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 February 18, 2015 |
99.2 | Fourth Quarter 2014 Investor Review Presentation |
Title: | Executive Vice President and Chief Financial Officer |
• | Revenue increases 6% organically to $218.6 million |
• | Adjusted EPS grows 14% to $1.08 |
• | Completed 2 divestitures |
• | Company announces new restructuring actions |
• | Company announces new Energy Group President |
• | Adjusted Operating Margins expand 30 bps |
• | Adjusted EPS increases 16% to $3.72 |
• | Free cash flow of $58 million, or 115% of net income |
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data) UNAUDITED | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||
Net revenues | $ | 218,558 | $ | 214,035 | $ | 841,446 | $ | 857,808 | |||||||
Cost of revenues | 148,093 | 146,528 | 584,426 | 590,207 | |||||||||||
GROSS PROFIT | 70,465 | 67,507 | 257,520 | 267,601 | |||||||||||
Selling, general and administrative expenses | 49,430 | 43,394 | 178,800 | 182,954 | |||||||||||
Impairment charges | 726 | 6,872 | 726 | 6,872 | |||||||||||
Special charges, net | 12,159 | 5,160 | 12,737 | 8,602 | |||||||||||
OPERATING INCOME | 8,150 | 12,081 | 64,757 | 69,173 | |||||||||||
Other (income) expense: | |||||||||||||||
Interest expense, net | 407 | 792 | 2,652 | 3,161 | |||||||||||
Other (income) expense, net | (722 | ) | 167 | (1,156 | ) | 1,975 | |||||||||
TOTAL OTHER (INCOME) EXPENSE | (315 | ) | 959 | 1,496 | 5,136 | ||||||||||
INCOME BEFORE INCOME TAXES | 8,465 | 11,122 | 63,261 | 64,037 | |||||||||||
Provision (benefit) for income taxes | (690 | ) | 2,297 | 12,875 | 16,916 | ||||||||||
NET INCOME | $ | 9,155 | $ | 8,825 | $ | 50,386 | $ | 47,121 | |||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.52 | $ | 0.50 | $ | 2.85 | $ | 2.68 | |||||||
Diluted | $ | 0.51 | $ | 0.50 | $ | 2.84 | $ | 2.67 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 17,678 | 17,594 | 17,660 | 17,564 | |||||||||||
Diluted | 17,782 | 17,710 | 17,768 | 17,629 | |||||||||||
Dividends paid per common share | $ | 0.0375 | $ | 0.0375 | $ | 0.1500 | $ | 0.1500 |
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (UNAUDITED) | |||||||
Twelve Months Ended | |||||||
December 31, 2014 | December 31, 2013 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 50,386 | $ | 47,121 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 16,446 | 16,034 | |||||
Amortization | 3,116 | 3,039 | |||||
Provision for bad debt expense | 7,817 | 1,194 | |||||
Intangible impairment charges | 726 | 6,872 | |||||
Compensation expense of share-based plans | 7,188 | 5,056 | |||||
Tax effect of share-based plan compensation | (756 | ) | (732 | ) | |||
Deferred (benefit) income taxes | (2,740 | ) | 5,778 | ||||
Gain on property, plant and equipment | (79 | ) | (322 | ) | |||
Loss on sale of businesses | 3,413 | — | |||||
Gain on return of acquisition purchase price | — | (3,400 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Trade accounts receivable, net | (38,439 | ) | 7,009 | ||||
Inventories, net | (3,952 | ) | (311 | ) | |||
