CIRCOR International Reports Second-Quarter 2012 Financial Results

CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the energy, aerospace and industrial markets, today announced financial results for the second quarter ended July 1, 2012.

“We performed well in the second quarter and were especially pleased with the operational improvements and margin expansion achieved by our teams in our Energy and Flow Technologies segments,” said Chairman and Chief Executive Officer Bill Higgins. “Our strong second-quarter earnings growth was driven by Energy segment operating margins as both our North American short-cycle and international project businesses exhibited strong operational performance. Overall bookings were up year over year as a result of a significant increase in Energy orders led by a second straight quarter of strong international projects bookings, which bodes well for 2013.”

Consolidated Results

Revenues for the second quarter of 2012 were $219.9 million, a 15% increase from $191.9 million in the second quarter of 2011. Net income for the second quarter of 2012 was $11.1 million, or $0.64 per diluted share, compared with net income of $7.5 million, or $0.43 per diluted share, for the second quarter of 2011.

Consolidated adjusted operating earnings were $18.5 million for the second quarter of 2012 compared with $12.4 million in the second quarter of 2011, an increase of 49%.

The Company received orders totaling $227.3 million during the second quarter of 2012, an increase of 6% compared with the second quarter of 2011. The increase was driven primarily by the Energy segment and was partially offset by weakness in Flow Technologies’ LED equipment and Aerospace’s landing gear aftermarket. Backlog as of July 1, 2012 was $422.3 million, down 4% from backlog of $442.0 million at July 3, 2011, primarily due to foreign currency changes.

During the second quarter of 2012, the Company generated $5.1 million of free cash flow (defined as net cash from operating activities less capital expenditures). This compares with $77.2 million of free cash flow used in the second quarter of 2011, which included the payment of $76.6 million in April 2011 to fund the Leslie Controls Bankruptcy Trust.

Energy

Energy segment revenues increased 38% to $113.5 million for the second quarter of 2012 from $82.0 million for the second quarter of 2011 due to organic growth across most markets of 46%, partially offset by a negative foreign currency impact of 8%.

Incoming orders for the second quarter of 2012 were $128.2 million, an increase of 24% year-over-year due to strength in almost all markets led by international project orders . Ending backlog totaled $197.4 million, a decrease of 13% year-over-year primarily the result of shipments of large pipeline projects booked in 2010 and the impact of unfavorable foreign currency fluctuations related to the large international project business.

For the second quarter of 2012, the Energy segment adjusted operating margin of 11.1% was up from 5.3% in the second quarter of 2011, primarily due to the significant volume increase and the associated leverage as well as improved pricing in large international projects, partially offset by increased expenses in Brazil as the Company invests in this new geographic region.

Aerospace

Aerospace segment revenues of $35.9 million for the second quarter of 2012 were in-line with the second quarter of 2011. The Aerospace segment revenues grew 4% organically, which was offset by a negative foreign currency impact of 4%.

Incoming orders for the second quarter of 2012 were $28.5 million, a decrease of 15% year-over-year primarily due to weak landing gear aftermarket orders. Ending backlog totaled $150.6 million, an increase of 13% year-over-year due to both military and commercial markets.

The Aerospace segment’s adjusted operating margin was 8.8% for the second quarter of 2012, down from 11.2% in the second quarter of 2011. Adjusted operating margin decreased primarily due to increased expenses for product development and manufacturing capabilities, which were partially offset by higher volumes and favorable product mix.

Flow Technologies

Flow Technologies segment revenues decreased 5% to $70.4 million for the second quarter of 2012 from $73.9 million in the second quarter of 2011. Second-quarter 2012 Flow Technologies segment revenues reflected an organic decline of 2% due to lower LED equipment shipments and a negative foreign currency impact of 3%.

Incoming orders for the Flow Technologies segment were $70.6 million for the second quarter of 2012, a decrease of 8% year-over-year, driven by the soft LED equipment market offsetting an average 3% growth across the other markets. Ending backlog totaled $74.3 million, a decrease of 11% year-over-year driven by lower LED equipment and navy orders.

The segment’s adjusted operating margin for the second quarter of 2012 was 12.8%, an increase from 12.4% in the second quarter of 2011.

