CIRCOR Reports First-Quarter 2013 Financial Results
Achieves
Repositioning Actions on Track
“CIRCOR began the year achieving both revenue and adjusted EPS at the
high end of our Q1 guidance ranges,” said
“Bookings grew 12% sequentially due to increased Aerospace orders, as well as strong demand in Energy for large international projects,” said Buckhout. “In Brazil, we received our first large oil and gas valve order since acquiring operations in this market.”
“The repositioning actions we took in all three of our segments to
generate greater profitability and better focus on key strategic markets
are on track for completion by the end of the current second quarter,”
said Buckhout. “We expect to begin realizing the full run-rate of
approximately
“We anticipate improved performance on both the top and bottom lines in
the second quarter and we remain focused on margin expansion and
evaluating further repositioning opportunities. Our key markets are
attractive and have significant long-term growth potential. We believe
these markets will continue to provide opportunities for
Consolidated Results
Revenues for the first quarter of 2013 were
The Company received orders totaling
During the first quarter of 2013, the Company generated
Energy
Energy segment revenues decreased 11% to
Incoming orders for the first quarter of 2013 were
For the first quarter of 2013, the Energy segment’s adjusted operating
margin increased to 11.1% from 8.2% in the first quarter of 2012,
primarily driven by improved large international project pricing. This
was partially offset by lower volume and increases in selling and
marketing expenses to expand the Company's presence in emerging markets.
Segment adjusted operating margin for the quarter excludes special and
repositioning related inventory charges of
Flow Technologies
Flow Technologies segment revenues increased 7% to
Incoming orders for the Flow Technologies segment were
Flow Technologies adjusted operating margin for the first quarter of
2013 increased to 12.7% from 11.3% in the first quarter of 2012,
primarily due to higher volume and associated leverage. Segment adjusted
operating margin excludes special and repositioning charges of
Aerospace
Aerospace segment revenues decreased 2% to
Incoming orders for the first quarter of 2013 were
Aerospace segment adjusted operating margin for the first quarter of
2013 decreased to 3.5% from 10.8% in the first quarter of 2012,
primarily due to product development investments and start-up costs for
new programs, including the A350, A330 and
Financial Outlook
For the second quarter of 2013 the Company expects revenues to be in the
range of
During the second quarter, the Company expects to incur pre-tax
repositioning related charges of between
The tax rate on adjusted earnings is expected to be approximately 29.5%. Excluding repositioning, the rate is anticipated to be approximately 31.1%. This guidance assumes that exchange rates remain at present levels.
Conference Call Information
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
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
About
CIRCOR INTERNATIONAL, INC. | ||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||
(in thousands, except per share data) |
||||||||||
UNAUDITED | ||||||||||
Three Months Ended | ||||||||||
March 31, 2013 | April 1, 2012 | |||||||||
Net revenues | $ | 205,398 | $ | 214,280 | ||||||
Cost of revenues | 145,549 | 155,668 | ||||||||
GROSS PROFIT | 59,849 | 58,612 | ||||||||
Selling, general and administrative expenses | 45,571 | 44,912 | ||||||||
Special charges | 1,378 | — | ||||||||
OPERATING INCOME | 12,900 | 13,700 | ||||||||
Other (income) expense: | ||||||||||
Interest income | (43 | ) | (83 | ) | ||||||
Interest expense | 830 | 1,164 | ||||||||
Other, net | 612 | 138 | ||||||||
TOTAL OTHER EXPENSE | 1,399 | 1,219 | ||||||||
INCOME BEFORE INCOME TAXES | 11,501 | 12,481 | ||||||||
Provision for income taxes | 3,592 | 3,896 | ||||||||
NET INCOME | $ | 7,908 | $ | 8,585 | ||||||
Earnings per common share: | ||||||||||
Basic | $ | 0.45 | $ | 0.50 | ||||||
Diluted | $ | 0.45 | $ | 0.49 | ||||||
Weighted average number of common shares outstanding: | ||||||||||
Basic | 17,511 | 17,315 | ||||||||
Diluted | 17,529 | 17,390 | ||||||||
CIRCOR INTERNATIONAL, INC. | ||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
(in thousands) |
||||||||||
(UNAUDITED) | ||||||||||
Three Months Ended | ||||||||||
March 31, 2013 | April 1, 2012 | |||||||||
OPERATING ACTIVITIES | ||||||||||
Net income | $ | 7,908 | $ | 8,585 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||
