DELAWARE | 001-14962 | 04-3477276 |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission file number) | (I.R.S. Employer Identification No.) |
(d) | Exhibits. |
Exhibit No. | Description |
99.1 | Press Release regarding Earnings, Dated October 31, 2014 |
Title: | Executive Vice President and Chief Financial Officer |
• | Orders increased 9% |
• | Adjusted operating margin expanded 30 basis points to 11.4% |
• | Adjusted EPS at $0.95 |
• | Year-to-date free cash flow was $35.7 million |
• | Revenues in the range of $210 million to $225 million; |
• | Adjusted earnings per share, excluding restructuring and special charges, in the range of $1.02 to $1.12; and, |
• | Restructuring and special related charges of approximately $3.0 million to $3.3 million. |
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF INCOME (in thousands, except share data) UNAUDITED | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | ||||||||||||
Net revenues | $ | 203,818 | $ | 214,731 | $ | 622,888 | $ | 643,773 | |||||||
Cost of revenues | 141,601 | 144,593 | 436,333 | 443,679 | |||||||||||
GROSS PROFIT | 62,217 | 70,138 | 186,555 | 200,094 | |||||||||||
Selling, general and administrative expenses | 41,873 | 46,392 | 129,370 | 139,561 | |||||||||||
Special charges (recoveries), net | 478 | (190 | ) | 578 | 3,441 | ||||||||||
OPERATING INCOME | 19,866 | 23,936 | 56,607 | 57,092 | |||||||||||
Other (income) expense: | |||||||||||||||
Interest expense, net | 436 | 745 | 2,245 | 2,370 | |||||||||||
Other expense (income), net | 419 | 568 | (434 | ) | 1,807 | ||||||||||
TOTAL OTHER EXPENSE, NET | 855 | 1,313 | 1,811 | 4,177 | |||||||||||
INCOME BEFORE INCOME TAXES | 19,012 | 22,623 | 54,796 | 52,915 | |||||||||||
Provision for income taxes | 4,337 | 4,903 | 13,565 | 14,619 | |||||||||||
NET INCOME | $ | 14,675 | $ | 17,720 | $ | 41,231 | $ | 38,296 | |||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.83 | $ | 1.01 | $ | 2.34 | $ | 2.18 | |||||||
Diluted | $ | 0.83 | $ | 1.00 | $ | 2.32 | $ | 2.18 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 17,675 | 17,582 | 17,654 | 17,553 | |||||||||||
Diluted | 17,779 | 17,667 | 17,763 | 17,602 | |||||||||||
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 | |||||||
September 28, 2014 | September 29, 2013 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 41,231 | $ | 38,296 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 12,163 | 11,943 | |||||
Amortization | 2,367 | 2,273 | |||||
Compensation expense of share-based plans | 5,956 | 3,343 | |||||
Tax effect of share-based plan compensation | (744 | ) | (536 | ) | |||
Gain on property, plant and equipment | (133 | ) | (70 | ) | |||
Return of acquisition proceeds | — | (3,400 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Trade accounts receivable, net | (30,942 | ) | 493 | ||||
Inventories, net | (159 | ) | (33 | ) | |||
Prepaid expenses and other assets | (121 | ) | 193 | ||||
Accounts payable, accrued expenses and other liabilities | 14,953 | 1,259 | |||||
Net cash provided by operating activities | 44,571 | 53,761 | |||||
INVESTING ACTIVITIES | |||||||
Additions to property, plant and equipment | (8,900 | ) | (13,579 | ) | |||
