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Revenue from the Company's Commercial Systems division decreased 12% from the second quarter of 2011, to
Revenue from the Company's Government Systems division decreased 16% from the second quarter of 2011, to
The Company's backlog of firm orders for delivery within the next twelve months was approximately
"This second quarter proved difficult for our company," noted
Revenue and Earnings Outlook for 2012
Dividend Declaration
Conference Call
About
Forward-Looking Statements
Source:
As announced previously, based on financial results for the first half of 2012 and the outlook for the remainder of the year,
The statements in this release by
FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2012 2011(1) 2012 2011(1)
----------- ----------- ----------- -----------
Revenue $ 338,291 $ 391,555 $ 686,743 $ 767,524
Cost of goods sold 168,262 186,144 333,988 365,601
----------- ----------- ----------- -----------
Gross profit 170,029 205,411 352,755 401,923
Operating expenses:
Research and
development 37,510 39,481 74,080 77,070
Selling, general and
administrative 71,798 124,127 149,658 206,735
----------- ----------- ----------- -----------
Total operating
expenses 109,308 163,608 223,738 283,805
Earnings from
operations 60,721 41,803 129,017 118,118
Interest expense 2,768 435 5,834 786
Interest income (377) (86) (805) (350)
Other expense (income),
net 240 (2,124) (984) (1,272)
----------- ----------- ----------- -----------
Earnings from
continuing
operations before
income taxes 58,090 43,578 124,972 118,954
Income tax provision 15,685 13,755 33,742 37,528
----------- ----------- ----------- -----------
Earnings from
continuing
operations 42,405 29,823 91,230 81,426
Loss from discontinued
operations, net of tax (1,312) (514) (1,998) (802)
----------- ----------- ----------- -----------
Net earnings $ 41,093 $ 29,309 $ 89,232 $ 80,624
=========== =========== =========== ===========
Basic earnings per
share:
Earnings from
continuing operations $ 0.28 $ 0.19 $ 0.59 $ 0.51
Discontinued
operations (0.01) (0.00) (0.01) (0.01)
----------- ----------- ----------- -----------
Basic earnings per
share $ 0.27 $ 0.18 $ 0.58 $ 0.51
=========== =========== =========== ===========
Diluted earnings per
share:
Earnings from
continuing operations $ 0.27 $ 0.18 $ 0.58 $ 0.50
Discontinued
operations (0.01) (0.00) (0.01) (0.00)
----------- ----------- ----------- -----------
Diluted earnings per
share $ 0.27 $ 0.18 $ 0.57 $ 0.50
=========== =========== =========== ===========
Weighted average shares
outstanding:
Basic 153,172 159,796 153,829 159,599
=========== =========== =========== ===========
Diluted 155,033 162,550 155,983 162,427
=========== =========== =========== ===========
(1) Amounts have been adjusted for the reclassification of certain
discontinued operations to continued operations.
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)(Unaudited)
June 30, December 31,
2012 2011
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 429,771 $ 440,846
Accounts receivable, net 268,550 325,370
Inventories 350,791 336,051
Prepaid expenses and other current assets 124,794 104,285
Deferred income taxes, net 27,023 27,443
------------ ------------
Total current assets 1,200,929 1,233,995
Property and equipment, net 193,594 186,269
Deferred income taxes, net 31,857 31,644
Goodwill 497,728 498,343
Intangible assets, net 152,274 164,440
Other assets 38,424 32,338
------------ ------------
$ 2,114,806 $ 2,147,029
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 79,611 $ 84,190
Deferred revenue 23,446 24,046
Accrued payroll and related liabilities 44,794 49,475
Accrued product warranties 13,232 13,370
Advance payments from customers 10,425 13,219
Accrued expenses 32,862 41,183
Other current liabilities 4,057 3,886
Accrued income taxes - 2,161
------------ ------------
Total current liabilities 208,427 231,530
Long-term debt 248,090 247,861
Deferred income taxes 17,294 17,237
Accrued income taxes 18,138 17,537
Pension and other long-term liabilities 58,082 53,835
Commitments and contingencies
Shareholders' equity 1,564,775 1,579,029
------------ ------------
$ 2,114,806 $ 2,147,029
============ ============
FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Cash flows from
operating activities:
Net earnings $ 41,093 $ 29,309 $ 89,232 $ 80,624
Income items not
affecting cash:
Depreciation and
amortization 14,809 23,738 30,016 43,631
Deferred income
taxes 86 (1,259) 95 (1,324)
Stock-based
compensation
arrangements 7,865 7,588 13,400 13,876
Other non-cash items 4,056 (3,793) (1,350) (629)
Changes in operating
assets and
liabilities, net of
acquisitions 9,328 (36,178) (5,162) (54,387)
----------- ----------- ----------- -----------
Cash provided by
operating activities 77,237 19,405 126,231 81,791
----------- ----------- ----------- -----------
Cash flows from
investing activities:
Additions to property
and equipment, net (13,494) (14,464) (26,429) (18,730)
Business acquisitions,
net of cash acquired - (2,351) - (2,351)
Other investments (3,000) - (3,000) -
----------- ----------- ----------- -----------
Cash used by investing
activities (16,494) (16,815) (29,429) (21,081)
----------- ----------- ----------- -----------
Cash flows from
financing activities:
Repurchase of common
stock (64,812) (17,026) (90,201) (23,801)
Dividends paid (10,700) (9,598) (21,485) (19,168)
Proceeds from shares
issued pursuant to
stock-based
compensation plans 4,780 7,248 5,656 14,281
Excess tax benefit of
stock options
exercised 214 734 552 2,326
Other financing
activities (98) (3) (140) (27)
----------- ----------- ----------- -----------
Cash used by financing
activities (70,616) (18,645) (105,618) (26,389)
----------- ----------- ----------- -----------
Effect of exchange rate
changes on cash (8,522) 1,448 (2,259) 8,164
----------- ----------- ----------- -----------
Net (decrease) increase
in cash and cash
equivalents (18,395) (14,607) (11,075) 42,485
Cash and cash
equivalents, beginning
of period 448,166 250,229 440,846 193,137
----------- ----------- ----------- -----------
Cash and cash
equivalents, end of
period $ 429,771 $ 235,622 $ 429,771 $ 235,622
=========== =========== =========== ===========
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