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CIRCOR Reports Third-Quarter 2015 Financial Results

BURLINGTON, Mass.--(BUSINESS WIRE)--Nov. 9, 2015-- CIRCOR International, Inc. (NYSE:CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, today announced financial results for the third quarter ended October 4, 2015.

Third-Quarter 2015 Highlights

  • Revenues of approx. $160 million consistent with expectations
  • Adjusted EPS of $0.64
  • Cost control and restructuring actions continue to drive bottom-line performance
  • Closing Brazil manufacturing facility in line with margin improvement strategy
  • Energy adjusted operating margin at 15.4%
  • Aerospace & Defense adjusted operating margin at 9.1%

“CIRCOR delivered solid results for the third-quarter of 2015 as we demonstrated good progress on our margin expansion and simplification strategy,” said Scott Buckhout, President and Chief Executive Officer. “We delivered strong year-over-year sales growth in our long-cycle, large projects and control valve businesses. As expected, we continue to see significant weakness in our North American, short-cycle distributed valves business. On the Aerospace side, strength in our commercial fluid controls business was offset by lower sales of defense-related programs.”

“Today we are announcing the decision to close our manufacturing facility in Brazil as a result of the difficult economic conditions there and the ongoing challenges of Petrobras, our largest customer,” said Buckhout. “CIRCOR Brazil has reported substantial operating losses every year since it was acquired in 2011, while the underlying market conditions and outlook have continued to deteriorate.”

As a result of the closure of the Brazil manufacturing operation, the Company recorded a total of approximately $16.9 million of special charges, including $6.4 million of restructuring-related inventory charges, in the third quarter.

“Our top priority remains laying the foundation for long-term, above-market growth. We are improving delivery and quality while investing in sales, new product development and engineering. Going forward, we continue to focus on creating long-term value for shareholders by driving growth, expanding margins, generating strong free cash flow, and effectively deploying capital,” concluded Buckhout.

Fourth-Quarter 2015 Guidance

For the fourth quarter of 2015, the Company will provide its guidance during the conference call later today.

 

Selected Consolidated Results

($ millions except EPS)         Q3 2015       Q3 20142   Change
Revenue         $ 159.3 $ 203.8       (22 )%
GAAP Operating (Loss) Income $ (3.5 ) $ 19.9 NM
Adjusted Operating Income1 $ 16.2 $ 23.2 (30 )%
Adjusted Operating Margin1 10.1 % 11.4 % (130) bps
GAAP (Loss) Earnings Per Share (Diluted) $ (0.49 ) $ 0.83 NM
Adjusted Earnings Per Share (Diluted)1 $ 0.64 $ 0.95 (33 )%
Free Cash Flow $ 2.2 $ 14.0 (84 )%
Orders $ 128.5 $ 242.3 (47 )%
 

Segment Results

($ millions except EPS)         Q3 2015 Q3 20142 Change
Energy
Revenue $ 122.9 $ 157.7 (22 )%
Adjusted Operating Margin1 15.4 % 16.9 % (150) bps
Orders $ 94.2 $ 197.7 (52 )%
 
Aerospace & Defense
Revenue $ 36.4 $ 46.2 (21 )%
Adjusted Operating Margin1 9.1 % 5.0 % 410 bps
Orders $ 34.3 $ 44.6 (23 )%
 
1.  

Consolidated and Segment Results for Q3 2015 exclude special, restructuring and impairment charges totaling $19.7 million including (i) $16.9 million related to the closure of the Brazil manufacturing operations including restructuring-related inventory charge of $6.4 million; (ii) $2.5 million for Schroedahl intangible amortization expense; and (iii) restructuring costs of $0.4 million. Q3 2014 results exclude special charges of $0.5 million and restructuring-related inventory charges of $2.9 million.

2.

Q3 2014 amounts have not been adjusted for divestitures or foreign currency impacts.

 

Conference Call Information

CIRCOR International will hold a conference call to review its financial results today, November 9, 2015, at 9:00 a.m. ET. To listen to the conference call and view the accompanying presentation slides, visit “Webcasts & Presentations” in the “Investors” portion of the CIRCOR website. The call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. The webcast will be archived for one year on the Company’s website.

