For the nine months ended Sept. 30, 2001, net earnings were $15.7 million, or $1.01 per diluted share. Revenue for the first nine months of 2001 totaled $149.4 million.
For the quarter ended Sept. 30, 2001, gross margin rose to 54.7% and operating margin rose to 18.7%. Cash generated from operations totaled $8.7 million for the 2001 third quarter and $28.4 million for the first nine months of the year. The Company reduced debt by $6.9 million for the third quarter and $27.4 million for the first nine months of 2001.
FLIR also reported a firm order backlog of approximately $74 million at Sept. 30, 2001 as compared to $68 million at June 30, 2001.
"FLIR is continuing to achieve impressive financial performance, including record net earnings, continued significant cash flow and further growth in orders. These gains reflect higher sales of our imaging and thermography products to both commercial and government customers. This impressive performance is a tribute to everyone at the company who has worked so hard to successfully implement our strategy to realign operations, eliminate lower margin products, improve manufacturing efficiencies and reduce production and distribution costs, all while keeping our new product pipeline full and our technology ahead of the curve. The company is running efficiently, and we are optimistic about FLIR's continued strong performance for the fourth quarter," said Earl R. Lewis, President and Chief Executive Officer of FLIR.
Company Increases Revenue and Earnings Guidance for 2001
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.
"Based on FLIR's performance during the first nine months of 2001, we are increasing our guidance for revenue for the year to approximately $215 million, which represents an increase of 15 percent over last year's revenue of $186.4 million. We also are once again increasing our earnings guidance for 2001 to the range of $1.45 to $1.55 per diluted share," Lewis said.
The statements in this release by Earl R. Lewis and the statements in the 2001 Outlook above are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: changes in demand for the company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, actual purchases under agreements, the amount and availability of government procurement funds and other risks discussed from time to time in the company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
FLIR has scheduled a conference call at 11:00 am EST today. A simultaneous WebCast of the conference call may be accessed online at www.CompanyBoardroom.com or at www.FLIR.com. A replay will be available approximately one hour after the WebCast at these same Internet addresses. For a telephone replay, dial 800/633-8284, reservation No. 19825182 beginning at approximately 1:00 PM EDT.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture and marketing of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring and ground-based security. Visit the company's Web site at www.FLIR.com
FLIR SYSTEMS, INC. CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2001 2000 2001 2000 Revenue $47,499 $ 39,912 $ 149,366 $ 129,150 Cost of goods sold 21,537 29,214 67,418 76,595 Gross profit 25,962 10,698 81,948 52,555 Operating expenses: Research and development 6,053 6,816 18,793 23,251 Selling and other operating costs 11,005 15,995 37,857 48,811 Total operating expenses 17,058 22,811 56,650 72,062 Earnings (loss) from operations 8,904 (12,113) 25,298 (19,507) Interest expense 2,846 3,307 8,304 8,245 Other income -- net (180) (242) (418) (257) Earnings (loss) before income taxes 6,238 (15,178) 17,412 (27,495) Income tax provision 65 2,971 1,741 1,135 Net earnings (loss) $ 6,173 $(18,149) $15,671 $ (28,630) Net earnings (loss) per share: Basic $ 0.41 $ (1.25) $ 1.06 $ (1.98) Diluted $ 0.38 $ (1.25) $ 1.01 $ (1.98) FLIR SYSTEMS, INC. CONSOLIDATED BALANCE SHEET (In thousands, except share amounts) September 30, December 31, 2001 2000 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 13,083 $ 11,858 Accounts receivable, net 41,166 39,663 Inventories 45,929 55,495 Prepaid expenses and other current assets 5,972 4,943 Deferred income taxes 11,943 11,943 Total current assets 118,093 123,902 Property and equipment, net 13,467 13,843 Deferred income taxes, net 11,772 11,772 Intangible assets, net 17,178 16,635 Other assets 1,486 839 $ 161,996 $ 166,991 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes payable $ 65,834 $ 17,716 Accounts payable 10,993 16,247 Accrued payroll and other liabilities 25,055 19,186 Accrued income taxes 1,156 2,217 Current portion of capital lease obligations 766 1,103 Total current liabilities 103,804 56,469 Long-term debt -- 75,485 Pension and other long-term liabilities 8,948 6,012 Commitments and contingencies Shareholders' equity: Preferred stock, $0.01 par value, 10,000,000 shares authorized; no shares issued at Sept. 30, 2001, and Dec. 31, 2000 -- -- Common stock, $0.01 par value, 30,000,000 shares authorized, 15,252,259 and 14,548,370 shares issued at Sept. 30, 2001, and Dec. 31, 2000, respectively 152 145 Additional paid-in capital 149,579 144,118 Accumulated deficit (95,127) (110,798) Accumulated other comprehensive loss (5,360) (4,440) Total shareholders' equity 49,244 29,025 $ 161,996 $ 166,991 CONTACT: FLIR Systems, Inc. Jim Fitzhenry, 503/684-3731 www.flir.com or Neil Berkman Associates, 310/277-5162 (Investor Contact) info@BerkmanAssociates.com URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Copyright (C) 2001 Business Wire. All rights reserved.