Depreciation | 4,009 | 4,008 | ||||||||
Amortization | 758 | 964 | ||||||||
Compensation expense of share-based plans | 1,028 | 1,195 | ||||||||
Tax effect of share-based compensation | (285 | ) | 479 | |||||||
(Gain) loss on property, plant and equipment |
(66 | ) | 2 | |||||||
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||||||||||
Trade accounts receivable | (2,455 | ) | 3,539 | |||||||
Inventories | (6,461 | ) | (2,179 | ) | ||||||
Prepaid expenses and other assets | (827 | ) | (5,549 | ) | ||||||
Accounts payable, accrued expenses and other liabilities | 2,198 | (14,011 | ) | |||||||
Net cash provided by (used in) operating activities | 5,807 | (2,967 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||
Additions to property, plant and equipment | (4,707 | ) | (4,122 | ) | ||||||
Proceeds from the sale of property, plant and equipment | 75 | 15 | ||||||||
Net cash used in investing activities | (4,632 | ) | (4,107 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||
Proceeds from long-term debt | 33,598 | 41,123 | ||||||||
Payments of long-term debt | (37,655 | ) | (47,806 | ) | ||||||
Dividends paid | (670 | ) | (666 | ) | ||||||
Proceeds from the exercise of stock options | 1,368 | 73 | ||||||||
Tax effect of share-based compensation | 285 | (479 | ) | |||||||
Net cash used in financing activities | (3,074 | ) | (7,755 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (2,207 | ) | 1,265 | |||||||
DECREASE IN CASH AND CASH EQUIVALENTS | (4,105 | ) | (13,564 | ) | ||||||
Cash and cash equivalents at beginning of period | 61,738 | 54,855 | ||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 57,633 | $ | 41,291 | ||||||
CIRCOR INTERNATIONAL, INC. | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(in thousands, except share data) |
||||||||||
UNAUDITED | ||||||||||
March 31, |
December 31, |
|||||||||
ASSETS | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ | 57,633 | $ | 61,738 | ||||||
Short-term investments | 99 | 101 | ||||||||
Trade accounts receivable, less allowance for doubtful accounts of $1,683 and $1,706, respectively | 150,849 | 150,825 | ||||||||
Inventories | 201,618 | 198,005 | ||||||||
Prepaid expenses and other current assets | 17,647 | 16,510 | ||||||||
Deferred income tax asset | 15,365 | 15,505 | ||||||||
Assets held for sale | 542 | 542 | ||||||||
Total Current Assets | 443,753 | 443,226 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 104,756 | 105,903 | ||||||||
OTHER ASSETS: | ||||||||||
Goodwill | 76,535 | 77,428 | ||||||||
Intangibles, net | 42,954 | 45,157 | ||||||||
Deferred income tax asset | 28,563 | 30,064 | ||||||||
Other assets | 7,549 | 8,203 | ||||||||
TOTAL ASSETS | $ | 704,110 | $ | 709,981 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | $ | 90,756 | $ | 80,361 | ||||||
Accrued expenses and other current liabilities | 58,683 | 67,235 | ||||||||
Accrued compensation and benefits | 22,732 | 26,540 | ||||||||
Income taxes payable | 982 | 393 | ||||||||
Notes payable and current portion of long-term debt | 8,000 | 7,755 | ||||||||
Total Current Liabilities | 181,153 | 182,284 | ||||||||
LONG-TERM DEBT, NET OF CURRENT PORTION | 58,546 | 62,729 | ||||||||
DEFERRED INCOME TAXES | 9,956 | 10,744 | ||||||||
OTHER NON-CURRENT LIABILITIES | 35,636 | 35,977 | ||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding | — | — | ||||||||
Common stock, $0.01 par value; 29,000,000 shares authorized; 17,549,210 and 17,445,687 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively | 175 | 174 | ||||||||
Additional paid-in capital | 264,719 | 262,744 | ||||||||
Retained earnings | 165,750 | 158,509 | ||||||||
Accumulated other comprehensive loss, net of taxes | (11,825 | ) | (3,180 | ) | ||||||
Total Shareholders’ Equity | 418,819 | 418,247 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 704,110 | $ | 709,981 | ||||||
CIRCOR INTERNATIONAL, INC. | |||||||||
SUMMARY OF ORDERS AND BACKLOG | |||||||||
(in millions) |
|||||||||
UNAUDITED | |||||||||
Three Months Ended | |||||||||
March 31, |
April 1, |
||||||||
ORDERS (1) | |||||||||
Energy | $ | 110.1 | $ | 135.6 | |||||
Aerospace | 42.2 | 40.2 | |||||||
Flow Technologies | 74.5 | 72.9 | |||||||
Total orders | $ | 226.8 | $ | 248.7 | |||||
BACKLOG (2) |
March 31, 2013 |
April 1, 2012 |
|||||||
Energy | $ | 217.8 | $ | 195.2 | |||||
Aerospace | 162.7 | 161.1 | |||||||
Flow Technologies | 76.8 | 76.0 | |||||||
Total backlog | $ | 457.3 | $ | 432.3 | |||||
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 all unshipped customer orders.