Use of Non-GAAP Financial Measures

Adjusted net income, adjusted earnings per share (diluted), 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 the realization of cost reductions from restructuring activities. 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 AND SUBSEQUENT REPORTS ON FORMS 10-Q AND 10-Q/A, 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. designs, manufactures and markets highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense. CIRCOR has a diversified product portfolio with recognized, market-leading brands that fulfill its customers’ unique application needs. The Company’s strategy is to grow organically and through complementary acquisitions; simplify CIRCOR’s operations; achieve world class operational excellence; and attract and retain top industry talent. For more information, visit the Company’s investor relations website at http://investors.circor.com.

 
CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(in thousands, except per share data)

UNAUDITED

        Three Months Ended     Nine Months Ended

October 4,

2015

   

September 28,

2014

October 4,

2015

   

September 28,

2014

Net revenues $ 159,258 $ 203,818 $ 492,023 $ 622,888
Cost of revenues 113,865   141,601   343,187   436,333  
GROSS PROFIT 45,393 62,217 148,836 186,555
Selling, general and administrative expenses 38,143 41,873 119,344 129,370
Impairment charges 2,502 2,502
Special charges, net 8,277   478   13,098   578  
OPERATING (LOSS) INCOME (3,529 ) 19,866   13,892   56,607  
Other expense (income):
Interest expense, net 828 436 2,274 2,245
Other (income) expense, net (587 ) 419   (1,197 ) (434 )
TOTAL OTHER EXPENSE, NET 241   855   1,077   1,811  
(LOSS) INCOME BEFORE INCOME TAXES (3,770 ) 19,012 12,816 54,796
Provision for income taxes 4,308   4,337   10,109   13,565  
NET (LOSS) INCOME $ (8,078 ) $ 14,675   $ 2,707   $ 41,231  
(Loss) Earnings per common share:
Basic $ (0.49 ) $ 0.83 $ 0.16 $ 2.34
Diluted $ (0.49 ) $ 0.83 $ 0.16 $ 2.32
Weighted average number of common shares outstanding:
Basic 16,485 17,675 16,989 17,654
Diluted 16,485 17,779 17,029 17,763
Dividends paid per common share $ 0.0375 $ 0.0375 $ 0.1125 $ 0.1125
 
 
CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(UNAUDITED)

        Nine Months Ended

October 4,

2015

     

September 28,

2014

OPERATING ACTIVITIES
Net income $ 2,707 $ 41,231
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation 10,676 12,163
Amortization 6,742 2,367
Bad debt 2,832 948
Compensation expense of share-based plans 5,811 5,956
Tax effect of share-based plan compensation (259 ) (744 )
Loss (gain) on sale of property, plant and equipment 478 (133 )
Impairment charge 2,502
Gain on sale of business (1,044 )
Changes in operating assets and liabilities, net of effects of acquisition and disposition
Trade accounts receivable 8,118 (31,890 )
Inventories (17,452 ) (159 )
Prepaid expenses and other assets (2,801 ) (121 )
Accounts payable, accrued expenses and other liabilities (21,669 ) 14,953  

Net cash (used in) provided by operating activities

(3,359 ) 44,571  
INVESTING ACTIVITIES
Purchases of property, plant and equipment (9,604 ) (8,900 )
Proceeds from the sale of property, plant and equipment 1,200 761
Proceeds from the sale of affiliate 2,759 177
Business acquisition, net of cash acquired (79,983 )  
Net cash used in investing activities (85,628 ) (7,962 )
FINANCING ACTIVITIES
Proceeds from long-term debt 241,619 109,104
Payments of long-term debt (141,830 ) (125,140 )
Debt issuance costs (920 )
Dividends paid (1,937 ) (2,011 )
Proceeds from the exercise of stock options 259 420
Tax effect of share-based plan compensation 259 744
Purchases of common stock (69,517 )  
Net cash provided by (used in) financing activities 28,853   (17,803 )
Effect of exchange rate changes on cash and cash equivalents

(7,416

) (6,406 )
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (67,550 ) 12,400
Cash and cash equivalents at beginning of year 121,372   102,180  
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 53,822   $ 114,580  
 
 
CIRCOR INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

       

October 4,

2015

     

