CIRCOR Reports Fourth-Quarter and Year-End 2014 Financial Results

CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, today announced financial results for the fourth quarter and fiscal year ended December 31, 2014.

Fourth-Quarter 2014 Highlights

  • 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

Full-Year 2014 Highlights

  • 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 concluded 2014 with strong top-line growth and free cash flow generation in the fourth quarter,” said Scott Buckhout, President and Chief Executive Officer. “Revenues for the quarter were up 6% organically from the prior year driven in large part by our North American short-cycle businesses. In addition, we are reporting adjusted EPS of $1.08 for the quarter and $3.72 for the full year. Full year free cash flow was 115% of net income.”

During the quarter, a number of Brazilian engineering and construction customers filed for bankruptcy resulting in a $0.34 per share charge against outstanding receivables and an operating margin reduction of approximately 300 basis points. In addition, EPS reflects a net tax benefit of $0.21 per share primarily due to the utilization of foreign tax credits.

“Looking ahead to 2015, we expect the recent decline in oil prices to put pressure on our top line. As a result, we are implementing a broad-based cost reduction program, including restructuring actions, to mitigate the impact on our earnings and to align our businesses with a lower near-term demand outlook. We expect to take actions generating approximately $8 million of annualized savings. We commenced these actions earlier this quarter and expect to complete them before the end of the second quarter,” added Buckhout.

“Going forward, we will continue to invest in growth, simplify the Company and remain focused on building shareholder value through growth, margin expansion, strong cash flows and disciplined capital deployment,” concluded Buckhout.

First-Quarter 2015 Guidance

For the first quarter of 2015, the Company will provide its guidance during the conference call later today.

Selected Consolidated Results
(In millions, except percentages and bps)Q4 2014Q4 2013ChangeFY 2014FY 2013Change
Revenue $218.6 $ 214.0 2% $841.4 $ 857.8 -2%
Adjusted Operating Income1$21.0 $ 24.8 -15% $86.2 $ 85.3 1%
Adjusted Operating Margin19.6% 11.6% -200 bps 10.2% 9.9% 30 bps
GAAP Earnings Per Share (Diluted) $0.51 $ 0.50 2% $2.84 $ 2.67 6%
Adjusted Earnings Per Share (Diluted)1$1.08 $ 0.95 14% $3.72 $ 3.21 16%
Orders $203.4 $ 231.1 -12% $849.3 $ 881.3 -4%
Free Cash Flow $22.3 $ 14.7 51% $58.0 $ 54.9 6%

Segment Results

(In millions, except percentages and bps)Q4 2014Q4 2013ChangeFY 2014FY 2013Change
Energy
Revenue $172.4 $ 162.6 6% $653.3 $ 661.0 -1%
Adjusted Operating Margin114.3% 17.1% -280 bps 14.9% 14.1% 80 bps
Orders $158.3 $ 187.4 -16% $675.9 $ 691.7 -2%
Aerospace & Defense
Revenue $46.1 $ 51.4 -10% $188.2 $ 196.8 -4%
Adjusted Operating Margin15.3% 8.4% -310 bps 6.6% 9.5% -290 bps
Orders $45.1 $ 43.7 3% $173.4 $ 189.6 -9%

1. Consolidated and Segment Results includes approximately $6.5 million of Q4 2014 charges associated with certain Brazilian customers for outstanding receivables and excludes special, restructuring charges/(recoveries) and impairments of $12.9 million, $12.0 million, $13.5 million and $15.5 million during Q4 2014, Q4 2013, FY2014 and FY2013 respectively, as well as restructuring inventory charges of $5.1 million and $2.9 million recorded in Q2 and Q3 2014, respectively, and $0.6 million during Q4 2013.

Conference Call Information
CIRCOR International will hold a conference call to review its financial results today, February 18, 2015, at 10:00 a.m. ET. To listen to the conference call and view the accompanying presentation slides, visit “Webcasts & Presentations” in the “Investors” portion of the CIRCOR website. The call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. 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 estimated total annualized pre-tax savings from restructuring actions. 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 highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense. CIRCOR has a diversified product portfolio with recognized, market-leading brands that fulfill its customers’ unique application needs. The Company’s strategy is to grow organically and through complementary acquisitions; simplify CIRCOR’s operations; achieve world class operational excellence; and attract and retain top industry talent. For more information, visit the Company’s investor relations web site at http://investors.circor.com.

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share data)

UNAUDITED

Three Months EndedTwelve 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

(Benefit) provision 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 EndedTwelve 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

20132014
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTR3RD QTR4TH QTRTOTAL
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 %
20132014
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTR3RD QTR4TH QTRTOTAL
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 RATE31.2%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

20132014
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTR3RD QTR4TH QTRTOTAL
FREE CASH FLOW AS % OF NET INCOME14%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 EQUITY16%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
20132014
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTR3RD QTR4TH QTRTOTAL
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
20132014
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTR3RD QTR4TH QTRTOTAL
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

Contacts:

CIRCOR International
Rajeev Bhalla, 781-270-1200
Executive Vice President & Chief Financial Officer

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