Prepaid expenses and other assets | 884 | 160 | |||||
Accounts payable, accrued expenses and other liabilities | 26,816 | (15,292 | ) | ||||
Net cash provided by operating activities | 70,826 | 72,206 | |||||
INVESTING ACTIVITIES | |||||||
Additions to property, plant and equipment | (12,810 | ) | (17,328 | ) | |||
Proceeds from the sale of property, plant and equipment | 791 | 664 | |||||
Proceeds from divestitures | 10,177 | — | |||||
Business acquisitions, return of purchase price | — | 3,400 | |||||
Net cash used in investing activities | (1,842 | ) | (13,264 | ) | |||
FINANCING ACTIVITIES | |||||||
Proceeds from long-term debt | 150,062 | 146,578 | |||||
Payments of long-term debt | (185,361 | ) | (166,239 | ) | |||
Debt issuance costs | (920 | ) | — | ||||
Dividends paid | (2,681 | ) | (2,700 | ) | |||
Proceeds from the exercise of stock options | 420 | 2,394 | |||||
Tax effect of share-based compensation | 756 | 732 | |||||
Net cash used in financing activities | (37,724 | ) | (19,235 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (12,156 | ) | 735 | ||||
INCREASE IN CASH AND CASH EQUIVALENTS | 19,106 | 40,442 | |||||
Cash and cash equivalents at beginning of year | 102,180 | 61,738 | |||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 121,286 | $ | 102,180 | |||
Cash paid during the year for: | |||||||
Income taxes | $ | 16,672 | $ | 8,143 | |||
Interest | $ | 2,476 | $ | 960 |
CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||
December 31, 2014 | December 31, 2013 | ||||||
ASSETS | (unaudited) | ||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 121,286 | $ | 102,180 | |||
Short-term investments | 86 | 95 | |||||
Trade accounts receivable, less allowance for doubtful accounts of $9,536 and $2,449, respectively | 156,738 | 144,742 | |||||
Inventories, net | 183,434 | 199,404 | |||||
Prepaid expenses and other current assets | 21,626 | 19,815 | |||||
Deferred income tax asset | 22,861 | 17,686 | |||||
Total Current Assets | 506,031 | 483,922 | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | 96,212 | 107,724 | |||||
OTHER ASSETS: | |||||||
Goodwill | 72,430 | 75,876 | |||||
Intangibles, net | 26,887 | 35,656 | |||||
Deferred income tax asset | 19,048 | 18,579 | |||||
Other assets | 4,114 | 4,893 | |||||
TOTAL ASSETS | $ | 724,722 | $ | 726,650 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 87,112 | $ | 70,589 | |||
Accrued expenses and other current liabilities | 63,911 | 57,507 | |||||
Accrued compensation and benefits | 24,728 | 31,289 | |||||
Income taxes payable | 1,312 | 3,965 | |||||
Notes payable and current portion of long-term debt | 8,423 | 7,203 | |||||
Total Current Liabilities | 185,486 | 170,553 | |||||
LONG-TERM DEBT, NET OF CURRENT PORTION | 5,261 | 42,435 | |||||
DEFERRED INCOME TAXES | 7,771 | 9,666 | |||||
OTHER NON-CURRENT LIABILITIES | 32,111 | 27,109 | |||||
SHAREHOLDERS’ EQUITY: | |||||||
Common stock | 177 | 176 | |||||
Additional paid-in capital | 277,227 | 269,884 | |||||
Retained earnings | 250,635 | 202,930 | |||||
