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FLIR Systems Management Discusses Q2 2012 Results - Earnings Call Transcript

Andy Teich will now discuss the detail performance of Commercial Systems division. Andy?

Andrew C. Teich

Thanks, Earl. The Commercial Systems division finished the second quarter with a decline in revenue of 12% from the second quarter of 2011. The 2 primary drivers of this decline were delayed order flow for our camera cores and reduced sales of our premium thermography products. While these areas of our business did disappoint, we saw a continued growth in our cameras and systems unit volumes which grew 18% over the volume shipped in the second quarter of last year.

Raymarine saw a good revenue growth in the Americas due to shipments of our new E-Series line of multifunction displays, but weakness in the EMEA and APAC regions overshadowed that performance. The recreational marine maritime market remained sluggish, but we've made a significant progress in reducing cost, improving margins and introducing exciting new products. In fact, this quarter, Raymarine achieved its highest operating margin percentage as being acquired by FLIR and is very well positioned for higher margins when the market recovers.

Looking now at our bookings activity for the quarter, TVM bookings dollars declined 10% versus the prior year. The APAC region had low-teens growth in bookings dollars, while the Americas and EMEA regions were down compared to Q2 2011. The 12-month backlog and orders for the TVM segment increased $21 million from the end of the first quarter of this year due primarily to stronger bookings activity during the last few weeks of the quarter. TVM's Thermography business' bookings dollars declined 5% from a year ago driven primarily by the fact that the premium predictive maintenance product lines were negatively impacted by the global economic environment.

Read the rest of this transcript for free on seekingalpha.com

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