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PORTLAND, Ore., Apr 22, 2003 (BUSINESS WIRE) -- FLIR Systems,
Inc. (Nasdaq:FLIR) announced today that revenue for the first quarter
ended March 31, 2003 increased 19% to $69.2 million from $58.1 million
for the first quarter of 2002. Income before taxes increased 34% to
$13.7 million from $10.2 million. Net earnings for this year's first
quarter increased 6% to $9.2 million, or $0.51 per diluted share,
reflecting a 33% tax rate. This compares to net earnings for the first
quarter of 2002 of $8.7 million, or $0.49 per diluted share,
reflecting a 15% tax rate.
Thermography product revenue increased 21% over the first quarter
last year, primarily because of higher sales of the company's new
E-Series handheld cameras. Imaging product revenue increased 18%,
reflecting sales gains for both the Company's ground-based and
airborne Imaging systems.
The backlog of orders grew to approximately $113 million at March
31, 2003, as compared to $92 million at December 31, 2002.
"Our first quarter 2003 financial performance puts FLIR in an
excellent position to accomplish our goals for 2003. I am particularly
encouraged by our healthy book-to-bill ratio during a normally slower
quarter in terms of orders," said President and CEO Earl R. Lewis.
Cash generated from operations totaled $6.7 million for the first
quarter of 2003. The Company has no outstanding debt and cash on hand
of approximately $48 million.
Reiterates Revenue and Earnings Guidance for 2003
The following statements are based on current expectations. These
statements are forward-looking, and actual results may differ
materially.
As previously announced, the Company continues to estimate revenue
for 2003 in the range of $290 to $300 million, and net earnings of
approximately $2.35 to $2.45 per diluted share, reflecting an
estimated tax rate of 32%-34% versus 15% in 2002.
Forward-Looking Statements
The statements in this release by Earl R. Lewis and the statements
in the Reiterates Revenue and Earnings Guidance for 2003 above are
forward-looking statements. 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, 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.
Conference Call
FLIR has scheduled a conference call at 11:00 am ET today. A
simultaneous Web Cast of the conference call may be accessed online at
www.CompanyBoardroom.com or www.FLIR.com. A replay will be available
approximately one hour after the Web Cast at these same Internet
addresses. For a telephone replay, dial 800/633-8284, reservation
#21140600 beginning at approximately 1:00 PM ET.
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. FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2003 2002
Revenue $ 69,171 $ 58,098
Cost of goods sold 33,128 26,799
Gross profit 36,043 31,299
Operating expenses:
Research and development 7,598 7,089
Selling, general and administrative 14,718 13,819
Total operating expenses 22,316 20,908
Earnings from operations 13,727 10,391
Interest expense 177 318
Other income, net (107) (124)
Earnings before income taxes 13,657 10,197
Income tax provision 4,507 1,529
Net earnings $ 9,150 $ 8,668
Net earnings per share:
Basic $ 0.53 $ 0.52
Diluted $ 0.51 $ 0.49
Weighted average shares outstanding:
Basic 17,333 16,650
Diluted 18,032 17,797
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
March 31, Dec. 31,
2003 2002
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $48,087 $46,606
Accounts receivable, net 57,748 55,798
Inventories 52,864 50,141
Prepaid expenses and other current assets 15,522 12,673
Deferred income taxes 8,887 8,887
Total current assets 183,108 174,105
Property and equipment, net 12,261 12,678
Deferred income taxes, net 25,977 25,977
Intangible assets, net 16,602 16,647
Other assets 5,918 4,415
$ 243,866 $ 233,822
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $18,893 $16,465
Deferred revenue 4,481 4,770
Accrued payroll and related liabilities 8,438 11,030
Accrued product warranties 3,449 3,432
Advance payments from customers 10,637 8,030
Other current liabilities 6,516 6,341
Accrued income taxes 3,154 2,558
Total current liabilities 55,568 52,626
Pension and other long-term liabilities 9,386 8,869
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value, 10,000
shares authorized; no shares issued at
March 31, 2003, and December 31, 2002 -- --
Common stock, $0.01 par value, 30,000
shares authorized, 17,306 and 17,300
shares issued at March 31, 2003, and
December 31, 2002, respectively 173 173
Additional paid-in capital 214,834 217,879
Accumulated deficit (34,155) (43,305)
Accumulated other comprehensive loss (1,940) (2,420)
Total shareholders' equity 178,912 172,327
$ 243,866 $ 233,822
Steve Bailey / Jim Fitzhenry, 503/684-3731
www.flir.com
or
Neil Berkman Associates
310/277-5162
info@BerkmanAssociates.com
