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CIRCOR Reports Second-Quarter Results

CIRCOR International, Inc. (NYSE: CIR), a provider of valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets, today announced financial results for the second quarter ended June 28, 2009.

Comments on the Second Quarter

According to Chairman and Chief Executive Officer Bill Higgins, “In an environment that continues to be challenging, we reported earnings stronger than our guidance range despite recording sales at the low end. This was due primarily to favorable margins in the Instrumentation and Thermal Fluid Controls Products segment as well as lower asbestos charges than we had included in our guidance range.”

“Company-wide bookings were down 14% year-over-year due to the ongoing severe global recession. One bright spot was a sequential increase in bookings for longer-term Middle East energy projects and military aerospace business. However, North American short-cycle energy markets are still down, driven by a significant reduction in rig counts. Many of our other diverse flow markets saw continued weakness, although the rate of decline did show signs of slowing. Operationally we continued to advance our quality of earnings initiatives by right-sizing our business. CIRCOR’s total workforce is down approximately 16% globally, exclusive of acquisitions. To better position ourselves for the future, we are continuing to invest in lean initiatives and low-cost global sourcing.”

Consolidated Results

Revenues for the second quarter of 2009 were $164.5 million, a 20.4% decrease from $206.6 million generated in the second quarter of 2008. Net income for the second quarter of 2009 decreased 58.0% to $7.7 million, or $0.45 per diluted share, compared with $18.4 million, or $1.08 per diluted share, for the second quarter of 2008. Second-quarter 2009 net income includes $3.4 million in pre-tax asbestos charges compared with $2.0 million in the second quarter of 2008.

For the six months ended June 28, 2009, revenues were $340.2 million, a decrease of 11.2% from $383.2 million for the comparable period in 2008. Net income for the first half of 2009 was $18.2 million, or $1.07 per diluted share, a decrease of 41.9% from $31.3 million, or $1.85 per diluted share, from the first half of 2008. Net income for the first six months of 2009 includes $11.7 million in pre-tax asbestos charges compared with $3.1 million in the year-ago period. Net income for the first six months of 2009 also includes a pre-tax gain of $1.1 million related to proceeds from the sale of land use rights, recorded as special charges. Net income for the first six months of 2008 includes $0.2 million in special charges. On an adjusted basis, net income, excluding the after-tax impact of the $1.1 million gain, for the first six months of 2009 would have been $17.4 million, or $1.02 per diluted share. Adjusted net income for the first six months of 2008, excluding special charges, was $31.4 million, or $1.85 per diluted share.

The Company received orders totaling $169.4 million during the second quarter of 2009, a decrease of 14% compared with the second quarter of 2008 and a 39% sequential increase compared with the first quarter of 2009.

For the first six months of 2009, orders totaled $291.2 million with a second-quarter 2009 ending backlog of $300.4 million. This compares to 2008 orders for the first six months of $434.9 million and a second quarter 2008 ending backlog of $446.0 million, representing year-over-year decreases of 33%.

During the second quarter of 2009, the Company generated $17.9 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid), and, for the first six months of 2009, the Company had free cash flow of $10.0 million. This compares to $26.2 million of free cash flow generated in the first six months of 2008.

Instrumentation and Thermal Fluid Controls Products

CIRCOR’s Instrumentation and Thermal Fluid Controls Products segment revenues decreased 11.3% to $87.7 million from $98.9 million in the second quarter of 2008. Growth from acquisitions of 4.6% was more than offset by volume declines of 9.8% and lower foreign exchange rates compared to the U.S. dollar of 6.0%. Incoming orders for this segment were $96.5 million for the second quarter of 2009, a decrease of 5% from $101.0 million in the second quarter of 2008. Sequentially, this segment’s orders increased 27% and ending backlog increased 5% to $178.8 million. The sequential increase in bookings in this segment related primarily to a multi-year military landing gear order expected to be shipped beginning in 2011.

This segment’s adjusted operating margin, which excludes the impact of special and asbestos charges, for the second quarter of 2009 was 11.8% compared with 12.6% in the second quarter of 2008, and 12.9% in the first quarter of 2009. The year-over-year and sequential decreases were due to lower sales volume, partially offset by favorable mix, material costs and lower labor expenses.

