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Revenue from the Company's Commercial Systems division decreased 5% from the fourth quarter of 2011, to
Revenue from the Company's Government Systems division decreased 4% from the fourth quarter of 2011, 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 was an encouraging end to a 2012 that was focused on rationalizing our businesses to enhance operating leverage and prepare us well for 2013," said
Revenue and Earnings Outlook for 2013
Dividend Increase and Declaration
Share Repurchase Program
Any purchases made under the repurchase program may be made from time to time in the open market or through privately negotiated transactions. All purchases are subject to stock price, market conditions, corporate and legal requirements, and other factors. The timing of repurchases and the exact number of shares of common stock to be purchased will be determined by the Company's management, in its discretion, and will depend upon market conditions and other factors. The Company expects to fund the repurchases using the Company's cash on hand and cash generated from operations. The program may be extended, suspended, or discontinued at any time.
Conference Call
About
Forward-Looking Statements
Source:
Also today,
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,
---------------------- ----------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Revenue $ 386,385 $ 405,212 $1,405,358 $1,544,062
Cost of goods sold 181,104 180,427 673,968 715,458
---------- ---------- ---------- ----------
Gross profit 205,281 224,785 731,390 828,604
Operating expenses:
Research and development 34,088 34,920 137,762 147,177
Selling, general and
administrative 71,117 80,197 290,298 368,232
---------- ---------- ---------- ----------
Total operating expenses 105,205 115,117 428,060 515,409
Earnings from operations 100,076 109,668 303,330 313,195
Interest expense 2,729 3,175 11,659 5,487
Interest income (509) (768) (1,582) (1,273)
Other expense (income), net 151 (892) 1,341 (2,098)
---------- ---------- ---------- ----------
Earnings from continuing
operations before
income taxes 97,705 108,153 291,912 311,079
Income tax provision 19,528 31,318 66,556 88,427
---------- ---------- ---------- ----------
Earnings from continuing
operations 78,177 76,835 225,356 222,652
Loss from discontinued
operations, net of tax (916) (705) (2,958) (1,178)
---------- ---------- ---------- ----------
Net earnings $ 77,261 $ 76,130 $ 222,398 $ 221,474
========== ========== ========== ==========
Basic earnings per share:
Earnings from continuing
operations $ 0.53 $ 0.49 $ 1.49 $ 1.41
Discontinued operations (0.01) (0.00) (0.02) (0.01)
---------- ---------- ---------- ----------
Basic earnings per share $ 0.52 $ 0.49 $ 1.47 $ 1.40
========== ========== ========== ==========
Diluted earnings per share:
Earnings from continuing
operations $ 0.52 $ 0.49 $ 1.47 $ 1.38
Discontinued operations (0.01) (0.00) (0.02) (0.01)
---------- ---------- ---------- ----------
Diluted earnings per
share $ 0.52 $ 0.48 $ 1.45 $ 1.38
========== ========== ========== ==========
Weighted average shares
outstanding:
Basic 148,103 155,647 151,634 158,323
========== ========== ========== ==========
Diluted 149,419 157,611 153,595 160,851
========== ========== ========== ==========
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)
December 31, December 31,
2012 2011
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 321,739 $ 440,846
Accounts receivable, net 335,163 329,581
Inventories 381,378 336,051
Prepaid expenses and other current assets 96,006 104,285
Deferred income taxes, net 30,960 27,443
------------ ------------
Total current assets 1,165,246 1,238,206
Property and equipment, net 211,615 186,269
Deferred income taxes, net 32,223 31,644
Goodwill 503,078 498,343
Intangible assets, net 140,621 164,440
Other assets 124,722 32,338
------------ ------------
$ 2,177,505 $ 2,151,240
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 94,156 $ 84,190
Deferred revenue 29,465 28,257
Accrued payroll and related liabilities 41,506 49,475
Accrued product warranties 13,169 13,370
Advance payments from customers 12,150 13,219
Accrued expenses 32,772 41,183
Other current liabilities 4,331 3,886
Accrued income taxes 11,943 2,161
------------ ------------
Total current liabilities 239,492 235,741
Long-term debt 248,319 247,861
Deferred income taxes 7,996 17,237
Accrued income taxes 22,812 17,537
Pension and other long-term liabilities 58,985 53,835
Commitments and contingencies
Shareholders' equity 1,599,901 1,579,029
------------ ------------
$ 2,177,505 $ 2,151,240
============ ============
FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Cash flows from
operating activities:
Net earnings $ 77,261 $ 76,130 $ 222,398 $ 221,474
Income items not
affecting cash:
Depreciation and
amortization 14,857 16,290 59,715 77,498
Deferred income
taxes (11,539) (10,291) (10,940) (12,195)
Stock-based
compensation
arrangements 6,252 5,604 26,250 24,917
Other non-cash items 4,522 9,647 (1,810) 12,654
Changes in operating
assets and
liabilities, net of
acquisitions 21,521 18,816 (10,068) (80,457)
----------- ----------- ----------- -----------
Cash provided by
operating activities 112,874 116,196 285,545 243,891
----------- ----------- ----------- -----------
Cash flows from
investing activities:
Additions to property
and equipment, net (18,901) (10,850) (58,089) (41,946)
Business acquisitions,
net of cash acquired (105,909) - (105,909) (27,182)
Other investments (2) 1,991 (3,002) 1,991
----------- ----------- ----------- -----------
Cash used by investing
activities (124,812) (8,859) (167,000) (67,137)
----------- ----------- ----------- -----------
Cash flows from
financing activities:
Proceeds from long
term debt, net - - - 247,708
Repurchase of common
stock (85,185) (36,286) (214,195) (160,669)
Dividends paid (10,428) (9,350) (42,450) (38,037)
Proceeds from shares
issued pursuant to
stock- based
compensation plans 4,080 6,620 11,198 21,706
Excess tax benefit of
stock options
exercised 53 727 1,284 5,195
Other financing
activities (28) (140) (166) (458)
----------- ----------- ----------- -----------
Cash (used) provided by
financing activities (91,508) (38,429) (244,329) 75,445
----------- ----------- ----------- -----------
Effect of exchange rate
changes on cash 696 (2,561) 6,677 (4,490)
----------- ----------- ----------- -----------
Net (decrease) increase
in cash and cash
equivalents (102,750) 66,347 (119,107) 247,709
Cash and cash
equivalents, beginning
of period 424,489 374,499 440,846 193,137
----------- ----------- ----------- -----------
Cash and cash
equivalents, end of
period $ 321,739 $ 440,846 $ 321,739 $ 440,846
=========== =========== =========== ===========
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