Accumulated other comprehensive (loss) gain, net of taxes | (33,946 | ) | 3,897 | ||||
Total Shareholders’ Equity | 494,093 | 476,887 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 724,722 | $ | 726,650 |
CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG (in millions) UNAUDITED | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||
ORDERS (1) | |||||||||||||||
Energy | $ | 158.3 | $ | 187.4 | $ | 675.9 | $ | 691.7 | |||||||
Aerospace & Defense | 45.1 | 43.7 | 173.4 | 189.6 | |||||||||||
Total orders | $ | 203.4 | $ | 231.1 | $ | 849.3 | $ | 881.3 | |||||||
BACKLOG (2) | December 31, 2014 | December 31, 2013 | |||||||||||||
Energy (3) | $ | 252.1 | $ | 288.7 | |||||||||||
Aerospace & Defense (4) | 108.8 | 173.9 | |||||||||||||
Total backlog | $ | 361.0 | $ | 462.6 | |||||||||||
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: Energy backlog was reduced during the fourth quarter of 2014 by $25.4 million related to a business divestiture and customer order cancellations initially recorded in prior years. | |||||||||||||||
Note 4: Aerospace & Defense reduced backlog in the second quarter of 2014 by $28.6 million associated with the exit of certain landing gear product lines and 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 earnings per share) UNAUDITED | ||||||||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | |||||||||||||||||||||
NET REVENUES | ||||||||||||||||||||||||||||||
Energy | $ | 157,104 | $ | 173,557 | $ | 167,660 | $ | 162,649 | $ | 660,970 | $ | 162,587 | $ | 160,580 | $ | 157,658 | $ | 172,432 | $ | 653,257 | ||||||||||
Aerospace & Defense | 48,294 | 50,087 | 47,071 | 51,386 | 196,838 | 48,599 | 47,304 | 46,160 | 46,126 | 188,189 | ||||||||||||||||||||
Total | $ | 205,398 | $ | 223,644 | $ | 214,731 | $ | 214,035 | $ | 857,808 | $ | 211,186 | $ | 207,884 | $ | 203,818 | $ | 218,558 | $ | 841,446 | ||||||||||
ADJUSTED OPERATING MARGIN | ||||||||||||||||||||||||||||||
Energy | 10.8 | % | 13.3 | % | 15.2 | % | 17.1 | % | 14.1 | % | 13.8 | % | 14.6 | % | 16.9 | % | 14.3 | % | 14.9 | % | ||||||||||
Aerospace & Defense | 5.9 | % | 11.4 | % | 12.1 | % | 8.4 | % | 9.5 | % | 9.1 | % | 7.1 | % | 5.0 | % | 5.3 | % | 6.6 | % | ||||||||||
Segment operating margin | 9.6 | % | 12.9 | % | 14.5 | % | 15.0 | % | 13.0 | % | 12.7 | % | 12.9 | % | 14.2 | % | 12.4 | % | 13.0 | % | ||||||||||
Corporate expenses | (2.6 | )% | (2.9 | )% | (3.4 | )% | (3.5 | )% | (3.1 | )% | (3.4 | )% | (2.2 | )% | (2.8 | )% | (2.7 | )% | (2.8 | )% | ||||||||||
Adjusted operating margin | 7.1 | % | 10.0 | % | 11.1 | % | 11.6 | % | 9.9 | % | 9.4 | % | 10.7 | % | 11.4 | % | 9.6 | % | 10.2 | % | ||||||||||
Restructuring inventory charges | 0.1 | % | (0.1 | )% | — | % | 0.3 | % | 0.1 | % | — | % | 2.5 | % | 1.4 | % | — | % | 0.9 | % | ||||||||||
Impairment charges | — | % | — | % | — | % | 3.2 | % | 0.8 | % | — | % | — | % | — | % | 0.3 | % | 0.1 | % | ||||||||||
Special (recoveries) | — | % | — | % | (1.5 | )% | — | % | (0.4 | )% | (1.1 | )% | — | % | — | % | — | % | (0.3 | )% | ||||||||||