Financial Outlook

CIRCOR currently expects revenues for the third quarter of 2012 in the range of $200 million to $210 million. Earnings are expected to be in the range of $0.48 to $0.60 per diluted share. CIRCOR’s guidance for earnings per share assumes a 28% tax rate and that exchange rates remain at present levels. These Q3 revenue estimates are slightly lower on a sequential basis due to the timing of Energy projects and the seasonality in Aerospace and other Europe-based businesses due to summer holiday shutdowns.

“Looking ahead, we continue to be excited about our prospects for growth and profitability,” said Higgins. “We are in great markets, we are well positioned to grow revenue both organically and through acquisitions, and we have an aggressive plan to increase margins and enhance shareholder value.”

Conference Call Information

CIRCOR International will hold a conference call to review its financial results today, August 2, 2012, at 10:00 a.m. ET. Those who wish to listen to the conference call and view the accompanying presentation slides should visit Webcasts & Presentations in the Investors portion of the CIRCOR website. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. If you are unable to listen to the live call, 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 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 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 third-quarter revenue and earnings guidance. 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, 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 valves and other highly engineered products for the energy, aerospace and industrial markets. With more than 7,500 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands. CIRCOR’s culture, built on the CIRCOR Business System, is defined by the Company’s commitment to attracting, developing and retaining the best talent and pursuing continuous improvement in all aspects of its business and operations. The Company’s strategy includes growing organically by investing in new, differentiated products; adding value to component products; and increasing the development of mission-critical subsystems and solutions. CIRCOR also plans to leverage its strong balance sheet to acquire strategically complementary businesses. For more information, visit the Company’s investor relations web site at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share data)

UNAUDITED
  Three Months Ended   Six Months Ended
July 1, 2012   July 3, 2011 July 1, 2012   July 3, 2011
Net revenues $ 219,862 $ 191,908 $ 434,142   $ 395,278
Cost of revenues 156,046   137,302   311,714     284,444  
GROSS PROFIT 63,816 54,606 122,428 110,834
Selling, general and administrative expenses 45,337 42,180 90,249 84,635
Leslie asbestos and bankruptcy (recoveries) charges, net   (124 )     877  
OPERATING INCOME 18,479   12,550   32,179     25,322  
Other (income) expense:
Interest income (78 ) (54 ) (161 ) (97 )
Interest expense 1,095 1,286 2,259 2,102
Other, net 184   560   322     1,476  
TOTAL OTHER EXPENSE 1,201   1,792   2,420     3,481  
INCOME BEFORE INCOME TAXES 17,278 10,758 29,759 21,841
Provision for income taxes 6,142   3,261   10,038     6,439  
NET INCOME $ 11,136   $ 7,497   $ 19,721     $ 15,402  
Earnings per common share:
Basic $ 0.64 $ 0.43 $ 1.14 $ 0.90
Diluted $ 0.64 $ 0.43 $ 1.13 $ 0.88
Weighted average number of common shares outstanding:
Basic 17,422 17,251 17,369 17,206
Diluted 17,451 17,434 17,421 17,406
 

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(UNAUDITED)
  Six Months Ended
July 1, 2012   July 3, 2011
OPERATING ACTIVITIES  
Net income $ 19,721 $ 15,402

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation 7,833 7,496
Amortization 1,887 2,196
Payment for Leslie bankruptcy settlement (1,000 ) (76,625 )
Compensation expense of share-based plans 2,317 1,960
Tax effect of share-based compensation 499 (637 )