Energy Products

CIRCOR’s Energy Products segment revenues decreased by 29% to $76.8 million for the quarter ended June 28, 2009 compared with $107.7 million in the quarter ended June 29, 2008. The year-over-year decrease included volume declines of 22.2% and adverse foreign currency adjustments of 6.5%.

Incoming orders for the second quarter of 2009 were $72.9 million, a decrease of 25% from $96.9 million in the second quarter of 2008, but an increase of 59% from $45.8 million in the first quarter of 2009. The sequential increase was the result of large Middle East project orders scheduled to ship in 2010. Ending backlog totaled $121.5 million, a 57% decrease compared with $281.7 million at the end of the second quarter of 2008, and a 5% decrease sequentially.

The Energy Products segment adjusted operating margin was 12.3% during the second quarter of 2009 compared with 20.4% for the second quarter of 2008 and 18.1% for the first quarter of 2009. The year-over-year decrease was primarily the result of lower volume and unfavorable pricing and product mix, partially offset by lower labor expenses.

Business and Financial Outlook

“We believe that many of our end markets will continue to be affected by the global recession throughout the remainder of 2009,” said Higgins. CIRCOR is providing its outlook for the third quarter of 2009, which is typically seasonally slow. The Company currently expects revenues for the third quarter of 2009 in the range of $138 million to $144 million and earnings, excluding special charges, to be in the range of $0.26 to $0.33 per diluted share.

“During the downturn, we are working hard to cut costs, reduce inventories, generate cash and maintain a high quality of earnings,” said Higgins. “We have a strong balance sheet with a significant cash position and very little debt. In addition, we have closed on a new $190 million unsecured revolving credit facility which will take us through January of 2013. We believe our balance sheet allows us to compete from a position of strength, capitalize on acquisition opportunities, and become a much stronger company for the long term.”

Conference Call Information

CIRCOR International will hold a conference call to review its financial results Thursday, July 30, 2009, at 9:00 a.m. ET. Those who wish to listen to the conference call and view the accompanying presentation slides should visit “Webcasts & Presentations” in the “Investor Relations” portion of the CIRCOR website. 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.

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 both known and 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 prospects for both the Energy and Instrumentation and Thermal Fluid Controls segments, the Company’s ability to compete from a position of strength, capitalize on acquisition opportunities, and become a much stronger company for the long term, and CIRCOR’s future performance, including third-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 "INVESTOR RELATIONS" 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. provides valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets. With more than 9,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands. CIRCOR’s strategy includes growing organically by investing in new, differentiated products; adding value to component products; and increasing the development of mission-critical subsystems. The Company also plans to leverage its strong balance sheet to acquire complementary businesses.

CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
UNAUDITED
Three Months EndedSix Months Ended
June 28, 2009June 29, 2008June 28, 2009June 29, 2008
Net revenues $ 164,535 $ 206,605 $ 340,182 $ 383,180
Cost of revenues 116,032 139,698 235,660 261,383
GROSS PROFIT 48,503 66,907 104,522 121,797
Selling, general and administrative expenses 34,242 37,407 68,340 71,552
Asbestos charges 3,442 2,010 11,705 3,085
Special charges (income) - - (1,135 ) 160
OPERATING INCOME 10,819 27,490 25,612 47,000
Other (income) expense:
Interest income (167 ) (305 ) (314 ) (506 )
Interest expense 208 282 386 629
Other (income) expense, net (267 ) 248 (449 ) 648
Total other (income) expense (226 ) 225 (377 ) 771
INCOME BEFORE INCOME TAXES 11,045 27,265 25,989 46,229
Provision for income taxes 3,313 8,840 7,797 14,909
NET INCOME $ 7,732 $ 18,425 $ 18,192 $ 31,320
Earnings per common share:
Basic $ 0.46 $ 1.09 $ 1.07 $ 1.87
Diluted $ 0.45 $ 1.08 $ 1.07 $ 1.85
Weighted average common shares outstanding:
Basic 16,970 16,829 16,944 16,756
Diluted 17,066 17,053 17,040 16,965
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Six Months Ended
June 28, 2009June 29, 2008
OPERATING ACTIVITIES
Net income $ 18,192 $ 31,320