Special charges | 0.7 | % | 1.0 | % | 1.4 | % | 2.4 | % | 1.4 | % | 0.5 | % | 0.6 | % | 0.2 | % | 5.6 | % | 1.8 | % | ||||||||||
Total GAAP operating margin | 6.3 | % | 9.1 | % | 11.1 | % | 5.6 | % | 8.1 | % | 9.9 | % | 7.6 | % | 9.7 | % | 3.7 | % | 7.7 | % | ||||||||||
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 | 4TH QTR | TOTAL | |||||||||||||||||||||
ADJUSTED OPERATING INCOME | ||||||||||||||||||||||||||||||
Energy | $ | 16,940 | $ | 23,114 | $ | 25,441 | $ | 27,809 | $ | 93,304 | $ | 22,462 | $ | 23,502 | $ | 26,577 | $ | 24,575 | $ | 97,117 | ||||||||||
Aerospace & Defense | 2,864 | 5,724 | 5,705 | 4,342 | 18,635 | 4,426 | 3,362 | 2,295 | 2,425 | 12,508 | ||||||||||||||||||||
Segment operating income | 19,804 | 28,838 | 31,146 | 32,151 | 111,939 | 26,888 | 26,864 | 28,872 | 27,000 | 109,625 | ||||||||||||||||||||
Corporate expenses | (5,277 | ) | (6,570 | ) | (7,400 | ) | (7,400 | ) | (26,646 | ) | (7,137 | ) | (4,634 | ) | (5,678 | ) | (5,965 | ) | (23,415 | ) | ||||||||||
Adjusted operating income | 14,528 | 22,268 | 23,746 | 24,751 | 85,293 | 19,750 | 22,231 | 23,194 | 21,035 | 86,210 | ||||||||||||||||||||
Restructuring inventory charges | 250 | (242 | ) | — | 638 | 646 | — | 5,139 | 2,850 | — | 7,989 | |||||||||||||||||||
Impairment charges | — | — | — | 6,872 | 6,872 | — | — | — | 726 | 726 | ||||||||||||||||||||
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 | 12,159 | 14,980 | ||||||||||||||||||||
Total GAAP operating income | 12,900 | 20,256 | 23,936 | 12,081 | 69,174 | 20,907 | 15,834 | 19,866 | 8,150 | 64,757 | ||||||||||||||||||||
INTEREST EXPENSE, NET | (787 | ) | (838 | ) | (745 | ) | (792 | ) | (3,162 | ) | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | ||||||||||
OTHER (EXPENSE) INCOME, NET | (612 | ) | (626 | ) | (568 | ) | (167 | ) | (1,974 | ) | 468 | 384 | (419 | ) | 722 | 1,156 | ||||||||||||||
PRETAX INCOME | 11,501 | 18,792 | 22,623 | 11,122 | 64,038 | 20,457 | 15,328 | 19,012 | 8,465 | 63,261 | ||||||||||||||||||||
(PROVISION) BENEFIT FOR INCOME TAXES | (3,592 | ) | (6,124 | ) | (4,903 | ) | (2,297 | ) | (16,916 | ) | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 | (12,875 | ) | |||||||||||
EFFECTIVE TAX RATE | 31.2 | % | 32.6 | % | 21.7 | % | 20.7 | % | 26.4 | % | 28.5 | % | 22.2 | % | 22.8 | % | (8.2 | )% | 20.4 | % | ||||||||||
NET INCOME | $ | 7,908 | $ | 12,668 | $ | 17,720 | $ | 8,825 | $ | 47,121 | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 9,155 | $ | 50,386 | ||||||||||
Weighted Average Common Shares Outstanding (Diluted) | 17,529 | 17,607 | 17,667 | 17,710 | 17,629 | 17,741 | 17,767 | 17,779 | 17,782 | 17,768 | ||||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.45 | $ | 0.72 | $ | 1.00 | $ | 0.50 | $ | 2.67 | $ | 0.82 | $ | 0.67 | $ | 0.83 | $ | 0.51 | $ | 2.84 | ||||||||||
ADJUSTED EBITDA | $ | 18,682 | $ | 26,419 | $ | 27,850 | $ | 29,441 | $ | 102,392 | $ | 25,073 | $ | 27,536 | $ | 27,530 | $ | 26,789 | $ | 106,927 | ||||||||||
ADJUSTED EBITDA AS A % OF SALES | 9.1 | % | 11.8 | % | 13.0 | % | 13.8 | % | 11.9 | % | 11.9 | % | 13.2 | % | 13.5 | % | 12.3 | % | 12.7 | % | ||||||||||