Loss (gain) on disposal of property, plant and equipment
133 (39 )
Changes in operating assets and liabilities, net of effects from business acquisitions:
Trade accounts receivable (6,312 ) (5,790 )
Inventories (5,340 ) (34,236 )
Prepaid expenses and other assets (1,408 ) (5,836 )
Accounts payable, accrued expenses and other liabilities (9,559 ) 26,853  
Net cash provided by (used in) operating activities 8,771   (69,256 )
INVESTING ACTIVITIES
Additions to property, plant and equipment (10,783 ) (7,463 )
Proceeds from the sale of property, plant and equipment 31 50
Purchase of investments (2 )
Business acquisitions, net of cash acquired   (20,221 )
Net cash used in investing activities (10,752 ) (27,636 )
FINANCING ACTIVITIES
Proceeds from long-term debt 108,943 201,087
Payments of long-term debt (117,944 ) (101,994 )
Debt issuance costs (2,001 )
Dividends paid (1,331 ) (1,325 )
Proceeds from the exercise of stock options 94 476
Tax effect of share-based compensation (499 ) 637  
Net cash (used in) provided by financing activities (10,737 ) 96,880  
Effect of exchange rate changes on cash and cash equivalents (723 ) 2,562  
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (13,441 ) 2,550
Cash and cash equivalents at beginning of period 54,855   45,752  
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 41,414   $ 48,302  
 
CIRCOR INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

UNAUDITED
  July 1, 2012   December 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 41,414 $ 54,855
Short-term investments 98 99
Trade accounts receivable, less allowance for doubtful accounts of $1,231 and $1,127, respectively 160,012 156,075
Inventories 206,247 203,777
Prepaid expenses and other current assets 15,498 12,376
Deferred income tax asset 15,623 16,320
Assets held for sale 542   542  
Total Current Assets 439,434   444,044  
PROPERTY, PLANT AND EQUIPMENT, NET 105,252 104,434
OTHER ASSETS:
Goodwill 76,285 77,829
Intangibles, net 55,974 58,442
Deferred income tax asset 25,381 27,949
Other assets 10,051   9,825  
TOTAL ASSETS $ 712,377   $ 722,523  
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 93,625 $ 92,493
Accrued expenses and other current liabilities 55,269 63,386
Accrued compensation and benefits 22,154 24,328
Asbestos liability 1,000
Income taxes payable 3,018 5,553
Notes payable and current portion of long-term debt 6,366   8,796  
Total Current Liabilities 180,432   195,556  
LONG-TERM DEBT, NET OF CURRENT PORTION 89,522 96,327
DEFERRED INCOME TAXES 10,618 11,284
OTHER NON-CURRENT LIABILITIES 33,848 35,271
CONTINGENCIES AND COMMITMENTS (See Note 10)
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; 17,405,140 and 17,268,212 shares issued and outstanding at July 1, 2012 and December 31, 2011, respectively 174 173
Additional paid-in capital 260,556 258,209
Retained earnings 148,765 130,373
Accumulated other comprehensive loss (11,538 ) (4,670 )
Total Shareholders’ Equity 397,957   384,085  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 712,377   $ 722,523  
 
CIRCOR INTERNATIONAL, INC.

SUMMARY OF ORDERS AND BACKLOG

(in millions)

UNAUDITED
 
  Three Months Ended   Six Months Ended
July 1, 2012   July 3, 2011 July 1, 2012   July 3, 2011
ORDERS (1)  
Energy $ 128.2 $ 103.2 $ 263.9 $ 217.0
Aerospace 28.5 33.4 68.7 66.3
Flow Technologies 70.6   76.8   143.4     151.7
Total orders $ 227.3   $ 213.4   $ 476.0   $ 435.0
 
BACKLOG (2) July 1, 2012 July 3, 2011
Energy $ 197.4 $ 225.7
Aerospace 150.6 133.1
Flow Technologies 74.3   83.2  
Total backlog $ 422.3   $ 442.0  
 

Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer orderbacklog 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
 
