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Revenue from the Company's Commercial Systems division increased 3% from the fourth quarter of 2010, to
Revenue from the Company's Government Systems division decreased 18% from the fourth quarter of 2010, to
For the full year, revenue was
The Company's backlog of firm orders for delivery within the next twelve months was approximately
"The fourth quarter showcased our ability to adapt and persevere through a challenging macro environment. During the quarter, we expanded margins -- gross, operating, and net income -- to their highest levels in over a year and cash flow from operations reached its highest quarterly total ever," said
Revenue and Earnings Outlook for 2012
Dividend Increase and Declaration
Conference Call
About
Forward-Looking Statements
Source:
The statements in this release by
FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------- ----------------------
2011 2010(1) 2011 2010(1)
---------- ---------- ---------- ----------
Revenue $ 405,212 $ 437,509 $1,544,062 $1,388,437
Cost of goods sold 180,427 204,653 715,458 624,796
---------- ---------- ---------- ----------
Gross profit 224,785 232,856 828,604 763,641
Operating expenses:
Research and development 34,920 35,003 147,177 116,635
Selling, general and
administrative 80,197 97,486 368,232 286,695
---------- ---------- ---------- ----------
Total operating expenses 115,117 132,489 515,409 403,330
Earnings from operations 109,668 100,367 313,195 360,311
Interest expense 3,175 412 5,487 2,884
Interest income (768) (359) (1,273) (1,258)
Other income, net (892) (1,596) (2,098) (4,015)
---------- ---------- ---------- ----------
Earnings from continuing
operations before
income taxes 108,153 101,910 311,079 362,700
Income tax provision 31,318 31,840 88,427 114,326
---------- ---------- ---------- ----------
Earnings from continuing
operations 76,835 70,070 222,652 248,374
Loss from discontinued
operations, net of tax (705) (248) (1,178) (248)
---------- ---------- ---------- ----------
Net earnings $ 76,130 $ 69,822 $ 221,474 $ 248,126
========== ========== ========== ==========
Basic earnings per share:
Earnings from continuing
operations $ 0.49 $ 0.44 $ 1.41 $ 1.59
Discontinued operations (0.00) (0.00) (0.01) (0.00)
---------- ---------- ---------- ----------
Basic earnings per share $ 0.49 $ 0.44 $ 1.40 $ 1.59
========== ========== ========== ==========
Diluted earnings per share:
Earnings from continuing
operations $ 0.49 $ 0.43 $ 1.38 $ 1.54
Discontinued operations (0.00) (0.00) $ (0.01) (0.00)
---------- ---------- ---------- ----------
Diluted earnings per
share $ 0.48 $ 0.43 $ 1.38 $ 1.54
========== ========== ========== ==========
Weighted average shares
outstanding:
Basic 155,647 158,867 158,323 156,141
========== ========== ========== ==========
Diluted 157,611 161,510 160,851 161,630
========== ========== ========== ==========
(1) Amounts have been adjusted for the reclassification of certain
discontinued operations to continued operations.
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)(Unaudited)
December 31, December 31,
2011 2010
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 440,846 $ 193,137
Accounts receivable, net 325,370 339,723
Inventories 336,051 303,156
Prepaid expenses and other current assets 104,285 95,663
Deferred income taxes, net 27,304 23,128
------------ ------------
Total current assets 1,233,856 954,807
Property and equipment, net 186,269 189,119
Deferred income taxes, net 31,078 22,742
Goodwill 498,343 482,019
Intangible assets, net 164,440 177,385
Other assets 32,338 31,280
------------ ------------
$ 2,146,324 $ 1,857,352
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 84,190 $ 85,881
Deferred revenue 24,046 17,867
Accrued payroll and related liabilities 49,475 54,894
Accrued product warranties 13,370 15,711
Advance payments from customers 13,219 22,616
Accrued expenses 41,183 36,578
Other current liabilities 3,886 8,186
Accrued income taxes 2,161 8,218
------------ ------------
Total current liabilities 231,530 249,951
Long-term debt 247,861 -
Deferred income taxes 16,532 13,163
Accrued income taxes 17,537 19,793
Pension and other long-term liabilities 53,835 51,897
Commitments and contingencies
Shareholders' equity 1,579,029 1,522,548
------------ ------------
$ 2,146,324 $ 1,857,352
============ ============
FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- --------------------
2011 2010 2011 2010
--------- --------- --------- ---------
Cash Provided By Operating
Activities:
Net earnings $ 76,130 $ 69,822 $ 221,474 $ 248,126
Income items not affecting cash:
Depreciation and amortization 16,290 21,831 77,498 61,297
Deferred income taxes (10,291) (5,702) (12,195) (14,099)
Stock-based compensation
arrangements 5,604 6,565 24,917 25,575
Other non-cash items 9,647 9,518 12,654 10,320
Changes in operating assets
and liabilities, net of
acquisitions 18,816 (56,728) (80,457) (75,968)
--------- --------- --------- ---------
Cash provided by operating
activities 116,196 45,306 243,891 255,251
--------- --------- --------- ---------
Cash Used By Investing
Activites:
Additions to property and
equipment, net (10,850) (14,748) (41,946) (65,748)
Business acquisitions, net of
cash acquired - (228,026) (27,182) (402,721)
Other investments 1,991 - 1,991 3,080
--------- --------- --------- ---------
Cash used by investing
activities (8,859) (242,774) (67,137) (465,389)
--------- --------- --------- ---------
Cash (Used) Provided by
Financing Activities:
Proceeds from long term debt,
net - - 247,708 -
Repurchase of common stock (36,286) - (160,669) (35,725)
Dividends paid (9,350) - (38,037) -
Proceeds from shares issued
pursuant to stock-based
compensation plans 6,620 9,485 21,706 21,469
Excess tax benefit of stock
options exercised 727 2,057 5,195 7,649
Other financing activities (140) 103 (458) 120
--------- --------- --------- ---------
Cash (used) provided by
financing activities (38,429) 11,645 75,445 (6,487)
--------- --------- --------- ---------
Effect of exchange rate changes
on cash (2,561) (943) (4,490) (12,285)
--------- --------- --------- ---------
Net increase (decrease) in cash
and cash equivalents 66,347 (186,766) 247,709 (228,910)
Cash and cash equivalents,
beginning of year 374,499 379,903 193,137 422,047
--------- --------- --------- ---------
Cash and cash equivalents, end
of year $ 440,846 $ 193,137 $ 440,846 $ 193,137
========= ========= ========= =========
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