CAPITAL EXPENDITURES | $ | 4,707 | $ | 4,100 | $ | 4,772 | $ | 3,749 | $ | 17,328 | $ | 2,670 | $ | 2,933 | $ | 3,297 | $ | 3,910 | $ | 12,810 | ||||||||||
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 | 4TH QTR | TOTAL | |||||||||||||||||||||
FREE CASH FLOW AS % OF NET INCOME | 14 | % | 75 | % | 167 | % | 167 | % | 116 | % | 98 | % | 62 | % | 96 | % | 243 | % | 115 | % | ||||||||||
FREE CASH FLOW | $ | 1,100 | $ | 9,525 | $ | 29,557 | $ | 14,696 | $ | 54,878 | $ | 14,387 | $ | 7,365 | $ | 14,015 | $ | 22,249 | $ | 58,016 | ||||||||||
ADD: | ||||||||||||||||||||||||||||||
Capital Expenditures | 4,707 | 4,100 | 4,772 | 3,749 | 17,328 | 2,670 | 2,933 | 3,297 | 3,910 | 12,810 | ||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 5,807 | $ | 13,625 | $ | 34,329 | $ | 18,445 | $ | 72,206 | $ | 17,057 | $ | 10,298 | $ | 17,312 | $ | 26,159 | $ | 70,826 | ||||||||||
NET DEBT (CASH) | $ | 8,814 | $ | (1,376 | ) | $ | (36,466 | ) | $ | (52,637 | ) | $ | (52,637 | ) | $ | (66,056 | ) | $ | (72,982 | ) | $ | (80,829 | ) | $ | (107,688 | ) | $ | (107,688 | ) | |
ADD: | ||||||||||||||||||||||||||||||
Cash & Cash Equivalents | 57,633 | 60,831 | 86,285 | 102,180 | 102,180 | 122,097 | 116,326 | 114,580 | 121,286 | 121,286 | ||||||||||||||||||||
Investments | 99 | 96 | 98 | 95 | 95 | 92 | 95 | 91 | 86 | 86 | ||||||||||||||||||||
TOTAL DEBT | $ | 66,546 | $ | 59,551 | $ | 49,917 | $ | 49,638 | $ | 49,638 | $ | 56,133 | $ | 43,439 | $ | 33,842 | $ | 13,684 | $ | 13,684 | ||||||||||
DEBT AS % OF EQUITY | 16 | % | 14 | % | 11 | % | 10 | % | 10 | % | 11 | % | 9 | % | 7 | % | 3 | % | 3 | % | ||||||||||
TOTAL DEBT | 66,546 | 59,551 | 49,917 | 49,638 | 49,638 | 56,133 | 43,439 | 33,842 | 13,684 | 13,684 | ||||||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY | 418,819 | 432,151 | 459,058 | 476,887 | 476,887 | 492,601 | 507,363 | 508,035 | 494,093 | 494,093 | ||||||||||||||||||||
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 | 4TH QTR | TOTAL | |||||||||||||||||||||
ADJUSTED OPERATING INCOME | $ | 14,528 | $ | 22,268 | $ | 23,746 | $ | 24,751 | $ | 85,293 | $ | 19,750 | $ | 22,230 | $ | 23,194 | $ | 21,035 | $ | 86,210 | ||||||||||
LESS: | ||||||||||||||||||||||||||||||
Inventory restructuring charges | 250 | (242 | ) | — | 638 | 646 | — | 5,139 | 2,850 | — | 7,989 | |||||||||||||||||||
Impairment charges | — | — | — | 6,872 | 6,872 | — | — | — | 726 | 726 | ||||||||||||||||||||
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 | 12,159 | 14,980 | ||||||||||||||||||||
OPERATING INCOME | $ | 12,900 | $ | 20,256 | $ | 23,936 | $ | 12,081 | $ | 69,173 | $ | 20,907 | $ | 15,834 | $ | 19,866 | $ | 8,150 | $ | 64,757 | ||||||||||
ADJUSTED NET INCOME | $ | 9,043 | $ | 14,044 | $ | 16,439 | $ | 16,773 | $ | 56,299 | $ | 13,916 | $ | 16,090 | $ | 16,827 | $ | 19,188 | $ | 66,019 | ||||||||||
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 | — | — | — | 726 | 726 | ||||||||||||||||||||
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 | 9,307 | 11,125 | ||||||||||||||||||||