December 31,

2014

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 53,822 $ 121,372
Trade accounts receivable, less allowance for doubtful accounts of $9,342 and $9,536, respectively 143,601 156,738
Inventories 198,560 183,434
Prepaid expenses and other current assets 15,984 21,626
Deferred income taxes 22,114   22,861  
Total Current Assets 434,081   506,031  
PROPERTY, PLANT AND EQUIPMENT, NET 88,242 96,212
OTHER ASSETS:
Goodwill 121,357 72,430
Intangibles, net 53,248 26,887
Deferred income taxes 14,585 19,048
Other assets 2,848   4,114  
TOTAL ASSETS $ 714,361   $ 724,722  
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 66,764 $ 87,112
Accrued expenses and other current liabilities 65,097 65,223
Accrued compensation and benefits 18,586 24,728
Notes payable and current portion of long-term debt 5,668   8,423  
Total Current Liabilities 156,115   185,486  
LONG-TERM DEBT, NET OF CURRENT PORTION 105,431 5,261
DEFERRED INCOME TAXES 16,490 7,771
OTHER NON-CURRENT LIABILITIES 28,346 32,111
SHAREHOLDERS’ EQUITY:
Common stock 177 177
Additional paid-in capital 283,213 277,227
Retained earnings 251,409 250,635
Common treasury stock (69,517 )
Accumulated other comprehensive loss, net of taxes (57,303 ) (33,946 )
Total Shareholders’ Equity 407,979   494,093  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 714,361   $ 724,721  
 
 
CIRCOR INTERNATIONAL, INC.

SUMMARY OF ORDERS AND BACKLOG

(in millions)

UNAUDITED

        Three Months Ended       Nine Months Ended

October 4,

2015

     

September 28,

2014

October 4,

2015

     

September 28,

2014

ORDERS (1)(3)
Energy $ 94.2 $ 187.3 $ 348.7 $ 483.4
Aerospace & Defense 34.3   41.5   103.9   118.9
Total orders $ 128.5   $ 228.8   $ 452.6   $ 602.3
 
BACKLOG (2)(3)

October 4,

2015

September 28,

2014

Energy (4) $ 210.5 $ 304.5
Aerospace & Defense (5) 94.1   125.8  
Total backlog $ 304.6   $ 430.3  

 

Note 1:   Orders do not include the foreign exchange impact due to the re-measurement of customer order backlog amounts denominated in foreign currencies.
Note 2: Backlog includes unshipped customer orders.
Note 3: Three and nine months ended September 28, 2014 orders and backlog amounts exclude business divestitures in both the Energy and Aerospace & Defense segments.
Note 4: Energy backlog was reduced by $10.0 million due to certain customer order cancellations during the fourth quarter of 2014 and third quarter of 2015. These orders were initially recorded in prior years.
Note 5: Aerospace & Defense reduced backlog in the fourth quarter of 2014 by $13.5 million associated with a business divestiture and change in policy.
 
 
CIRCOR INTERNATIONAL, INC.

SUMMARY REPORT BY SEGMENT

(in thousands, except percentages)

UNAUDITED

               
2014     2015
1ST QTR     2ND QTR     3RD QTR     4TH QTR     TOTAL     1ST QTR     2ND QTR     3RD QTR     TOTAL
NET REVENUES                            
Energy $ 162,587 $ 160,580 $ 157,658 $ 172,432 $ 653,257 $ 127,586 $ 127,230 $ 122,905 $ 377,721
Aerospace & Defense 48,599       47,304       46,160       46,126       188,189       38,274       39,676       36,353       114,303  
Total $ 211,186 $ 207,884 $ 203,818 $ 218,558 $ 841,446 $ 165,860 $ 166,906 $ 159,258 $ 492,023
ADJUSTED OPERATING MARGIN
Energy 13.8 % 14.6 % 16.9 % 14.3 % 14.9 % 13.2 % 11.4 % 15.4 % 13.3 %
Aerospace & Defense 9.1 %     7.1 %     5.0 %     5.3 %     6.6 %     8.0 %     8.8 %     9.1 %     8.6 %
Segment operating margin 12.7 % 12.9 % 14.2 % 12.4 % 13.0 % 12.0 % 10.8 % 14.0 % 12.2 %
Corporate expenses (3.4 )%     (2.2 )%     (2.8 )%     (2.7 )%     (2.8 )%     (3.6 )%     (3.3 )%     (3.8 )%     (3.6 )%
Adjusted operating margin 9.4 % 10.7 % 11.4 % 9.6 % 10.2 % 8.3 % 7.5 % 10.1 % 8.6 %
Restructuring related inventory charges % 2.5 % 1.4 % % 0.9 % % 1.2 % 4.0 % 1.7 %
Impairment charges % % % 0.3 % 0.1 % % % 1.6 % 0.5 %
Special restructuring charges 0.4 % 0.6 % 0.2 % 1.2 % 0.6 % 0.9 % 1.9 % 0.2 % 1.0 %
Special acquisition amortization % % % % % % 1.3 % 1.6 % 0.9 %
Special other charges, net of recoveries (0.9 )%     %     %     4.3 %     0.9 %     %     0.1 %     5.0 %     1.6 %
Total GAAP operating margin 9.9 %     7.6 %     9.7 %     3.7 %     7.7 %     7.4 %     3.0 %     (2.2 )%     2.8 %
 