Proceeds from the sale of property, plant and equipment | 761 | 348 | |||||
Proceeds from sale of affiliates | 177 | — | |||||
Business acquisitions, return of purchase price | — | 3,400 | |||||
Net cash used in investing activities | (7,962 | ) | (9,831 | ) | |||
FINANCING ACTIVITIES | |||||||
Proceeds from long-term debt | 109,104 | 104,626 | |||||
Payments of long-term debt | (125,140 | ) | (124,351 | ) | |||
Debt issuance costs | (920 | ) | — | ||||
Dividends paid | (2,011 | ) | (2,011 | ) | |||
Proceeds from the exercise of stock options | 420 | 1,843 | |||||
Tax effect of share-based compensation | 744 | 536 | |||||
Net cash used in financing activities | (17,803 | ) | (19,357 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (6,404 | ) | (27 | ) | |||
INCREASE IN CASH AND CASH EQUIVALENTS | 12,400 | 24,547 | |||||
Cash and cash equivalents at beginning of year | 102,180 | 61,738 | |||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 114,580 | $ | 86,285 | |||
Cash paid during the year for: | |||||||
Income taxes | $ | 12,760 | $ | 5,463 | |||
Interest | $ | 1,923 | $ | 1,910 |
CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||
September 28, 2014 | December 31, 2013 | ||||||
ASSETS | (unaudited) | ||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 114,580 | $ | 102,180 | |||
Short-term investments | 91 | 95 | |||||
Trade accounts receivable, less allowance for doubtful accounts of $2,852 and $2,449, respectively | 170,777 | 144,742 | |||||
Inventories, net | 195,522 | 199,404 | |||||
Prepaid expenses and other current assets | 19,510 | 19,815 | |||||
Deferred income tax asset | 19,992 | 17,686 | |||||
Total Current Assets | 520,472 | 483,922 | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | 101,786 | 107,724 | |||||
OTHER ASSETS: | |||||||
Goodwill | 75,245 | 75,876 | |||||
Intangibles, net | 32,622 | 35,656 | |||||
Deferred income tax asset | 15,271 | 18,579 | |||||
Other assets | 5,098 | 4,893 | |||||
TOTAL ASSETS | $ | 750,494 | $ | 726,650 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 86,780 | $ | 70,589 | |||
Accrued expenses and other current liabilities | 59,677 | 57,507 | |||||
Accrued compensation and benefits | 26,860 | 31,289 | |||||
Income taxes payable | 4,629 | 3,965 | |||||
Notes payable and current portion of long-term debt | 7,439 | 7,203 | |||||
Total Current Liabilities | 185,385 | 170,553 | |||||
LONG-TERM DEBT, NET OF CURRENT PORTION | 26,403 | 42,435 | |||||
DEFERRED INCOME TAXES | 8,721 | 9,666 | |||||
OTHER NON-CURRENT LIABILITIES | 21,950 | 27,109 | |||||
SHAREHOLDERS’ EQUITY: | |||||||
Common stock | 170 | 176 | |||||
Additional paid-in capital | 276,374 | 269,884 | |||||
Retained earnings | 241,871 | 202,930 | |||||
Accumulated other comprehensive (loss) gain, net of taxes | (10,380 | ) | 3,897 | ||||
Total Shareholders’ Equity | 508,035 | 476,887 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 750,494 | $ | 726,650 |
CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG (in millions) UNAUDITED | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | ||||||||||||
ORDERS (1) | |||||||||||||||
Energy | $ | 197.7 | $ | 167.0 | $ | 517.6 | $ | 504.3 | |||||||
