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During the fourth quarter, the Company closed its acquisition of
Revenue during the quarter from the Company's Government Systems segment
increased 1% from the fourth quarter of 2009, to
For the full year, revenue was
The Company's backlog of firm orders for delivery within the next twelve
months was approximately
Revenue and Earnings Outlook for 2011
"Each of our segments delivered growth in the fourth quarter, and 2010
finished as our tenth consecutive year of record revenue, operating income,
and earnings per share. We intend to continue this success by relying on
our commercial mindset, a strong innovation engine, our increasingly global
customer base, our entrenched distribution channels, and a continually
evolving line of leading products," noted
Conference Call
About
Forward-Looking Statements
The statements in this release by
Source:
FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- ------------------------
2010 2009 2010 2009
--------- --------- ----------- -----------
Revenue $ 434,373 $ 311,560 $ 1,385,301 $ 1,147,087
Cost of goods sold 202,547 135,511 622,690 488,558
--------- --------- ----------- -----------
Gross profit 231,826 176,049 762,611 658,529
Operating expenses:
Research and development 34,749 24,366 116,381 91,301
Selling, general and
administrative 96,450 61,742 285,658 219,941
--------- --------- ----------- -----------
Total operating
expenses 131,199 86,108 402,039 311,242
Earnings from
operations 100,627 89,941 360,572 347,287
Interest expense 411 1,139 2,884 6,882
Interest income (358) (434) (1,258) (1,749)
Other (income) expense, net (1,575) (1,286) (3,993) 1,761
--------- --------- ----------- -----------
Earnings from
continuing operations
before income taxes 102,149 90,522 362,939 340,393
Income tax provision 31,840 30,269 114,326 110,180
--------- --------- ----------- -----------
Earnings from
continuing operations 70,309 60,253 248,613 230,213
Loss from discontinued
operations, net of tax (487) -- (487) --
--------- --------- ----------- -----------
Net earnings $ 69,822 $ 60,253 $ 248,126 $ 230,213
========= ========= =========== ===========
Basic earnings per share:
Earnings from continuing
operations $ 0.44 $ 0.40 $ 1.59 $ 1.54
Discontinued operations -- -- -- --
--------- --------- ----------- -----------
Basic earnings per
share $ 0.44 $ 0.40 $ 1.59 $ 1.54
========= ========= =========== ===========
Diluted earnings per share:
Earnings from continuing
operations $ 0.43 $ 0.38 $ 1.54 $ 1.45
Discontinued operations -- -- -- --
--------- --------- ----------- -----------
Diluted earnings per
share $ 0.43 $ 0.38 $ 1.54 $ 1.45
========= ========= =========== ===========
Weighted average shares
outstanding:
Basic 158,867 152,163 156,141 149,405
========= ========= =========== ===========
Diluted 161,510 161,241 161,630 161,569
========= ========= =========== ===========
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)(Unaudited)
December 31, December 31,
2010 2009
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 193,137 $ 422,047
Accounts receivable, net 339,723 234,974
Inventories 303,156 216,500
Prepaid expenses and other current assets 95,663 93,276
Deferred income taxes, net 23,128 13,231
------------- -------------
Total current assets 954,807 980,028
Property and equipment, net 189,119 139,112
Deferred income taxes, net 22,742 5,322
Goodwill 482,019 262,331
Intangible assets, net 177,385 59,180
Other assets 31,280 48,571
------------- -------------
$ 1,857,352 $ 1,494,544
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 85,881 $ 53,319
Deferred revenue 17,867 20,986
Accrued payroll and related liabilities 54,894 39,809
Accrued product warranties 15,711 9,438
Advance payments from customers 22,616 8,616
Accrued expenses 36,578 25,941
Other current liabilities 8,186 13,273
Accrued income taxes 8,218 15,504
------------- -------------
Total current liabilities 249,951 186,886
Long-term debt -- 57,991
Deferred income taxes 13,163 2,222
Accrued income taxes 19,793 4,550
Pension and other long-term liabilities 51,897 39,146
Commitments and contingencies
Shareholders' equity 1,522,548 1,203,749
------------- -------------
$ 1,857,352 $ 1,494,544
============= =============
Company Contact:
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