year 2008, the Company reported a net loss of $59.0 million, or $3.51 per share, compared to net income of $37.9 million, or $2.27 per diluted share, in 2007. Full year 2008 results include pre-tax special charges of $141.5 million, including the non-cash goodwill and intangible impairment charge of $141.3 million and $0.2 million related to executive retirements. Full-year 2007 net income included $2.5 million of special charges. On an adjusted basis, excluding the after tax impact of the above-mentioned special charges, diluted earnings per share would have been $4.13 for full year 2008 compared with diluted earnings per share of $2.37 for full year 2007.

The Company received orders totaling $143.1 million during the fourth quarter of 2008, down 16 percent year-over-year and 13 percent sequentially from the third quarter of 2008. The year-over-year and sequential reduction in activity reflects softening market conditions as a result of the worldwide economic slowdown, primarily in the energy, HVAC and process markets. Orders for full year 2008 totaled $742.3 million and backlog totaled $342.7 million, compared with $771.7 million and $391.6 million, respectively, in 2007.

During the fourth quarter of 2008, the Company generated $23.2 million of free cash flow, defined as net cash from operating activities, less capital expenditures and dividends paid. For full year 2008, the Company had free cash flow of $47.3 million compared to $42.5 million in 2007. The improvement from 2007 largely resulted from the increase in profitability of operations, excluding the non-cash goodwill and intangible impairment charge, partially offset by an increase in working capital needs and higher capital spending.

Instrumentation and Thermal Fluid Controls Products

Revenues for Circor’s Instrumentation and Thermal Fluid Controls Products segment increased by 3 percent to $94.5 million in the fourth quarter of 2008 from $91.5 million in the fourth quarter of 2007. Organic growth of 9 percent and growth through acquisitions of 1 percent were partially offset by adverse foreign currency adjustments of 7 percent primarily as a result of the U.S. dollar appreciating against the Euro during the quarter. Incoming orders for this segment were $94.7 million for the fourth quarter 2008, an increase of 2 percent from $93.1 million in the fourth quarter 2007.

Circor’s Instrumentation and Thermal Fluid Controls Products segment adjusted operating margin, which excludes the impact of special and asbestos charges, for the fourth quarter of 2008 was 11.2 percent compared with 12.8 percent in the fourth quarter of 2007. The year-over-year decrease in adjusted operating income for the fourth quarter of 2008 was a result of inflation on materials and wages, acquisition costs, facility consolidation costs and inventory write-offs, and was partially offset by favorable volume, price and productivity.

Energy Products

Circor’s Energy Products segment revenues increased by 29 percent to $107.5 million for the fourth quarter of 2008, from $83.1 million in the fourth quarter of 2007. Fourth-quarter revenues benefited from strong organic sales across the segment, growing 34 percent year-over-year, partially offset by adverse foreign currency adjustments of 5 percent.

The Energy Products segment adjusted operating margin, which excludes the impact of special charges, was 20.1 percent during the fourth quarter of 2008 compared to 15.3 percent for the fourth quarter of 2007. Fourth quarter 2008 margins benefited from favorable project mix and strong sales volumes partially offset by material cost inflation and unfavorable currency effects as the Chinese RMB continued to appreciate versus the U.S. dollar.

Business and Financial Outlook

“We entered 2009 with the goal of emerging from the global recession stronger than our competitors,” said Higgins. “Even though we expect to face significant headwinds as a result of slowdowns in many end markets in both segments, we are well positioned for these challenging times. Our strong balance sheet, commitment to further enhancing our culture of operational excellence and continuous improvement and a diversified business portfolio should enable Circor to capture market opportunities and maintain a high quality of earnings in 2009.”

Circor is providing its outlook for the first quarter of 2009. The Company currently expects revenues for the first quarter of 2009 in the range of $170 million to $176 million and earnings, excluding special charges, to be in the range of $0.56 to $0.68 per diluted share.

Conference Call Information

CIRCOR International will hold a conference call to review its financial results Thursday, February 26, 2009, at 9:00 a.m. ET. Those who wish to listen to the conference call should visit http://www.investorcalendar.com/IC/CEPage.asp?ID=141075. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.

The presentation slides that will be discussed in the conference call are expected to be available today, Wednesday, February 25, 2009, at approximately 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.