Aerospace & Defense | 44.6 | 56.3 | 128.3 | 145.9 | |||||||||||
Total orders | $ | 242.3 | $ | 223.3 | $ | 645.9 | $ | 650.2 | |||||||
BACKLOG (2) | September 28, 2014 | September 29, 2013 | |||||||||||||
Energy | $ | 304.5 | $ | 265.0 | |||||||||||
Aerospace & Defense (3) | 127.2 | 181.9 | |||||||||||||
Total backlog | $ | 431.8 | $ | 446.9 | |||||||||||
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: Aerospace & Defense backlog reflects a reduction of $28.6 million associated with the exit of certain landing gear product lines recorded in the second quarter of 2014. |
CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except earnings per share) UNAUDITED | |||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | TOTAL | |||||||||||||||||||
NET REVENUES | |||||||||||||||||||||||||||
Energy | $ | 157,104 | $ | 173,557 | $ | 167,660 | $ | 162,649 | $ | 660,970 | $ | 162,587 | $ | 160,580 | $ | 157,658 | $ | 480,825 | |||||||||
Aerospace & Defense | 48,294 | 50,087 | 47,071 | 51,386 | 196,838 | 48,599 | 47,304 | 46,160 | 142,063 | ||||||||||||||||||
Total | $ | 205,398 | $ | 223,644 | $ | 214,731 | $ | 214,035 | $ | 857,808 | $ | 211,186 | $ | 207,884 | $ | 203,818 | $ | 622,888 | |||||||||
ADJUSTED OPERATING MARGIN | |||||||||||||||||||||||||||
Energy | 10.8 | % | 13.3 | % | 15.2 | % | 17.1 | % | 14.1 | % | 13.8 | % | 14.6 | % | 16.9 | % | 15.1 | % | |||||||||
Aerospace & Defense | 5.9 | % | 11.4 | % | 12.1 | % | 8.4 | % | 9.5 | % | 9.1 | % | 7.1 | % | 5.0 | % | 7.1 | % | |||||||||
Segment operating margin | 9.6 | % | 12.9 | % | 14.5 | % | 15.0 | % | 13.0 | % | 12.7 | % | 12.9 | % | 14.2 | % | 13.3 | % | |||||||||
Corporate expenses | (2.6 | )% | (2.9 | )% | (3.4 | )% | (3.5 | )% | (3.1 | )% | (3.4 | )% | (2.2 | )% | (2.8 | )% | (2.8 | )% | |||||||||
Adjusted operating margin | 7.1 | % | 10.0 | % | 11.1 | % | 11.6 | % | 9.9 | % | 9.4 | % | 10.7 | % | 11.4 | % | 10.5 | % | |||||||||
Restructuring inventory charges | 0.1 | % | (0.1 | )% | — | % | 0.3 | % | 0.1 | % | — | % | 2.5 | % | 1.4 | % | 1.3 | % | |||||||||
Impairment charges | — | % | — | % | — | % | 3.2 | % | 0.8 | % | — | % | — | % | — | % | — | % | |||||||||
Special (recoveries) | — | % | — | % | (1.5 | )% | — | % | (0.4 | )% | (1.1 | )% | — | % | — | % | (0.4 | )% | |||||||||
Special charges | 0.7 | % | 1.0 | % | 1.4 | % | 2.4 | % | 1.4 | % | 0.5 | % | 0.6 | % | 0.2 | % | 0.5 | % | |||||||||
Total GAAP operating margin | 6.3 | % | 9.1 | % | 11.1 | % | 5.6 | % | 8.1 | % | 9.9 | % | 7.6 | % | 9.7 | % | 9.1 | % | |||||||||
CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except earnings per share) UNAUDITED | |||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | TOTAL | |||||||||||||||||||
ADJUSTED OPERATING INCOME | |||||||||||||||||||||||||||
Energy | $ | 16,940 | $ | 23,114 | $ | 25,441 | $ | 27,809 | $ | 93,304 | $ | 22,462 | $ | 23,502 | $ | 26,577 | $ | 72,541 | |||||||||
Aerospace & Defense | 2,864 | 5,724 | 5,705 | 4,342 | 18,635 | 4,426 | 3,362 | 2,295 | 10,083 | ||||||||||||||||||
Segment operating income | 19,804 | 28,838 | 31,146 | 32,151 | 111,939 | 26,888 | 26,864 | 28,872 | 82,624 | ||||||||||||||||||