 
       
2014 2015
1ST QTR     2ND QTR     3RD QTR     4TH QTR     TOTAL     1ST QTR     2ND QTR     3RD QTR     TOTAL
ADJUSTED OPERATING INCOME
Energy $ 22,462 $ 23,502 $ 26,577 $ 24,575 $ 97,117 $ 16,831 $ 14,499 $ 18,932 $ 50,262
Aerospace & Defense 4,426       3,362       2,295       2,425       12,508       3,045       3,494       3,298       9,837  
Segment operating income 26,888 26,864 28,872 27,000 109,625 19,876 17,993 22,230 60,099
Corporate expenses (7,137 )     (4,634 )     (5,678 )     (5,965 )     (23,415 )     (6,034 )     (5,477 )     (6,078 )     (17,589 )
Adjusted operating income 19,750 22,231 23,194 21,035 86,210 13,842 12,516 16,152 42,510
Restructuring related inventory charges 5,139 2,850 7,989 2,005 6,412 8,417
Impairment charges 726 726 2,502 2,502
Special restructuring charges 786 1,257 478 2,725 5,246 1,512 3,127 342 4,981
Special acquisition amortization 2,110 2,490 4,600
Special other charges, net of recoveries (1,943 )                 9,434       7,491       (1 )     183       7,935       8,117  
Total GAAP operating income (loss) 20,907       15,835       19,866       8,150       64,757       12,331       5,090       (3,529 )     13,892  
INTEREST EXPENSE, NET (918 ) (891 ) (436 ) (407 ) (2,652 ) (640 ) (805 ) (828 ) (2,274 )
OTHER INCOME (EXPENSE), NET 468       384       (419 )     722       1,156       506       104       587       1,197  
PRETAX INCOME (LOSS) 20,457 15,328 19,012 8,465 63,261 12,197 4,389 (3,770 ) 12,816
(PROVISION FOR) BENEFIT FROM INCOME TAXES (5,825 )     (3,402 )     (4,337 )     690       (12,875 )     (3,284 )     (2,517 )     (4,308 )     (10,109 )
EFFECTIVE TAX RATE 28.5 % 22.2 % 22.8 % (8.2 )% 20.4 % 26.9 % 57.3 % (114.3 )% 78.9 %
NET INCOME (LOSS) $ 14,632       $ 11,926       $ 14,675       $ 9,155       $ 50,386       $ 8,913       $ 1,872       $ (8,078 )     $ 2,707  
Weighted Average Common Shares Outstanding (Diluted) 17,741 17,767 17,779 17,782 17,768 17,712 16,900 16,485 17,034
EARNINGS (LOSS) PER COMMON SHARE (Diluted) $ 0.82       $ 0.67       $ 0.83       $ 0.51       $ 2.84       $ 0.50       $ 0.11       $ (0.49 )     $ 0.16  
ADJUSTED EBITDA $ 25,073       $ 27,536       $ 27,530       $ 26,789       $ 106,927       $ 18,580       $ 19,075       $ 23,582       $ 61,237  
ADJUSTED EBITDA AS A % OF SALES 11.9 %     13.2 %     13.5 %     12.3 %     12.7 %     11.2 %     11.4 %     14.8 %     12.4 %
CAPITAL EXPENDITURES $ 2,670 $ 2,933 $ 3,297 $ 3,910 $ 12,810 $ 1,983 $ 3,584 $ 2,837 $ 8,404
 