CIRCOR INTERNATIONAL, INC. | ||||||||||||||||||||||||||||||
SUMMARY REPORT BY SEGMENT | ||||||||||||||||||||||||||||||
(in thousands, except earnings per share) |
||||||||||||||||||||||||||||||
UNAUDITED | ||||||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | |||||||||||||||||||||||||
NET REVENUES | ||||||||||||||||||||||||||||||
Energy | $ | 109,264 | $ | 113,527 | $ | 109,968 | $ | 96,582 | $ | 429,341 | $ | 96,722 | ||||||||||||||||||
Aerospace | 38,085 | 35,896 | 31,795 | 35,316 | 141,092 | 37,326 | ||||||||||||||||||||||||
Flow Technologies | 66,931 | 70,439 | 68,041 | 69,707 | 275,119 | 71,350 | ||||||||||||||||||||||||
Total | 214,280 | 219,862 | 209,804 | 201,605 | 845,552 | 205,398 | ||||||||||||||||||||||||
* ADJUSTED OPERATING MARGIN | ||||||||||||||||||||||||||||||
Energy | 8.2 | % | 11.1 | % | 14.0 | % | 12.5 | % | 11.4 | % | 11.1 | % | ||||||||||||||||||
Aerospace | 10.8 | % | 8.8 | % | 4.2 | % | 3.5 | % | 7.0 | % | 3.5 | % | ||||||||||||||||||
Flow Technologies | 11.3 | % | 12.8 | % | 13.1 | % | 13.1 | % | 12.6 | % | 12.7 | % | ||||||||||||||||||
Segment operating margin | 9.6 | % | 11.3 | % | 12.2 | % | 11.1 | % | 11.1 | % | 10.3 | % | ||||||||||||||||||
Corporate expenses | (3.2 | )% | (2.9 | )% | (3.4 | )% | (3.4 | )% | (3.2 | )% | (3.2 | )% | ||||||||||||||||||
* Adjusted operating margin | 6.4 | % | 8.4 | % | 8.8 | % | 7.8 | % | 7.8 | % | 7.1 | % | ||||||||||||||||||
Repositioning inventory charges | 0.0 | % | 0.0 | % | 2.0 | % | 0.0 | % | 0.5 | % | 0.1 | % | ||||||||||||||||||
Impairment charges | 0.0 | % | 0.0 | % | 4.9 | % | 0.0 | % | 1.2 | % | 0.0 | % | ||||||||||||||||||
Special charges | 0.0 | % | 0.0 | % | 0.7 | % | 1.9 | % | 0.6 | % | 0.7 | % | ||||||||||||||||||
Total operating margin | 6.4 | % | 8.4 | % | 1.3 | % | 5.8 | % | 5.5 | % | 6.3 | % | ||||||||||||||||||
* ADJUSTED OPERATING INCOME | ||||||||||||||||||||||||||||||
Energy | 8,928 | 12,580 | 15,432 | 12,100 | 49,040 | 10,751 | ||||||||||||||||||||||||
Aerospace | 4,124 | 3,153 | 1,324 | 1,234 | 9,835 | 1,320 | ||||||||||||||||||||||||
Flow Technologies | 7,587 | 9,043 | 8,919 | 9,105 | 34,654 | 9,044 | ||||||||||||||||||||||||
Segment operating income | 20,639 | 24,776 | 25,675 | 22,439 | 93,529 | 21,115 | ||||||||||||||||||||||||
Corporate expenses | (6,939 | ) | (6,297 | ) | (7,170 | ) | (6,802 | ) | (27,207 | ) | (6,588 | ) | ||||||||||||||||||
* Adjusted operating income | 13,700 | 18,479 | 18,505 | 15,637 | 66,322 | 14,528 | ||||||||||||||||||||||||
Repositioning inventory charges | — | — | 4,124 | 37 | 4,161 | 250 | ||||||||||||||||||||||||
Impairment charges | — | — | 10,348 | — | 10,348 | — | ||||||||||||||||||||||||
Special charges | — | — | 1,377 | 3,905 | 5,282 | 1,378 | ||||||||||||||||||||||||
Total operating income | 13,700 | 18,479 | 2,656 | 11,695 | 46,531 | 12,900 | ||||||||||||||||||||||||
INTEREST EXPENSE, NET | (1,081 | ) | (1,017 | ) | (1,122 | ) | (1,038 | ) | (4,258 | ) | (787 | ) | ||||||||||||||||||
OTHER EXPENSE, NET | (138 | ) | (184 | ) | (564 | ) | 373 | (514 | ) | (612 | ) | |||||||||||||||||||
PRETAX INCOME | 12,481 | 17,278 | 970 | 11,030 | 41,759 | 11,501 | ||||||||||||||||||||||||
(PROVISION) BENEFIT FOR INCOME TAXES | (3,896 | ) | (6,142 | ) | 899 | (1,822 | ) | (10,960 | ) | (3,592 | ) | |||||||||||||||||||