  2011   2012
1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL 1ST QTR   2ND QTR   TOTAL
NET REVENUES
Energy $ 99,170 $ 81,994 $ 103,300 $ 110,228 $ 394,692 $ 109,264 $ 113,527 $ 222,791
Aerospace 32,110 36,029 32,681 36,017 136,837 38,085 35,896 73,981
Flow Technologies 72,090   73,885   73,980   70,865   290,820   66,931   70,439   137,370  
Total 203,370   191,908   209,961   217,110   822,349   214,280   219,862   434,142  
* ADJUSTED OPERATING MARGIN
Energy 6.4 % 5.3 % 7.2 % 8.4 % 7.0 % 8.2 % 11.1 % 9.7 %
Aerospace 11.6 % 11.2 % 5.6 % 8.6 % 9.3 % 10.8 % 8.8 % 9.8 %
Flow Technologies 13.7 % 12.4 % 13.6 % 12.9 % 13.1 % 11.3 % 12.8 % 12.1 %
Segment operating margin 9.8 % 9.1 % 9.2 % 9.9 % 9.5 % 9.6 % 11.3 % 10.5 %
Corporate expenses (3.0 )% (2.7 )% (1.7 )% (3.0 )% (2.6 )% (3.2 )% (2.9 )% (3.0 )%
* Adjusted operating margin 6.8 % 6.5 % 7.5 % 6.9 % 6.9 % 6.4 % 8.4 % 7.4 %
Leslie asbestos and bankruptcy charges (recoveries) 0.5 % (0.1 )% (0.1 )% 0.0 % 0.1 % 0.0 % 0.0 % 0.0 %
Total operating margin 6.3 % 6.5 % 7.6 % 6.9 % 6.8 % 6.4 % 8.4 % 7.4 %
* ADJUSTED OPERATING INCOME
Energy 6,393 4,373 7,441 9,225 27,432 8,928 12,580 21,508
Aerospace 3,727 4,021 1,846 3,081 12,675 4,124 3,153 7,277
Flow Technologies 9,854   9,133   10,037   9,171   38,195   7,587     9,043     16,630  
Segment operating income 19,974 17,527 19,324 21,477 78,302 20,639 24,776 45,415
Corporate expenses (6,201 ) (5,100 ) (3,585 ) (6,441 ) (21,327 ) (6,939 ) (6,297 )

 
  (13,236 )
* Adjusted operating income 13,773 12,427 15,739 15,036 56,975 13,700 18,479 32,179
Leslie asbestos and bankruptcy charges (recoveries) 1,001   (124 ) (201 )   676          
Total operating income 12,772 12,550 15,940 15,036 56,298 13,700 18,479 32,179
INTEREST EXPENSE, NET (773 ) (1,232 ) (887 ) (1,039 ) (3,930 ) (1,081 ) (1,017 ) (2,098 )
OTHER EXPENSE, NET (915 ) (560 ) (354 ) (342 ) (2,171 ) (138 ) (184 )   (322 )
PRETAX INCOME 11,084 10,758 14,699 13,655 50,196 12,481 17,278 29,759
PROVISION FOR INCOME TAXES (3,178 ) (3,261 ) (3,752 ) (3,370 ) (13,562 ) (3,896 ) (6,142 ) (10,038 )
EFFECTIVE TAX RATE 28.7 % 30.3 % 25.5 % 24.7 % 27.0 % 31.2 % 35.5 % 33.7 %
NET INCOME $ 7,906   $ 7,496   $ 10,947   $ 10,285   $ 36,634   $ 8,585   $ 11,136   $ 19,721  
Weighted Average Common Shares Outstanding (Diluted) 17,378 17,434 17,423 17,435 17,417 17,390 17,451 17,421
EARNINGS PER COMMON SHARE (Diluted) $ 0.45   $ 0.43   $ 0.63   $ 0.59   $ 2.10   $ 0.49   $ 0.64   $ 1.13  
EBIT $ 11,857 $ 11,989 $ 15,586 $ 14,694 $ 54,125 $ 13,562 $ 18,295 $ 31,857
Depreciation 3,575 3,921 3,770 3,820 15,085 4,008 3,825 7,833
Amortization of intangibles 1,418   778   1,097   1,058   4,351   964   923   1,887  
EBITDA $ 16,850   $ 16,687   $ 20,453   $ 19,572   $ 73,561   $ 18,534   $ 23,043   $ 41,577  
EBITDA AS A PERCENT OF SALES 8.3 % 8.7 % 9.7 % 9.0 % 8.9 % 8.6 % 10.5 % 9.6 %
CAPITAL EXPENDITURES $ 2,693   $ 4,770   $ 3,792   $ 6,647   $ 17,901   $ 4,122   $ 6,661   $ 10,783  
 
* Adjusted Operating Income & Margin exclude Leslie asbestos and bankruptcy charges.
 
CIRCOR INTERNATIONAL, INC.