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

Depreciation 6,084 5,851
Amortization 1,249 1,332
Compensation expense of stock-based plans 1,585 2,642
Tax effect of share based compensation 403 (1,639 )
Loss on sale of assets held for sale - 1
Gain on disposal of property, plant and equipment (33 ) (60 )

Changes in operating assets and liabilities, net of effects from business acquisitions:

Trade accounts receivable 16,791 (13,668 )
Inventories 27,371 (1,039 )
Prepaid expenses and other assets 701 (3,044 )
Accounts payable, accrued expenses and other liabilities (56,594 ) 12,015
Net cash provided by operating activities 15,749 33,711
INVESTING ACTIVITIES
Additions to property, plant and equipment (4,501 ) (6,267 )
Proceeds from disposal of property, plant and equipment 43 162
Proceeds from sale of assets held for sale - 311
Purchase of ST investments (214,925 ) (91,346 )
Proceeds from sale of ST investments 201,826 69,306
Business acquisitions, net of cash acquired (7,510 ) (7,263 )
Net cash used in investing activities (25,067 ) (35,097 )
FINANCING ACTIVITIES
Proceeds from debt borrowings 64,187 54,505
Payments of debt (68,545 ) (53,294 )
Dividends paid (1,294 ) (1,257 )
Proceeds from the exercise of stock options 36 2,275
Tax effect of share based compensation (403 ) 1,639
Net cash (used in) provided by financing activities (6,019 ) 3,868
Effect of exchange rate changes on cash and cash equivalents 902 1,691
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (14,435 ) 4,173
Cash and cash equivalents at beginning of year 47,473 34,662
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 33,038 $ 38,835
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
June 28, 2009December 31, 2008
ASSETS
Current Assets:
Cash & cash equivalents $ 33,038 $ 47,473
Short-term investments 48,344 34,872

Trade accounts receivable, less allowance for doubtful accounts of $1,875 and $1,968, respectively

125,693 134,731
Inventories 161,649 183,291
Prepaid expenses and other current assets 7,722 3,825
Deferred income taxes 14,395 12,396
Insurance receivable 7,426 6,081
Assets held for sale - 1,015
Total Current Assets 398,267 423,684
Property, Plant and Equipment, net 86,277 82,843
Other Assets:
Goodwill 34,983 32,092
Intangibles, net 43,882 42,123
Non-current insurance receivable - 4,684
Other assets 2,155 2,597
Total Assets $ 565,564 $ 588,023
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 58,701 $ 94,421
Accrued expenses and other current liabilities 48,445 69,948
Accrued compensation and benefits 18,751 22,604
Asbestos liability 13,182 9,310
Income taxes payable 17,436 9,873
Notes payable and current portion of long-term debt 227 622
Total Current Liabilities 156,742 206,778
Long-Term Debt, net of current portion 11,824 12,528
Deferred Income Taxes 4,379 3,496
Long-Term Asbestos Liability 11,836 9,935
Other Non-Current Liabilities 23,187 21,664
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 16,973,623 and 16,898,497 issued and outstanding, respectively

170 169
Additional paid-in capital 248,162 247,196
Retained earnings 99,948 83,106
Accumulated other comprehensive income 9,316 3,151
Total Shareholders' Equity 357,596 333,622
Total Liabilities and Shareholders' Equity $ 565,564 $ 588,023
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in thousands)
UNAUDITED
Three Months EndedSix Months Ended
June 28, 2009June 29, 2008June 28, 2009June 29, 2008
ORDERS
Instrumentation &
Thermal Fluid Controls $ 96,471 $ 101,002 $ 172,525 $ 212,168
Energy Products 72,886 96,877 118,706 222,736
Total orders $ 169,357 $ 197,879 $ 291,231 $ 434,904
June 28, 2009June 29, 2008
BACKLOG
Instrumentation &
Thermal Fluid Controls $ 178,841 $ 164,259
Energy Products 121,531 281,714
Total backlog $ 300,372 $ 445,973
Note: Backlog includes all unshipped customer orders.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
20082009
1ST QTR2ND QTR3RD QTR4TH QTRYTD1ST QTR2ND QTRYTD
NET REVENUES
Instrumentation & Thermal Fluid Controls (TFC) $ 88,450 $ 98,867 $ 96,298 $ 94,499 $ 378,114 $ 86,340 $ 87,721 $ 174,061
Energy Products 88,125 107,738 112,382 107,457 415,702 89,307 76,814 166,121
Total 176,575 206,605 208,680 201,956 793,816 175,647 164,535 340,182