Use of Non-GAAP Financial Measures

Adjusted net income, adjusted earnings per diluted share, adjusted operating margin, and free cash flow, are non-GAAP financial measures and are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. Circor believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

Safe Harbor Statement

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. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to CIRCOR’s future performance, including first-quarter revenue and earnings guidance. 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.

About CIRCOR International, Inc.

CIRCOR International, Inc. is a leading provider of valves and other highly engineered products that allow customers around the world to use fluids safely and efficiently in the instrumentation, fluid regulation, aerospace and energy markets. CIRCOR International is a member of the Standard & Poor’s S&P SmallCap 600 Index. More information is available at www.circor.com.

CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
UNAUDITED
Three Months EndedTwelve Months Ended
December 31, 2008December 31, 2007December 31, 2008December 31, 2007
Net revenues $ 201,956 $ 174,523 $ 793,816 $ 665,740
Cost of revenues 138,766 121,320 541,519 470,373
GROSS PROFIT 63,190 53,203 252,297 195,367
Selling, general and administrative expenses 37,118 34,312 143,157 128,552
Asbestos charges 1,417 3,639 8,311 7,534
Special charges 141,297 (922 ) 141,457 2,514
OPERATING INCOME (LOSS) (116,642 ) 16,174 (40,628 ) 56,767
Other (income) expense:
Interest income (396 ) (134 ) (1,350 ) (393 )
Interest expense 276 289 1,170 3,394
Other (income) expense, net (390 ) 133 270 (1,257 )
Total other expense (510 ) 288 90 1,744
INCOME (LOSS) BEFORE INCOME TAXES (116,132 ) 15,886 (40,718 ) 55,023
Provision (benefit) for income taxes (6,024 ) 5,765 18,297 17,112
NET INCOME (LOSS) $ (110,108 ) $ 10,121 $ (59,015 ) $ 37,911
Earnings per common share:
Basic $ (6.52 ) $ 0.61 $ (3.51 ) $ 2.31
Diluted $ (6.52 ) $ 0.60 $ (3.51 ) $ 2.27
Weighted average common shares outstanding:
Basic 16,897 16,646 16,817 16,442
Diluted 16,897 16,925 16,817 16,730
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Twelve Months Ended

December 31,
2008

December 31,
2007

OPERATING ACTIVITIES
Net income $ (59,015 ) $ 37,911

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation 11,548 10,870
Amortization 2,625 2,579
GoodwillI and intangible impairments 141,297 -
Compensation expense of stock-based plans 3,632 5,704
Tax effect of share based compensation (2,242 ) (3,623 )
Deferred income taxes (benefit) (15,757 ) (3,574 )
(Gain) loss on sale of assets held for sale - (1,229 )
Loss on disposal of property, plant and equipment 231 102
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 (10,068 ) (12,532 )
Inventories (8,965 ) (15,672 )
Prepaid expenses and other assets 329 (13,187 )
Accounts payable, accrued expenses and other liabilities 1,203 50,720
Net cash provided by operating activities 64,818 56,916
INVESTING ACTIVITIES
Additions to property, plant and equipment (14,972 ) (11,983 )
Proceeds from disposal of property, plant and equipment 186 939
Proceeds from sale of assets held for sale 311 4,072
Proceeds from sale of affiliate - 1,605
Purchase of ST investments (254,965 ) (8,760 )
Proceeds from sale of ST investments 227,783 -
Business acquisitions, net of cash acquired (7,263 ) (2,704 )
Net cash used in investing activities (48,920 ) (16,831 )
FINANCING ACTIVITIES
Proceeds from debt borrowings 124,521 87,641
Payments of debt (133,701 ) (130,709 )
Dividends paid (2,523 ) (2,464 )
Proceeds from the exercise of stock options 2,392 6,380
Tax effect of share based compensation 2,242 3,623
Net cash used in financing activities (7,069 ) (35,529 )
Effect of exchange rate changes on cash and cash equivalents 3,982 1,454
INCREASE IN CASH AND CASH EQUIVALENTS 12,811 6,010
Cash and cash equivalents at beginning of year 34,662 28,652
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 47,473 $ 34,662
-
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
December 31, 2008December 31, 2007
ASSETS
Current Assets:
Cash & cash equivalents $ 47,473 $ 34,662
Short-term investments 34,872 8,861