Corporate expenses | (5,277 | ) | (6,570 | ) | (7,400 | ) | (7,400 | ) | (26,646 | ) | (7,137 | ) | (4,634 | ) | (5,678 | ) | (17,449 | ) | |||||||||
Adjusted operating income | 14,528 | 22,268 | 23,746 | 24,751 | 85,293 | 19,750 | 22,231 | 23,194 | 65,175 | ||||||||||||||||||
Restructuring inventory charges | 250 | (242 | ) | — | 638 | 646 | — | 5,139 | 2,850 | 7,989 | |||||||||||||||||
Impairment charges | — | — | — | 6,872 | 6,872 | — | — | — | — | ||||||||||||||||||
Special (recoveries) | — | — | (3,151 | ) | — | (3,151 | ) | (2,243 | ) | — | — | (2,243 | ) | ||||||||||||||
Special charges | 1,378 | 2,254 | 2,961 | 5,160 | 11,752 | 1,086 | 1,257 | 478 | 2,821 | ||||||||||||||||||
Total GAAP operating income | 12,900 | 20,256 | 23,936 | 12,081 | 69,174 | 20,907 | 15,834 | 19,866 | 56,607 | ||||||||||||||||||
INTEREST EXPENSE, NET | (787 | ) | (838 | ) | (745 | ) | (792 | ) | (3,162 | ) | (918 | ) | (891 | ) | (436 | ) | (2,245 | ) | |||||||||
OTHER (EXPENSE) INCOME, NET | (612 | ) | (626 | ) | (568 | ) | (167 | ) | (1,974 | ) | 468 | 384 | (419 | ) | 434 | ||||||||||||
PRETAX INCOME | 11,501 | 18,792 | 22,623 | 11,122 | 64,038 | 20,457 | 15,328 | 19,012 | 54,796 | ||||||||||||||||||
PROVISION FOR INCOME TAXES | (3,592 | ) | (6,124 | ) | (4,903 | ) | (2,297 | ) | (16,916 | ) | (5,825 | ) | (3,402 | ) | (4,337 | ) | (13,565 | ) | |||||||||
EFFECTIVE TAX RATE | 31.2 | % | 32.6 | % | 21.7 | % | 20.7 | % | 26.4 | % | 28.5 | % | 22.2 | % | 22.8 | % | 24.8 | % | |||||||||
NET INCOME | $ | 7,908 | $ | 12,668 | $ | 17,720 | $ | 8,825 | $ | 47,121 | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 41,231 | |||||||||
Weighted Average Common Shares Outstanding (Diluted) | 17,529 | 17,607 | 17,667 | 17,710 | 17,629 | 17,741 | 17,767 | 17,779 | 17,763 | ||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.45 | $ | 0.72 | $ | 1.00 | $ | 0.50 | $ | 2.67 | $ | 0.82 | $ | 0.67 | $ | 0.83 | $ | 2.32 | |||||||||
ADJUSTED EBITDA | $ | 18,682 | $ | 26,419 | $ | 27,850 | $ | 29,441 | $ | 102,392 | $ | 25,073 | $ | 27,536 | $ | 27,530 | $ | 80,137 | |||||||||
ADJUSTED EBITDA AS A % OF SALES | 9.1 | % | 11.8 | % | 13.0 | % | 13.8 | % | 11.9 | % | 11.9 | % | 13.2 | % | 13.5 | % | 12.9 | % | |||||||||
CAPITAL EXPENDITURES | $ | 4,707 | $ | 4,100 | $ | 4,772 | $ | 3,749 | $ | 17,328 | $ | 2,670 | $ | 2,933 | $ | 3,297 | $ | 8,900 | |||||||||
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands, except earnings per share) UNAUDITED | |||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | TOTAL | |||||||||||||||||||
FREE CASH FLOW AS % OF NET INCOME | 14 | % | 75 | % | 167 | % | 167 | % | 116 | % | 98 | % | 62 | % | 95 | % | 87 | % | |||||||||
FREE CASH FLOW | $ | 1,100 | $ | 9,525 | $ | 29,557 | $ | 14,696 | $ | 54,878 | $ | 14,387 | $ | 7,365 | $ | 13,919 | $ | 35,671 | |||||||||
ADD: | |||||||||||||||||||||||||||
Capital Expenditures | 4,707 | 4,100 | 4,772 | 3,749 | 17,328 | 2,670 | 2,933 | 3,297 | 8,900 | ||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 5,807 | $ | 13,625 | $ | 34,329 | $ | 18,445 | $ | 72,206 | $ | 17,057 | $ | 10,298 | $ | 17,216 | $ | 44,571 | |||||||||