NET INCOME | $ | 7,908 | $ | 12,668 | $ | 17,720 | $ | 8,825 | $ | 47,121 | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 9,155 | $ | 50,386 | ||||||||||
ADJUSTED EARNINGS PER SHARE (Diluted) | $ | 0.52 | $ | 0.81 | $ | 0.93 | $ | 0.95 | $ | 3.21 | $ | 0.78 | $ | 0.91 | $ | 0.95 | $ | 1.08 | $ | 3.72 | ||||||||||
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 | — | — | — | 0.04 | 0.04 | ||||||||||||||||||||
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 | 0.52 | 0.63 | ||||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.45 | $ | 0.72 | $ | 1.00 | $ | 0.50 | $ | 2.67 | $ | 0.82 | $ | 0.67 | $ | 0.83 | $ | 0.51 | $ | 2.84 | ||||||||||
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 | 4TH QTR | TOTAL | |||||||||||||||||||||
EBITDA | $ | 17,054 | $ | 24,407 | $ | 23,368 | $ | 11,914 | $ | 86,272 | $ | 26,230 | $ | 21,140 | $ | 24,202 | $ | 13,904 | $ | 85,475 | ||||||||||
LESS: | ||||||||||||||||||||||||||||||
Interest expense, net | (787 | ) | (838 | ) | (745 | ) | (792 | ) | (3,162 | ) | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | ||||||||||
Depreciation | (4,009 | ) | (4,026 | ) | (3,908 | ) | (4,091 | ) | (16,034 | ) | (4,069 | ) | (4,116 | ) | (3,978 | ) | (4,283 | ) | (16,446 | ) | ||||||||||
Amortization | (758 | ) | (751 | ) | (764 | ) | (766 | ) | (3,039 | ) | (786 | ) | (805 | ) | (776 | ) | (749 | ) | (3,116 | ) | ||||||||||
(Provision) Benefit for income taxes | (3,592 | ) | (6,124 | ) | (4,903 | ) | (2,297 | ) | (16,916 | ) | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 | (12,875 | ) | |||||||||||
NET INCOME | $ | 7,908 | $ | 12,668 | $ | 17,720 | $ | 8,825 | $ | 47,121 | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 9,155 | $ | 50,386 | ||||||||||
ADJUSTED EBITDA | $ | 18,682 | $ | 26,419 | $ | 27,850 | $ | 29,441 | $ | 102,392 | $ | 25,073 | $ | 27,536 | $ | 27,530 | $ | 26,789 | $ | 106,927 | ||||||||||
Inventory restructuring charges | (250 | ) | 242 | — | (638 | ) | (646 | ) | — | (5,139 | ) | (2,850 | ) | — | (7,989 | ) | ||||||||||||||
Impairment charges | — | — | — | (6,872 | ) | (6,872 | ) | — | — | — | (726 | ) | (726 | ) | ||||||||||||||||
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 | ) | (12,159 | ) | (14,980 | ) | ||||||||||
Interest expense, net | (787 | ) | (838 | ) | (745 | ) | (792 | ) | (3,162 | ) | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | ||||||||||
Depreciation | (4,009 | ) | (4,026 | ) | (3,908 | ) | (4,091 | ) | (16,034 | ) | (4,069 | ) | (4,116 | ) | (3,978 | ) | (4,283 | ) | (16,446 | ) | ||||||||||
Amortization | (758 | ) | (751 | ) | (764 | ) | (766 | ) | (3,039 | ) | (786 | ) | (805 | ) | (776 | ) | (749 | ) | (3,116 | ) | ||||||||||
(Provision) Benefit for income taxes | (3,592 | ) | (6,124 | ) | (4,903 | ) | (2,297 | ) | (16,916 | ) | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 | (12,875 | ) | |||||||||||
NET INCOME | $ | 7,908 | $ | 12,668 | $ | 17,720 | $ | 8,825 | $ | 47,121 | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 9,155 | $ | 50,386 |