ADJUSTED OPERATING MARGIN
Instrumentation & TFC (excl. special & asbestos charges) 12.5 % 12.6 % 12.3 % 11.2 % 12.1 % 12.9 % 11.8 % 12.4 %
Energy Products (excl. special charges) 16.2 % 20.4 % 23.2 % 20.1 % 20.2 % 18.1 % 12.3 % 15.4 %
Segment operating income (excl. special & asbestos charges) 14.4 % 16.6 % 18.1 % 15.9 % 16.3 % 15.5 % 12.1 % 13.9 %
Corporate expenses (excl. special & asbestos charges) -2.6 % -2.4 % -2.4 % -3.0 % -2.6 % -3.1 % -3.4 % -3.2 %
Adjusted Operating Income 11.7 % 14.3 % 15.7 % 12.9 % 13.7 % 12.5 % 8.7 % 10.6 %
Asbestos charges (attributable to Instrumentation & TFC) -0.6 % -1.0 % -1.8 % -0.7 % -1.0 % -4.7 % -2.1 % -3.4 %
Special charges -0.1 % 0.0 % 0.0 % -70.0 % -17.8 % 0.6 % 0.0 % 0.3 %
Total operating margin 11.0 % 13.3 % 13.9 % -57.8 % -5.1 % 8.4 % 6.6 % 7.5 %
ADJUSTED OPERATING INCOME
Instrumentation & TFC (excl. special & asbestos charges) 11,069 12,451 11,803 10,558 45,881 11,116 10,389 21,505
Energy Products (excl. special charges) 14,303 21,938 26,023 21,556 83,820 16,169 9,461 25,630
Segment operating income (excl. special & asbestos charges) 25,372 34,389 37,826 32,114 129,701 27,285 19,850 47,135
Corporate expenses (excl. special & asbestos charges) (4,628 ) (4,890 ) (5,001 ) (6,042 ) (20,561 ) (5,365 ) (5,589 ) (10,954 )
Adjusted Operating Income 20,744 29,499 32,825 26,072 109,140 21,920 14,261 36,181
Asbestos charges (attributable to Instrumentation & TFC) (1,075 ) (2,009 ) (3,810 ) (1,417 ) (8,311 ) (8,263 ) (3,442 ) (11,705 )
Special charges (160 ) - - (141,297 ) (141,457 ) 1,135 - 1,135
Total operating income 19,509 27,490 29,015 (116,642 ) (40,628 ) 14,792 10,819 25,611
INTEREST (EXPENSE) INCOME, NET (145 ) 23 182 120 180 (32 ) (41 ) (73 )
OTHER (EXPENSE) INCOME, NET (401 ) (248 ) (11 ) 390 (270 ) 183 267 450
PRETAX INCOME 18,963 27,265 29,186 (116,132 ) (40,718 ) 14,943 11,045 25,988
PROVISION FOR INCOME TAXES (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 ) (4,483 ) (3,313 ) (7,796 )
EFFECTIVE TAX RATE 32.0 % 32.4 % 32.3 % 5.2 % -44.9 % 30.0 % 30.0 % 30.0 %
NET INCOME $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 ) $ 10,460 $ 7,732 $ 18,192
Weighted Average Common Shares Outstanding (Diluted) 16,872 17,053 17,068 16,897 16,817 17,014 17,066 17,040
EARNINGS PER COMMON SHARE (Diluted) $ 0.76 $ 1.08 $ 1.16 $ (6.52 ) $ (3.51 ) $ 0.61 $ 0.45 $ 1.07
EBIT $ 19,108 $ 27,242 $ 29,004 $ (116,252 ) $ (40,898 ) $ 14,975 $ 11,086 $ 26,061
Depreciation 2,874 2,977 3,001 2,696 11,548 2,839 3,245 6,084
Amortization of intangibles 656 676 680 613 2,625 622 627 1,249
EBITDA $ 22,638 $ 30,895 $ 32,685 $ (112,943 ) $ (26,725 ) $ 18,436 $ 14,958 $ 33,394
EBITDA AS A PERCENT OF SALES 12.8 % 15.0 % 15.7 % -55.9 % -3.4 % 10.5 % 9.1 % 9.8 %
CAPITAL EXPENDITURES $ 2,851 $ 3,433 $ 3,878 $ 4,810 $ 14,972 $ 2,576 $ 1,925 $ 4,501
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands)
UNAUDITED