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

(in thousands, except earnings per share)

UNAUDITED
 
2011   2012
1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL 1ST QTR   2ND QTR   TOTAL
FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES] $ 525 $ (77,244 ) $ (5,214 ) $ 15,199 $ (66,734 ) $ (7,089 ) $ 5,077 $ (2,012 )
ADD:
Capital Expenditures 2,693   4,770   3,792   6,647   17,902   4,122   6,661   10,783  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 3,218   $ (72,474 ) $ (1,422 ) $ 21,846   $ (48,832 ) $ (2,967 ) $ 11,738   $ 8,771  
NET DEBT (CASH) [TOTAL DEBT LESS CASH & CASH EQUIVALENTS LESS INVESTMENTS] $ (22,554 ) $ 56,828 $ 64,145 $ 50,169 $ 50,169 $ 57,263 $ 54,376 $ 54,376
ADD:
Cash & Cash Equivalents 53,491 48,302 39,254 54,855 54,855 41,291 41,414 41,414
Investments 99   107   98   99   99   101   98   98  
TOTAL DEBT $ 31,036   $ 105,237   $ 103,497   $ 105,123   $ 105,123   $ 98,655   $ 95,888   $ 95,888  
DEBT AS % OF EQUITY 8 % 27 % 27 % 27 % 27 % 25 % 24 % 24 %
TOTAL DEBT 31,036 105,237 103,497 105,123 105,123 98,655 95,888 95,888
TOTAL SHAREHOLDERS' EQUITY 374,706 385,833 384,296 384,085 384,085 399,018 397,957 397,957
EBIT [NET INCOME LESS INCOME TAXES LESS INTEREST EXPENSE, NET] $ 11,857 $ 11,990 $ 15,586 $ 14,694 $ 54,127 $ 13,562 $ 18,295 $ 31,857
LESS:
Interest expense, net (773 ) (1,232 ) (887 ) (1,039 ) (3,931 ) (1,081 ) (1,017 ) (2,098 )
Provision for income taxes (3,178 ) (3,261 ) (3,752 ) (3,370 ) (13,561 ) (3,896 ) (6,142 ) (10,038 )
NET INCOME

$
7,906  

$ 7,497
 

$ 10,947
 

$ 10,285
 

$ 36,635
 

$ 8,585
 

$ 11,136
 

$ 19,721
 
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS INCOME TAXES] $ 16,850 $ 16,689 $ 20,453 $ 19,572 $ 73,563 $ 18,534 $ 23,043 $ 41,577
LESS:
Interest expense, net (773 ) (1,232 ) (887 ) (1,039 ) (3,931 ) (1,081 ) (1,017 ) (2,098 )
Depreciation (3,575 ) (3,921 ) (3,770 ) (3,820 ) (15,086 ) (4,008 ) (3,825 ) (7,833 )
Amortization (1,418 ) (778 ) (1,097 ) (1,058 ) (4,351 ) (964 ) (923 ) (1,887 )
Provision for income taxes (3,178 ) (3,261 ) (3,752 ) (3,370 ) (13,561 ) (3,896 ) (6,142 ) (10,038 )
NET INCOME $ 7,906   $ 7,497   $ 10,947   $ 10,285   $ 36,635   $ 8,585   $ 11,136   $ 19,721  
ADJUSTED INCOME [NET INCOME EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX] $ 8,557 $ 7,416 $ 10,816 $ 10,285 $ 37,074 $ 8,585 $ 11,136 $ 19,721
LESS:
Leslie asbestos and bankruptcy charges (recoveries), net of tax 651   (81 ) (131 )   439        
NET INCOME $ 7,906   $ 7,497   $ 10,947   $ 10,285   $ 36,635   $ 8,585   $ 11,136   $ 19,721  
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX] $ 0.49 $ 0.43 $ 0.62 $ 0.59 $ 2.13 $ 0.49 $ 0.64 $ 1.13
LESS:
Leslie asbestos and bankruptcy charges (recoveries), net of tax impact on EPS $ 0.04   $   $ (0.01 ) $   $ 0.03   $   $   $  
EARNINGS PER COMMON SHARE (Diluted) $ 0.45   $ 0.43   $ 0.63   $ 0.59   $ 2.10   $ 0.49   $ 0.64   $ 1.13  

Copyright Business Wire 2010

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