Trade accounts receivable, less allowance for doubtful accounts of $1,968 and $2,151, respectively

134,731 125,663
Inventories 183,291 171,661
Prepaid expenses and other current assets 3,825 3,990
Deferred income taxes 12,396 8,220
Insurance receivable 6,081 6,885
Assets held for sale 1,015 312

Total Current Assets

423,684 360,254
Property, Plant and Equipment, net 82,843 82,465
Other Assets:
Goodwill 32,092 169,110
Intangibles, net 42,123 47,373
Non-current insurance receivable 4,684 5,014
Other assets 2,597 12,253
Total Assets $ 588,023 $ 676,469
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 94,421 $ 82,038
Accrued expenses and other current liabilities 69,948 72,481
Accrued compensation and benefits 22,604 21,498
Asbestos liability 9,310 9,697
Income taxes payable 9,873 7,900
Notes payable and current portion of long-term debt 622 201
Total Current Liabilities 206,778 193,815
Long-Term Debt, net of current portion 12,528 21,901
Deferred Income Taxes 3,496 19,106
Long-Term Asbestos Liability 9,935 7,062
Other Non-Current Liabilities 21,664 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 247,196 240,000
Retained earnings 83,106 144,644
Accumulated other comprehensive income 3,151 35,573
Total Shareholders' Equity 333,622 420,384
Total Liabilities and Shareholders' Equity $ 588,023 $ 676,469
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in thousands)
UNAUDITED
Three Months EndedTwelve Months Ended

December 31,
2008

December 31,
2007

December 31,
2008

December 31,
2007

ORDERS

Instrumentation & Thermal Fluid Controls

$ 94,732 $ 93,071 $ 408,493 $ 366,913
Energy Products 48,349 77,348 333,775 404,752
Total orders $ 143,081 $ 170,419 $ 742,268 $ 771,665
December 31, 2008December 31, 2007
BACKLOG

Instrumentation & Thermal Fluid Controls

$ 169,787 $ 136,749
Energy Products 172,914 254,841
Total backlog $ 342,701 $ 391,590

Note: Backlog includes all unshipped customer orders.

CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
20072008
1ST QTR2ND QTR3RD QTR4TH QTRYTD1ST QTR2ND QTR3RD QTR4TH QTRYTD
NET REVENUES
Instrumentation & Thermal Fluid Controls (TFC) $ 81,296 $ 85,740 $ 85,094 $ 91,466 $ 343,596 $ 88,450 $ 98,867 $ 96,298 $ 94,499 $ 378,114
Energy Products 79,967 80,197 78,923 83,057 322,144 88,125 107,738 112,382 107,457 415,702
Total 161,263 165,937 164,017 174,523 665,740 176,575 206,605 208,680 201,956 793,816
ADJUSTED OPERATING MARGIN
Instrumentation & TFC (excl. special & asbestos charges) 8.9 % 9.6 % 9.3 % 12.8 % 10.2 % 12.5 % 12.6 % 12.3 % 11.2 % 12.1 %
Energy Products (excl. special charges) 12.7 % 16.3 % 17.4 % 15.3 % 15.4 % 16.2 % 20.4 % 23.2 % 20.1 % 20.2 %
Segment operating income (excl. special & asbestos charges) 10.8 % 12.8 % 13.2 % 14.0 % 12.7 % 14.4 % 16.6 % 18.1 % 15.9 % 16.3 %
Corporate expenses (excl. special & asbestos charges) -2.3 % -2.3 % -3.0 % -3.1 % -2.7 % -2.6 % -2.4 % -2.4 % -3.0 % -2.6 %
Adjusted Operating Income 8.5 % 10.5 % 10.2 % 10.8 % 10.0 % 11.7 % 14.3 % 15.7 % 12.9 % 13.7 %
Asbestos charges (attributable to Instrumentation & TFC) -0.6 % -0.6 % -1.1 % -2.1 % -1.1 % -0.6 % -1.0 % -1.8 % -0.7 % -1.0 %
Special charges -0.4 % -0.4 % -1.3 % 0.5 % -0.4 % -0.1 % 0.0 % 0.0 % -70.0 % -17.8 %
Total operating margin 7.4 % 9.5 % 7.8 % 9.3 % 8.5 % 11.0 % 13.3 % 13.9 % -57.8 % -5.1 %
ADJUSTED OPERATING INCOME
Instrumentation & TFC (excl. special & asbestos charges) 7,271 8,204 7,913 11,681 35,069 11,069 12,451 11,803 10,558 45,881
Energy Products (excl. special charges) 10,125 13,063 13,745 12,675 49,608 14,303 21,938 26,023 21,556 83,820
Segment operating income (excl. special & asbestos charges) 17,396 21,267 21,658 24,356 84,677 25,372 34,389 37,826 32,114 129,701
Corporate expenses (excl. special & asbestos charges) (3,653 ) (3,804 ) (4,942 ) (5,463 ) (17,862 ) (4,628 ) (4,890 ) (5,001 ) (6,042 ) (20,561 )
Adjusted Operating Income 13,743 17,463 16,716 18,893 66,815 20,744 29,499 32,825 26,072 109,140
Asbestos charges (attributable to Instrumentation & TFC) (1,038 ) (1,018 ) (1,837 ) (3,641 ) (7,534 ) (1,075 ) (2,009 ) (3,810 ) (1,417 ) (8,311 )
Special charges (691 ) (615 ) (2,130 ) 922 (2,514 ) (160 ) - - (141,297 ) (141,457 )
Total operating income 12,014 15,830 12,749 16,174 56,767 19,509 27,490 29,015 (116,642 ) (40,628 )
INTEREST (EXPENSE) INCOME, NET (1,218 ) (884 ) (744 ) (155 ) (3,001 ) (145 ) 23 182 120 180
OTHER (EXPENSE) INCOME, NET 97 (215 ) 1,508 (133 ) 1,257 (401 ) (248 ) (11 ) 390 (270 )
PRETAX INCOME 10,893 14,731 13,513 15,886 55,023 18,963 27,265 29,186 (116,132 ) (40,718 )
PROVISION FOR INCOME TAXES (3,486 ) (4,713 ) (3,148 ) (5,765 ) (17,112 ) (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 )
EFFECTIVE TAX RATE 32.0 % 32.0 % 23.3 % 36.3 % 31.1 % 32.0 % 32.4 % 32.3 % 5.2 % -44.9 %
NET INCOME $ 7,407 $ 10,018 $ 10,365 $ 10,121 $ 37,911 $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 )
Weighted Average Common Shares Outstanding (Diluted) 16,533 16,679 16,768 16,925 16,730 16,872 17,053 17,068 16,897 16,817
EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.60 $ 0.62 $ 0.60 $ 2.27 $ 0.76 $ 1.08 $ 1.16 $ (6.52 ) $ (3.51 )
EBIT $ 12,111 $ 15,615 $ 14,257 $ 16,041 $ 58,024 $ 19,108 $ 27,242 $ 29,004 $ (116,252 ) $ (40,898 )
Depreciation 2,808 2,812 2,662 2,588 10,870 2,874 2,977 3,001 2,696 11,548
Amortization of intangibles 626 632 659 662 2,579 656 676 680 613 2,625
EBITDA $ 15,545 $ 19,059 $ 17,578 $ 19,291 $ 71,473 $ 22,638 $ 30,895 $ 32,685 $ (112,943 ) $ (26,725 )
EBITDA AS A PERCENT OF SALES 9.6 % 11.5 % 10.7 % 11.1 % 10.7 % 12.8 % 15.0 % 15.7 % -55.9 % -3.4 %
CAPITAL EXPENDITURES $ 1,776 $ 2,266 $ 2,844 $ 5,097 $ 11,983 $ 2,851 $ 3,433 $ 3,878 $ 4,810 $ 14,972
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS

(in thousands, except earnings per share)

UNAUDITED
20072008
1ST QTR2ND QTR3RD QTR4TH QTRYTD1ST QTR2ND QTR3RD QTR4TH QTRYTD
FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES
LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID]$(5,429)$5,439$11,470$30,989$42,469$(5,366)$31,536$(2,062)$23,215$47,323
ADD: Capital expenditures 1,776 2,266 2,844 5,097 11,983 2,851 3,433 3,878 4,810 14,972
Dividends paid 609 614 617 624 2,464 626 631 631 635 2,523
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (3,044 ) $ 8,319 $ 14,931 $ 36,710 $ 56,916 $ (1,889 ) $ 35,600 $ 2,447 $ 28,660 $ 64,818