EFFECTIVE TAX RATE | 31.2 | % | 35.5 | % | (92.8 | )% | 16.5 | % | 26.2 | % | 31.2 | % | ||||||||||||||||||
NET INCOME | $ | 8,585 | $ | 11,136 | $ | 1,869 | $ | 9,208 | $ | 30,799 | $ | 7,908 | ||||||||||||||||||
Weighted Average Common Shares Outstanding (Diluted) | 17,390 | 17,451 | 17,467 | 17,499 | 17,452 | 17,529 | ||||||||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.49 | $ | 0.64 | $ | 0.11 | $ | 0.53 | $ | 1.76 | $ | 0.45 | ||||||||||||||||||
ADJUSTED EBITDA | $ | 18,534 | $ | 23,043 | $ | 22,809 | $ | 16,808 | $ | 81,194 | $ | 18,682 | ||||||||||||||||||
ADJUSTED EBITDA AS A % OF SALES | 8.6 | % | 10.5 | % | 10.9 | % | 8.3 | % | 9.6 | % | 9.1 | % | ||||||||||||||||||
CAPITAL EXPENDITURES | $ | 4,122 | $ | 6,661 | $ | 3,314 | $ | 4,073 | $ | 18,170 | $ | 4,707 | ||||||||||||||||||
* Adjusted Operating Income & Margin exclude inventory repositioning, impairment and special charges. | ||||||||||||||||||||||||||||||
CIRCOR INTERNATIONAL, INC. | ||||||||||||||||||||||||||
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS | ||||||||||||||||||||||||||
(in thousands, except earnings per share) |
||||||||||||||||||||||||||
UNAUDITED | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | |||||||||||||||||||||
FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES] | $(7,089) | $5,077 | $18,746 | $25,619 | $42,353 | $1,100 | ||||||||||||||||||||
ADD: | ||||||||||||||||||||||||||
Capital Expenditures | 4,122 | 6,661 | 3,314 | 4,073 | 18,170 | 4,707 | ||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $(2,967) | $11,738 | $22,060 | $29,692 | $60,523 | $5,807 | ||||||||||||||||||||
NET DEBT [TOTAL DEBT LESS CASH & CASH EQUIVALENTS LESS INVESTMENTS] | $57,263 | $54,376 | $34,706 | $8,645 | $8,645 | $8,814 | ||||||||||||||||||||
ADD: | ||||||||||||||||||||||||||
Cash & Cash Equivalents | 41,291 | 41,414 | 48,976 | 61,738 | 61,738 | 57,633 | ||||||||||||||||||||
Investments | 101 | 98 | 102 | 101 | 101 | 99 | ||||||||||||||||||||
TOTAL DEBT | $98,655 | $95,888 | $83,784 | $70,484 | $70,484 | $66,546 | ||||||||||||||||||||
DEBT AS % OF EQUITY | 25% | 24% | 20% | 17% | 17% | 16% | ||||||||||||||||||||
TOTAL DEBT | 98,655 | 95,888 | 83,784 | 70,484 | 70,484 | 66,546 | ||||||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY | 399,018 | 397,957 | 409,016 | 418,247 | 418,247 | 418,819 | ||||||||||||||||||||
EBIT [NET INCOME LESS INCOME TAXES LESS INTEREST EXPENSE, NET] | $13,562 | $ | 18,295 | $2,092 | $12,068 | $46,017 | $12,287 | |||||||||||||||||||
LESS: | ||||||||||||||||||||||||||
Interest expense, net | (1,081) | (1,017) | (1,122) | (1,038) | (4,258) | (787) | ||||||||||||||||||||
(Provision) benefit for income taxes | (3,896) | (6,142) | 899 | (1,822) | (10,960) | (3,592) | ||||||||||||||||||||
NET INCOME | $8,585 | $11,136 | $1,869 | $9,208 | $30,799 | $7,908 | ||||||||||||||||||||
ADJUSTED OPERATING INCOME [OPERATING INCOME EXCLUDING INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES] | $13,700 | $ | 18,479 | $18,505 | $ | 15,600 | $ | 66,322 | $14,528 | |||||||||||||||||
LESS: | ||||||||||||||||||||||||||
Inventory repositioning charges | — | — | 4,124 | 37 | 4,161 | 250 | ||||||||||||||||||||
