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Revenue from the Company's Commercial Systems division increased 51% from
the first quarter of 2010, to
Revenue from the Company's Government Systems division increased 13% over
the first quarter of 2010, to
The Company's backlog of firm orders for delivery within the next twelve
months was approximately
"This quarter showcased the diversified nature of the business and the
resiliency of our company. We released innovative products during the
quarter that resulted in order volumes that outstripped our production
forecasts. As anticipated, our Government Systems division was impacted by
slowed U.S. procurement, but executed well and worked diligently to
position the businesses for continued growth. Overall, we performed as we
had expected during the quarter, had excellent cash flow, and believe the
balance of the year will show improved results," noted
Revenue and Earnings Outlook for 2011
Based on financial results for the first three months of 2011 and the
outlook for the remainder of the year,
Dividend Declaration
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 March 31,
--------------------
2011 2010
--------- ---------
Revenue $ 373,465 $ 287,298
Cost of goods sold 177,820 121,944
--------- ---------
Gross profit 195,645 165,354
Operating expenses:
Research and development 37,260 24,803
Selling, general and administrative 81,739 56,208
--------- ---------
Total operating expenses 118,999 81,011
Earnings from operations 76,646 84,343
Interest expense 350 1,224
Interest income (262) (254)
Other expense (income), net 845 (53)
--------- ---------
Earnings from continuing operations before income
taxes 75,713 83,426
Income tax provision 23,849 27,531
--------- ---------
Earnings from continuing operations 51,864 55,895
Loss from discontinued operations, net of tax (549) --
--------- ---------
Net earnings $ 51,315 $ 55,895
========= =========
Basic earnings per share:
Earnings from continuing operations $ 0.33 $ 0.37
Discontinued operations (0.00) --
--------- ---------
Basic earnings per share $ 0.32 $ 0.37
========= =========
Diluted earnings per share:
Earnings from continuing operations $ 0.32 $ 0.35
Discontinued operations (0.00) --
--------- ---------
Diluted earnings per share $ 0.32 $ 0.35
--------- ---------
Weighted average shares outstanding:
Basic 159,400 152,899
========= =========
Diluted 162,310 161,604
========= =========
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)(Unaudited)
March 31, December 31,
2011 2010
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 250,229 $ 193,137
Accounts receivable, net 321,769 339,723
Inventories 321,072 303,156
Prepaid expenses and other current assets 106,006 95,663
Deferred income taxes, net 23,364 23,128
------------ ------------
Total current assets 1,022,440 954,807
Property and equipment, net 185,063 189,119
Deferred income taxes, net 22,746 22,742
Goodwill 492,431 482,019
Intangible assets, net 178,760 177,385
Other assets 32,519 31,280
------------ ------------
$ 1,933,959 $ 1,857,352
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 85,352 $ 85,881
Deferred revenue 19,790 17,867
Accrued payroll and related liabilities 46,126 54,894
Accrued product warranties 15,888 15,711
Advance payments from customers 21,700 22,616
Accrued expenses 32,325 36,578
Accrued income taxes 12,683 8,218
Other current liabilities 4,632 8,186
------------ ------------
Total current liabilities 238,496 249,951
Deferred income taxes 13,787 13,163
Accrued income taxes 22,197 19,793
Pension and other long-term liabilities 56,763 51,897
Commitments and contingencies
Shareholders' equity 1,602,716 1,522,548
------------ ------------
$ 1,933,959 $ 1,857,352
============ ============
Company Contact:
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