NET (CASH) DEBT [TOTAL DEBT LESS CASH & CASH EQUIVALENTS
LESS INVESTMENTS]$39,366$29,848$11,815$(21,421)$(21,421)$(21,709)$(46,796)$(42,029)$(69,195)$(69,195)
ADD: Cash & cash equivalents 27,050 25,281 30,174 34,662 34,662 42,690 38,835 35,177 47,473 47,473
Investments 87 94 100 8,861 8,861 4,036 31,590 29,376 34,872 34,872
TOTAL DEBT $ 66,503 $ 55,223 $ 42,089 $ 22,102 $ 22,102 $ 25,017 $ 23,629 $ 22,524 $ 13,150 $ 13,150
DEBT AS % OF EQUITY18%14%10%5%5%6%5%5%4%4%
TOTAL DEBT 66,503 55,223 42,089 22,102 22,102 25,017 23,629 22,524 13,150 13,150
TOTAL SHAREHOLDERS' EQUITY 369,578 385,538 409,136 420,384 420,384 446,379 465,958 470,888 333,622 333,622
EBIT [NET INCOME LESS INTEREST EXPENSE, NET]$12,111$15,615$14,257$16,041$58,024$19,108$27,242$29,004$(116,252)$(40,898)
LESS: Interest expense, net (1,218 ) (884 ) (744 ) (155 ) (3,001 ) (145 ) 23 182 120 180
Provision for income taxes (3,486 ) (4,713 ) (3,148 ) (5,765 ) (17,112 ) (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 )
NET INCOME $ 7,407 $ 10,018 $ 10,365 $ 10,121 $ 37,911 $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 )
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET
LESS DEPRECIATION LESS AMORTIZATION LESS TAXES]$15,545$19,059$17,578$19,291$71,473$22,638$30,895$32,685$(112,943)$(26,725)
LESS:
Interest expense, net (1,218 ) (884 ) (744 ) (155 ) (3,001 ) (145 ) 23 182 120 180
Depreciation (2,808 ) (2,812 ) (2,662 ) (2,588 ) (10,870 ) (2,874 ) (2,977 ) (3,001 ) (2,696 ) (11,548 )
Amortization (626 ) (632 ) (659 ) (662 ) (2,579 ) (656 ) (676 ) (680 ) (613 ) (2,625 )
Provision for income taxes (3,486 ) (4,713 ) (3,148 ) (5,765 ) (17,112 ) (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 )
NET INCOME $ 7,407 $ 10,018 $ 10,365 $ 10,121 $ 37,911 $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 )
ADJUSTED NET INCOME, EXCLUDING SPECIAL CHARGES, NET OF TAX
$7,877$10,436$11,813$9,494$39,621$13,004$18,425$19,773$19,026$70,228
LESS: Special charges, net of tax (470 ) (418 ) (1,448 ) 627 (1,710 ) (109 ) - - (129,134 ) (129,243 )
NET INCOME $ 7,407 $ 10,018 $ 10,365 $ 10,121 $ 37,911 $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 )
ADJUSTED WEIGHTED AVERAGE SHARES
16,53316,67916,76816,92516,73016,87217,05317,06817,01017,005
Adjustment for anti-dilutive conversion of shares - - - - - - - - 113 188
Weighted average common shares outstanding (diluted) 16,533 16,679 16,768 16,925 16,730 16,872 17,053 17,068 16,897 16,817
ADJUSTED EARNINGS PER SHARE EXCLUDING SPECIAL CHARGES, NET OF TAX
$0.48$0.63$0.70$0.56$2.37$0.77$1.08$1.16$1.12$4.13
LESS: Special Charges, net of tax impact on EPS $ (0.03 ) $ (0.03 ) $ (0.09 ) $ 0.04 $ (0.10 ) $ (0.01 ) $ - $ - $ (7.64 ) $ (7.69 )
EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.60 $ 0.62 $ 0.60 $ 2.27 $ 0.76 $ 1.08 $ 1.16 $ (6.52 ) $ (3.51 )

Contacts:

CIRCOR International
Frederic M. Burditt, 781-270-1200
Chief Financial Officer

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