Impairment charges | — | — | 10,348 | — | 10,348 | — | ||||||||||||||||||||
Special charges | — | — | 1,377 | 3,905 | 5,282 | 1,378 | ||||||||||||||||||||
OPERATING INCOME | $13,700 | $18,479 | $2,656 | $11,695 | $46,531 | $12,900 | ||||||||||||||||||||
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET OF TAX] | $0.49 | $0.64 | $0.77 | $0.69 | $ | 2.59 | $0.52 | |||||||||||||||||||
LESS: | ||||||||||||||||||||||||||
Inventory repositioning charges, net of tax | $— | $— | $0.17 | $— | $0.17 | $0.01 | ||||||||||||||||||||
Impairment charges, net of tax | $— | $— | $0.43 | $— | $0.43 | $— | ||||||||||||||||||||
Special charges, net of tax | $— | $— | $0.06 | $0.16 | $0.22 | $0.06 | ||||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $0.49 | $0.64 | $0.11 | $0.53 | $1.76 | $0.45 | ||||||||||||||||||||
EBITDA [NET INCOME LESS NET INTEREST EXPENSE, DEPRECIATION, AMORTIZATION AND INCOME TAXES] | $18,534 | $23,043 | $ | 2,092 | $ | 12,068 | $ | 65,345 | $17,054 | |||||||||||||||||
LESS: | ||||||||||||||||||||||||||
Interest expense, net | (1,081) | (1,017) | (1,122) | (1,038) | (4,258) | (787) | ||||||||||||||||||||
Depreciation | (4,008) | (3,825) | (3,932) | (3,967) | (15,732) | (4,009) | ||||||||||||||||||||
Amortization | (964) | (923) | (936) | (773) | (3,596) | (758) | ||||||||||||||||||||
(Provision) benefit for income taxes | (3,896) | (6,142) | 899 | (1,822) | (10,960) | (3,592) | ||||||||||||||||||||
NET INCOME | $8,585 | $11,136 | $1,869 | $9,208 | $30,799 | $7,908 | ||||||||||||||||||||
ADJUSTED EBIDTA [NET INCOME EXCLUDING INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET INTEREST EXPENSE, DEPRECIATION, AMORTIZATION AND INCOME TAXES] | $18,534 | $23,043 | $22,809 | $20,750 | $ | 85,136 | $18,682 | |||||||||||||||||||
Inventory repositioning charges | $— | $— | $(4,124) | $(37) | $(4,161) | $(250) | ||||||||||||||||||||
Impairment charges | $— | $— | $(10,348) | $— | $(10,348) | $— | ||||||||||||||||||||
Special charges | $— | $— | $(1,377) | $(3,905) | $(5,282) | $(1,378) | ||||||||||||||||||||
Interest expense, net | $(1,081) | $(1,017) | $(1,122) | $(1,038) | $(4,258) | $(787) | ||||||||||||||||||||
Depreciation | $(4,008) | $(3,825) | $(3,932) | $(3,967) | $(15,732) | $(4,009) | ||||||||||||||||||||
Amortization | $(964) | $(923) | $(936) | $(773) | $(3,596) | $(758) | ||||||||||||||||||||
(Provision) benefit for income taxes | $(3,896) | $(6,142) | $899 | $(1,822) | $(10,960) | $(3,592) | ||||||||||||||||||||
NET INCOME | $8,585 | $11,136 | $1,869 | $9,208 | $30,799 | $7,908 | ||||||||||||||||||||
CIRCOR INTERNATIONAL, INC. | ||||||||||
RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY | ||||||||||
USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS | ||||||||||
UNAUDITED | ||||||||||
2nd Quarter 2013 | ||||||||||
Low | High | |||||||||
EXPECTED ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET OF TAX] | $ | 0.64 | $ | 0.70 | ||||||
LESS: REPOSITIONING RELATED CHARGES [INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET OF TAX] |
$ |
(0.19 |
) |
$ |
(0.17 |
) |
||||
EXPECTED EARNINGS PER COMMON SHARE (Diluted) |
$ |
0.45 |
$ |
0.53 |
||||||
Source:
CIRCOR International
Frederic M. Burditt, 781-270-1200
Chief
Financial Officer