 
CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS

(in thousands, except percentages)

UNAUDITED

        2014     2015
1ST QTR     2ND QTR     3RD QTR     4TH QTR     TOTAL     1ST QTR     2ND QTR     3RD QTR     TOTAL
FREE CASH FLOW AS % OF NET INCOME 98 %     62 %     96 %     243 %     115 % (207 )%     239 %     (27 )%     (435 )%
FREE CASH FLOW $ 14,387 $ 7,365 $ 14,015 $ 22,249 $ 58,016 $ (18,415 ) $ 4,483 $ 2,169 $ (11,763 )
ADD:
Capital Expenditures, net of sale proceeds 2,670       2,933       3,297       3,910       12,810       1,983       3,584       2,837       8,404  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 17,057       $ 10,298       $ 17,312       $ 26,159       $ 70,826       $ (16,432 )     $ 8,067       $ 5,006       $ (3,359 )
(CASH) NET DEBT $ (66,056 ) $ (72,982 ) $ (80,829 ) $ (107,688 ) $ (107,688 ) $ (66,337 ) $ 59,051 $ 57,277 $ 57,277
ADD:
Cash & Cash Equivalents 122,189       116,421       114,671       121,372       121,372       103,883       55,027       53,822       53,822  
TOTAL DEBT $ 56,133       $ 43,439       $ 33,842       $ 13,684       $ 13,684       $ 37,546       $ 114,078       $ 111,099       $ 111,099  
TOTAL SHAREHOLDERS' EQUITY $ 492,601 $ 507,363 $ 508,035 $ 494,093 $ 494,093 $ 462,384 $ 421,070 $ 407,979 $ 407,979
DEBT AS % OF EQUITY 11 % 9 % 7 % 3 % 3 % 8 % 27 % 27 % 27 %
       
2014 2015
1ST QTR     2ND QTR     3RD QTR     4TH QTR     TOTAL     1ST QTR     2ND QTR     3RD QTR     TOTAL
ADJUSTED OPERATING INCOME (LOSS) $ 19,750 $ 22,230 $ 23,194 $ 21,035 $ 86,210 $ 13,842 $ 12,516 $ 16,152 $ 42,510
LESS:
Restructuring related inventory charges 5,139 2,850 7,989 2,005 6,412 8,417
Impairment charges 726 726 2,502 2,502
Special restructuring charges 786 1,257 478 2,725 5,246 1,512 3,127 342 4,981
Special acquisition amortization 2,110 2,490 4,600
Special other charges, net of recoveries (1,943 )                 9,434       7,491       (1 )     183       7,935       8,117  
OPERATING INCOME (LOSS) $ 20,907       $ 15,834       $ 19,866       $ 8,150       $ 64,757       $ 12,331       $ 5,090       $ (3,529 )     $ 13,892  
 
ADJUSTED NET INCOME $ 13,916 $ 16,090 $ 16,827 $ 19,188 $ 66,019 $ 9,845 $ 6,848 $ 10,635 $ 27,328
LESS:
Restructuring related inventory charges, net of tax 3,316 1,839 5,155 1,339 6,412 7,751
Impairment charges, net of tax 726 726 2,502 2,502
Special restructuring charges, net of tax 508 848 313 1,763 3,432 1,079 2,175 304 3,558
Special acquisition amortization, net of tax 1,409 1,587 2,996
Special other charges, net of recoveries, net of tax (1,224 )                 7,544       6,320       (147 )     53       7,908       7,814  
NET INCOME (LOSS) $ 14,632       $ 11,926       $ 14,675       $ 9,155       $ 50,386       $ 8,913       $ 1,872       $ (8,078 )     $ 2,707  
 
ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.78 $ 0.91 $ 0.95 $ 1.08 $ 3.72 $ 0.56 $ 0.41 $ 0.64 $ 1.61
LESS:
Restructuring related inventory charges, net of tax 0.19 0.10 0.29 0.08 0.39 0.46
Impairment charges, net of tax 0.04 0.04 0.15 0.15
Special restructuring charges, net of tax 0.03 0.05 0.02 0.10 0.20 0.06 0.13 0.02 0.20
Special acquisition amortization, net of tax 0.08 0.10 0.17
Special other charges, net of recoveries, net of tax (0.07 )                 0.42       0.35                   0.47       0.47  
EARNINGS (LOSS) PER COMMON SHARE (Diluted) $ 0.82       $ 0.67       $ 0.83       $ 0.51       $ 2.84       $ 0.50       $ 0.11       $ (0.49 )     $ 0.16  
 
       
2014 2015
1ST QTR     2ND QTR     3RD QTR     4TH QTR     TOTAL     1ST QTR     2ND QTR     3RD QTR     TOTAL
EBITDA $ 26,230 $ 21,140 $ 24,202 $ 13,904 $ 85,475 $ 17,068 $ 11,650 $ 3,789 $ 32,507
LESS:
Interest expense, net (918 ) (891 ) (436 ) (407 ) (2,652 ) (640 ) (805 ) (828 ) (2,273 )
Depreciation (4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) (3,521 ) (3,629 ) (3,526 ) (10,676 )
Amortization (786 ) (805 ) (776 ) (749 ) (3,116 ) (710 ) (2,827 ) (3,205 ) (6,742 )
(Provision for) benefit from income taxes (5,825 )     (3,402 )     (4,337 )     690       (12,875 )     (3,284 )     (2,517 )     (4,308 )     (10,109 )
NET INCOME (LOSS) $ 14,632       $ 11,926       $ 14,675       $ 9,155       $ 50,386       $ 8,913       $ 1,872       $ (8,078 )     $ 2,707  
ADJUSTED EBITDA $ 25,073 $ 27,536 $ 27,530 $ 26,789 $ 106,927 $ 18,580 $ 19,075 $ 23,470 $ 61,125
LESS:
Restructuring related inventory charges (5,139 ) (2,850 ) (7,989 ) (2,005 ) (6,412 ) (8,417 )
Impairment charges (726 ) (726 ) (2,502 ) (2,502 )
Special restructuring charges (786 ) (1,257 ) (478 ) (2,725 ) (5,246 ) (1,512 ) (3,127 ) (342 ) (4,981 )
Special acquisition amortization (2,110 ) (2,490 ) (4,600 )
Special other charges, net of recoveries 1,943 (9,434 ) (7,491 ) 1 (183 ) (7,935 ) (8,117 )
Interest expense, net (918 ) (891 ) (436 ) (407 ) (2,652 ) (641 ) (805 ) (828 ) (2,274 )
Depreciation (4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) (3,521 ) (3,629 ) (3,526 ) (10,676 )
Amortization (786 ) (805 ) (776 ) (749 ) (3,116 ) (710 ) (2,827 ) (3,205 ) (6,742 )
(Provision for) benefit from income taxes (5,825 )     (3,402 )     (4,337 )     690       (12,875 )     (3,284 )     (2,517 )     (4,308 )     (10,109 )
NET INCOME (LOSS) $ 14,632       $ 11,926       $ 14,675       $ 9,155       $ 50,386       $ 8,913       $ 1,872       $ (8,078 )     $ 2,707  
 
 
CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS

(in thousands, except per share data)

UNAUDITED

   
      2014
1ST QTR     2ND QTR     3RD QTR     4TH QTR     TOTAL
NET REVENUES EXCLUDING DIVESTITURES $ 198,204     $ 194,349     $ 189,705     $ 207,970     $ 790,228
ADD:
Energy divestiture 10,554 10,037 10,667 8,465 39,723
Aerospace & Defense divestiture 2,428       3,498       3,446       2,123       11,495
NET REVENUES $ 211,186       $ 207,884       $ 203,818       $ 218,558       $ 841,446
ADJUSTED EARNINGS PER SHARE EXCLUDING DIVESTITURES (Diluted) 0.79 0.88 0.89 1.05 3.61
ADD:
Divestitures (0.01 )     0.03       0.06       0.03       0.11
ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.78       $ 0.91       $ 0.95       $ 1.08       $ 3.72
 

Source: CIRCOR International, Inc.

CIRCOR International
Rajeev Bhalla, 781-270-1200
Executive Vice President & Chief Financial Officer

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