2008

2009
1ST QTR2ND QTR3RD QTR4TH QTRYTD1ST QTR2ND QTRYTD

FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID]

$(5,366)$31,536$(2,062)$23,216$47,324$(7,928)$17,882$9,954
ADD: Capital expenditures 2,851 3,433 3,878 4,810 14,972 2,576 1,925 4,501
Dividends paid 626 631 631 634 2,522 657 637 1,294
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,889 ) $ 35,600 $ 2,447 $ 28,660 $ 64,818 $ (4,695 ) $ 20,444 $ 15,749

NET (CASH) DEBT [TOTAL DEBT LESS CASH & CASH EQUIVALENTS LESS INVESTMENTS]

$(21,709)$(46,796)$(42,029)$(69,195)$(69,195)$(49,519)$(69,331)$(69,331)
ADD:
Cash & cash equivalents 42,690 38,835 35,177 47,473 47,473 36,113 33,038 33,038
Investments 4,036 31,590 29,376 34,872 34,872 36,991 48,344 48,344
TOTAL DEBT $ 25,017 $ 23,629 $ 22,524 $ 13,150 $ 13,150 $ 23,585 $ 12,051 $ 12,051
DEBT AS % OF EQUITY6%5%5%4%4%7%3%3%
TOTAL DEBT 25,017 23,629 22,524 13,150 13,150 23,585 12,051 12,051
TOTAL SHAREHOLDERS' EQUITY 446,379 465,958 470,888 333,622 333,622 341,860 357,596 357,596
EBIT [NET INCOME LESS INTEREST EXPENSE, NET]$19,108$27,242$29,004$(116,252)$(40,898)$14,975$11,086$26,061
LESS:
Interest expense, net (145 ) 23 182 120 180 (32 ) (41 ) (73 )
Provision for income taxes (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 ) (4,483 ) (3,313 ) (7,796 )
NET INCOME $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 ) $ 10,460 $ 7,732 $ 18,192

EBITDA [NET INCOME LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS TAXES]

$22,638$30,895$32,685$(112,943)$(26,725)$18,436$14,958$33,394
LESS:
Interest expense, net (145 ) 23 182 120 180 (32 ) (41 ) (73 )
Depreciation (2,874 ) (2,977 ) (3,001 ) (2,696 ) (11,548 ) (2,839 ) (3,245 ) (6,084 )
Amortization (656 ) (676 ) (680 ) (613 ) (2,625 ) (622 ) (627 ) (1,249 )
Provision for income taxes (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 ) (4,483 ) (3,313 ) (7,796 )
NET INCOME $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 ) $ 10,460 $ 7,732 $ 18,192

ADJUSTED INCOME, EXCLUDING SPECIAL CHARGES, NET OF TAX

$13,004$18,425$19,773$19,026$70,228$9,666$7,732$17,398
LESS:
Special charges, net of tax (109 ) - - (129,134 ) (129,243 ) 794 - 794
NET INCOME $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 ) $ 10,460 $ 7,732 $ 18,192

ADJUSTED WEIGHTED AVERAGE SHARES

16,87217,05317,06817,01017,00517,01417,06617,040
Adjustment for anti-dilutive conversion of shares - - - 113 188 - -

-

Weighted average common shares outstanding (Diluted)

16,872 17,053 17,068 16,897 16,817 17,014 17,066 17,040

ADJUSTED EARNINGS PER SHARE EXCLUDING SPECIAL CHARGES, NET OF TAX

$0.77$1.08$1.16$1.12$4.13$0.57$0.45$1.02
LESS: Special Charges, net of tax impact on EPS $ (0.01 ) $ - $ - $ (7.64 ) $ (7.64 ) $ 0.05 $ - $ 0.05
EARNINGS PER COMMON SHARE (Diluted) $ 0.76 $ 1.08 $ 1.16 $ (6.52 ) $ (3.51 ) $ 0.61 $ 0.45 $ 1.07

Contacts:

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

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