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PORTLAND, Ore., Jul 24, 2002 (BUSINESS WIRE) -- FLIR Systems, Inc.
(Nasdaq:FLIR) announced today that net earnings for the second quarter ended
June 30, 2002 increased 70% to a second quarter record $9.6 million, or $0.54
per diluted share. This compares to net earnings for the second quarter of 2001
of $5.6 million, or $0.36 per diluted share. Revenue increased 24% to a record
$63.6 million from $51.4 million for the same period last year.
For the first half of 2002, net earnings increased 92% to $18.2 million, or
$1.02 per diluted share, from $9.5 million, or $0.63 per diluted share, for the
first six months of 2001. Revenue for the first half of 2002 increased 19% to
$121.7 million from $101.9 million for the same period last year.
The increase in revenue for the second quarter of 2002 reflected higher sales of
FLIR's imaging products, particularly its ground-based and airborne imaging
systems. Gross margins were 52% compared to 56% for the same period last year.
The decline in gross margin is primarily due to changes in product sales mix and
new product start-up costs. Earnings from operations increased 35% to $11.6
million, or 18.2% of revenue, for the 2002 second quarter compared to $8.6
million, or 16.7% of revenue, for the second quarter of 2001.
The backlog of firm orders at June 30, 2002 increased to $91 million from $85
million at March 31, 2002 and $82 million at December 31, 2001.
"In addition to strong revenue and earnings growth for the second quarter, there
have been a number of very positive developments, including very strong orders,
a number of new product introductions, our previously announced participation in
the US Coast Guard's Deepwater program and the significant addition to our Board
of Directors. All of which bodes well for the second half of the year," said
President and CEO Earl R. Lewis.
FLIR has scheduled a conference call at 11 AM EDT (8 AM PDT) 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 #20679609 beginning after 1
PM EDT (10 AM PDT).
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
The statements in this release by Earl R. Lewis are forward-looking statements
within the meaning of the 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,
constraints on supplies of critical components, excess or shortage of production
capacity, actual purchases under agreements, 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,
including the Company's Annual Report on Form 10-K for the year ended December
31, 2001. 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
About FLIR Systems
Forward-Looking Statements
FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -------------------
2002 2001 2002 2001
------- --------- -------- --------
Revenue $ 63,595 $ 51,395 $ 121,693 $ 101,867
Cost of goods sold 30,777 22,700 57,576 45,881
------- --------- -------- --------
Gross profit 32,818 28,695 64,117 55,986
Operating expenses:
Research and development 6,460 6,635 13,549 12,740
Selling, general and
administrative 14,762 13,490 28,581 26,852
------- --------- -------- --------
Total operating expenses 21,222 20,125 42,130 39,592
Earnings from operations 11,596 8,570 21,987 16,394
Interest expense 825 2,004 1,143 5,458
Other income, net (473) (50) (597) (238)
------- --------- -------- --------
Earnings before income taxes 11,244 6,616 21,441 11,174
Income tax provision 1,687 992 3,216 1,676
------- --------- -------- --------
Net earnings $ 9,557 $ 5,624 $ 18,225 $ 9,498
======= ========= ======== ========
Net earnings per share:
Basic $ 0.57 $ 0.38 $ 1.09 $ 0.65
======= ========= ======== ========
Diluted $ 0.54 $ 0.36 $ 1.02 $ 0.63
======= ========= ======== ========
Weighted Average shares outstanding:
Basic 16,794 14,710 16,723 14,636
======= ========= ======== ========
Diluted 17,818 15,430 17,807 15,108
======= ========= ======== ========
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
Jun. 30, Dec. 31,
2002 2001
---------------- ----------------
ASSETS (Unaudited)
------
Current assets:
Cash and cash equivalents $ 11,006 $ 15,514
Accounts receivable, net 55,486 57,965
Inventories 50,642 46,560
Prepaid expenses and other current
assets 13,988 11,548
Deferred income taxes 8,834 8,834
---------------- ----------------
Total current assets 139,956 140,421
Property and equipment, net 13,698 10,806
Deferred income taxes, net 15,087 15,087
Intangible assets, net 16,803 16,811
Other assets 2,757 1,913
---------------- ----------------
$ 188,301 $ 185,038
================ ================
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities:
Notes payable $ 3,685 $ 23,370
Accounts payable 14,525 18,428
Deferred revenue 4,895 5,314
Accrued payroll and other
liabilities 27,456 22,538
Accrued income taxes 1,544 747
Current portion of capital lease
obligations 126 584
---------------- ----------------
Total current liabilities 52,231 70,981
Pension and other long-term
liabilities 7,702 9,209
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value,
10,000 shares authorized; no
shares issued at June 30, 2002,
and December 31, 2001 -- --
Common stock, $0.01 par value,
30,000 shares authorized, 16,864
and 16,555 shares issued at
June 30, 2002 and December 31, 2001,
respectively 168 165
Additional paid-in capital 199,038 194,338
Accumulated deficit (66,639) (84,864)
Accumulated other comprehensive loss (4,199) (4,791)
---------------- ----------------
Total shareholders' equity 128,368 104,848
---------------- ----------------
$ 188,301 $185,038
================ ================
CONTACT: FLIR Systems, Inc.
Steve Bailey, 503/684-3731
www.flir.com
or
Neil Berkman Associates
310/277-5162
info@BerkmanAssociates.com
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