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PORTLAND, OR, Apr 18, 2006 (MARKET WIRE via COMTEX News Network) -- FLIR Systems, Inc. (NASDAQ: FLIR) today announced it expects net
revenue for the quarter ended March 31, 2006 to be in the range of
$117 million to $118 million, and net earnings for the quarter to be
approximately $0.17 per fully diluted share. The Company's tax rate
for the quarter is expected to be in the range of 28% to 29%, which
is higher than expected due to the delay in re-authorization of
certain federal research and development tax credits.
Backlog at March 31, 2006 is expected to be approximately $200
million, an increase of approximately $7 million from December 31,
2005. Cash flow from operations for the quarter is expected to be in
the range of $35 million to $37 million. The Company will announce
full first quarter results on April 26, 2006.
Full Year Earnings and Revenue Guidance
The Company also reiterated its full year 2006 financial outlook.
Management currently expects net revenue for the full year 2006 to be
in the range of $590 million to $600 million, and net earnings per
fully diluted share to be in the range of $1.20 to $1.30.
Commenting on the first quarter results and the outlook for the year,
Earl Lewis, Chairman, President and CEO of FLIR, stated, "First
quarter revenue was below our internal expectations, primarily due to
delays in certain program shipments from our Boston Imaging location.
During the quarter, our Thermography Division successfully launched
the new InfraCam® low-price thermography camera, and exceeded its
operating income budget. All our Imaging Division operations with
the exception of Boston were at or above budgets for operating
income. We are excited by the emerging prospects for our commercial
Imaging businesses and our Imaging backlog and orders remain solid.
As our new products gain market acceptance, we expect a very good
second half of the year."
Forward-Looking Statements
The statements in this release by Earl R. Lewis, the statements
regarding expectations as to revenue, earnings, tax rate, backlog and
cash flow for the quarter ending March 31, 2006, and the statements
regarding 2006 revenue and earnings guidance above are
forward-looking statements within the meaning of the Private
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, the
Company's continuing compliance with US export control laws and
regulations, the timely receipt of export licenses for international
shipments, constraints on supplies of critical components, excess or
shortage of production capacity, actual purchases under agreements,
the continuing eligibility of the Company to act as a federal
contractor, the amount and availability of appropriated 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.
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 diagnostic, night vision and temperature measurement
applications including building inspection, predictive and preventive
maintenance, transportation night vision, research and development,
manufacturing process control, broadcast, search and rescue, drug
interdiction, surveillance and reconnaissance, navigation safety,
border and maritime patrol, environmental monitoring and perimeter
security. Visit the Company's web site at www.FLIR.com.
Company contact:
Anthony Trunzo
FLIR Systems, Inc.
(503) 498-3547
www.flir.com
SOURCE: FLIR Systems, Inc.
http://www.flir.com