NET DEBT (CASH) | $ | 8,814 | $ | (1,376 | ) | $ | (36,466 | ) | $ | (52,637 | ) | $ | (52,637 | ) | $ | (66,056 | ) | $ | (72,982 | ) | $ | (80,829 | ) | $ | (80,829 | ) | |
ADD: | |||||||||||||||||||||||||||
Cash & Cash Equivalents | 57,633 | 60,831 | 86,285 | 102,180 | 102,180 | 122,097 | 116,326 | 114,580 | 114,580 | ||||||||||||||||||
Investments | 99 | 96 | 98 | 95 | 95 | 92 | 95 | 91 | 91 | ||||||||||||||||||
TOTAL DEBT | $ | 66,546 | $ | 59,551 | $ | 49,917 | $ | 49,638 | $ | 49,638 | $ | 56,133 | $ | 43,439 | $ | 33,842 | $ | 33,842 | |||||||||
DEBT AS % OF EQUITY | 16 | % | 14 | % | 11 | % | 10 | % | 10 | % | 11 | % | 9 | % | 7 | % | 7 | % | |||||||||
TOTAL DEBT | 66,546 | 59,551 | 49,917 | 49,638 | 49,638 | 56,133 | 43,439 | 33,842 | 33,842 | ||||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY | 418,819 | 432,151 | 459,058 | 476,887 | 476,887 | 492,601 | 507,363 | 508,035 | 508,035 | ||||||||||||||||||
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands, except earnings per share) UNAUDITED | |||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | TOTAL | |||||||||||||||||||
ADJUSTED OPERATING INCOME | $ | 14,528 | $ | 22,268 | $ | 23,746 | $ | 24,751 | $ | 85,293 | $ | 19,750 | $ | 22,230 | $ | 23,194 | $ | 65,175 | |||||||||
LESS: | |||||||||||||||||||||||||||
Inventory restructuring charges | 250 | (242 | ) | — | 638 | 646 | — | 5,139 | 2,850 | 7,989 | |||||||||||||||||
Impairment charges | — | — | — | 6,872 | 6,872 | — | — | — | — | ||||||||||||||||||
Special (recoveries) | — | — | (3,151 | ) | — | (3,151 | ) | (2,243 | ) | — | — | (2,243 | ) | ||||||||||||||
Special charges | 1,378 | 2,254 | 2,961 | 5,160 | 11,753 | 1,086 | 1,257 | 478 | 2,821 | ||||||||||||||||||
OPERATING INCOME | $ | 12,900 | $ | 20,256 | $ | 23,936 | $ | 12,081 | $ | 69,173 | $ | 20,907 | $ | 15,834 | $ | 19,866 | $ | 56,607 | |||||||||
ADJUSTED NET INCOME | $ | 9,043 | $ | 14,044 | $ | 16,439 | $ | 16,773 | $ | 56,299 | $ | 13,916 | $ | 16,090 | $ | 16,827 | $ | 46,831 | |||||||||
LESS: | |||||||||||||||||||||||||||
Inventory restructuring charges, net of tax | 174 | (165 | ) | — | 396 | 405 | — | 3,316 | 1,857 | 5,173 | |||||||||||||||||
Impairment charges, net of tax | — | — | — | 4,261 | 4,261 | — | — | — | — | ||||||||||||||||||
Special (recoveries), net of tax | — | — | (3,151 | ) | — | (3,151 | ) | (1,391 | ) | — | — | (1,391 | ) | ||||||||||||||
Special charges, net of tax | 961 | 1,541 | 1,870 | 3,291 | 7,663 | 675 | 848 | 295 | 1,818 | ||||||||||||||||||
NET INCOME | $ | 7,908 | $ | 12,668 | $ | 17,720 | $ | 8,825 | $ | 47,121 | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 41,231 | |||||||||
ADJUSTED EARNINGS PER SHARE (Diluted) | $ | 0.52 | $ | 0.81 | $ | 0.93 | $ | 0.95 | $ | 3.21 | $ | 0.78 | $ | 0.91 | $ | 0.95 | $ | 2.64 | |||||||||
LESS: | |||||||||||||||||||||||||||
Inventory restructuring charges, net of tax | 0.01 | (0.01 | ) | — | 0.02 | 0.02 | — | 0.19 | 0.10 | 0.29 | |||||||||||||||||
Impairment charges, net of tax | — | — | — | 0.24 | 0.24 | — | — | — | — | ||||||||||||||||||
Special (recoveries), net of tax | — | — | (0.18 | ) | — | (0.18 | ) | (0.08 | ) | — | — | (0.08 | ) | ||||||||||||||
Special charges, net of tax | 0.06 | 0.10 | 0.11 | 0.19 | 0.46 | 0.04 | 0.05 | 0.02 | 0.11 | ||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.45 | $ | 0.72 | $ | 1.00 | $ | 0.50 | $ | 2.67 | $ | 0.82 | $ | 0.67 | $ | 0.83 | $ | 2.32 | |||||||||
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands, except earnings per share) UNAUDITED | |||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | TOTAL | |||||||||||||||||||
EBITDA | $ | 17,054 | $ | 24,407 | $ | 23,368 | $ | 11,914 | $ | 86,272 | $ | 26,230 | $ | 21,140 | $ | 24,202 | $ | 71,570 | |||||||||
LESS: | |||||||||||||||||||||||||||
Interest expense, net | (787 | ) | (838 | ) | (745 | ) | (792 | ) | (3,162 | ) | (918 | ) | (891 | ) | (436 | ) | (2,245 | ) | |||||||||
Depreciation | (4,009 | ) | (4,026 | ) | (3,908 | ) | (4,091 | ) | (16,034 | ) | (4,069 | ) | (4,116 | ) | (3,978 | ) | (12,163 | ) | |||||||||
Amortization | (758 | ) | (751 | ) | (764 | ) | (766 | ) | (3,039 | ) | (786 | ) | (805 | ) | (776 | ) | (2,367 | ) | |||||||||
Provision for income taxes | (3,592 | ) | (6,124 | ) | (4,903 | ) | (2,297 | ) | (16,916 | ) | (5,825 | ) | (3,402 | ) | (4,337 | ) | (13,564 | ) | |||||||||
NET INCOME | $ | 7,908 | $ | 12,668 | $ | 17,720 | $ | 8,825 | $ | 47,121 | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 41,231 | |||||||||
ADJUSTED EBITDA | $ | 18,682 | $ | 26,419 | $ | 27,850 | $ | 29,441 | $ | 102,392 | $ | 25,073 | $ | 27,536 | $ | 27,530 | $ | 80,137 | |||||||||
Inventory restructuring charges | (250 | ) | 242 | — | (638 | ) | (646 | ) | — | (5,139 | ) | (2,850 | ) | (7,989 | ) | ||||||||||||
Impairment charges | — | — | — | (6,872 | ) | (6,872 | ) | — | — | — | — | ||||||||||||||||
Special (recoveries) | — | — | 3,151 | — | 3,151 | 2,243 | — | — | 2,243 | ||||||||||||||||||
Special charges | (1,378 | ) | (2,254 | ) | (2,961 | ) | (5,160 | ) | (11,753 | ) | (1,086 | ) | (1,257 | ) | (478 | ) | (2,821 | ) | |||||||||
Interest expense, net | (787 | ) | (838 | ) | (745 | ) | (792 | ) | (3,162 | ) | (918 | ) | (891 | ) | (436 | ) | (2,245 | ) | |||||||||
Depreciation | (4,009 | ) | (4,026 | ) | (3,908 | ) | (4,091 | ) | (16,034 | ) | (4,069 | ) | (4,116 | ) | (3,978 | ) | (12,163 | ) | |||||||||
Amortization | (758 | ) | (751 | ) | (764 | ) | (766 | ) | (3,039 | ) | (786 | ) | (805 | ) | (776 | ) | (2,367 | ) | |||||||||
Provision for income taxes | (3,592 | ) | (6,124 | ) | (4,903 | ) | (2,297 | ) | (16,916 | ) | (5,825 | ) | (3,402 | ) | (4,337 | ) | (13,564 | ) | |||||||||
NET INCOME | $ | 7,908 | $ | 12,668 | $ | 17,720 | $ | 8,825 | $ | 47,121 | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 41,231 |
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS UNAUDITED | ||||||||
4th Quarter 2014 | ||||||||
Low | High | |||||||
REVENUE (in millions) | $ | 210 | $ | 225 | ||||
EXPECTED ADJUSTED EARNINGS PER SHARE (DILUTED) | $ | 1.02 | $ | 1.12 | ||||
LESS: | ||||||||
Impairment charges, net of tax | } | $ | 0.12 | $ | 0.11 | |||
Restructuring related charges, net of tax | ||||||||
Special charges, net of tax | ||||||||
EXPECTED EARNINGS PER COMMON SHARE (Diluted) | $ | 0.90 | $ | 1.01 | ||||
Note: Assumes 26% to 27% tax rate and exchange rates at present values. |