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Revenue from the Company's Commercial Systems division increased 32% from the second quarter of 2010, to
Revenue from the Company's Government Systems division increased 4% over the second quarter of 2010, to
The Company's backlog of firm orders for delivery within the next twelve months was approximately
"The second quarter finished with solid results for our Commercial Systems division, which posted one of its best growth quarters along with substantially improved profitability. Our Government Systems division was impacted by order and shipment delays," noted
Revenue and Earnings Outlook for 2011
Dividend Declaration
Conference Call
About
Forward-Looking Statements
Source:
Based on financial results for the first half of 2011 and the outlook for the remainder of the year,
The statements in this release by
FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ---------------------
2011 2010 2011 2010
--------- --------- --------- ----------
Revenue $ 389,951 $ 331,133 $ 763,416 $ 618,431
Cost of goods sold 185,416 147,810 363,236 269,754
--------- --------- --------- ----------
Gross profit 204,535 183,323 400,180 348,677
Operating expenses:
Research and development 39,201 28,309 76,461 53,112
Selling, general and
administrative 123,651 65,199 205,390 121,407
--------- --------- --------- ----------
Total operating expenses 162,852 93,508 281,851 174,519
Earnings from operations 41,683 89,815 118,329 174,158
Interest expense 435 900 785 2,124
Interest income (86) (192) (348) (446)
Other (income) expense, net (2,115) (1,734) (1,270) (1,787)
--------- --------- --------- ----------
Earnings from continuing
operations before income
taxes 43,449 90,841 119,162 174,267
Income tax provision 13,687 31,387 37,536 58,918
--------- --------- --------- ----------
Earnings from continuing
operations 29,762 59,454 81,626 115,349
Loss from discontinued
operations, net of tax (453) -- (1,002) --
--------- --------- --------- ----------
Net earnings $ 29,309 $ 59,454 $ 80,624 $ 115,348
========= ========= ========= ==========
Basic earnings per share:
Earnings from continuing
operations $ 0.19 $ 0.38 $ 0.51 $ 0.75
Discontinued operations (0.00) -- (0.01) --
--------- --------- --------- ----------
Basic earnings per share $ 0.18 $ 0.38 $ 0.51 $ 0.75
========= ========= ========= ==========
Diluted earnings per share:
Earnings from continuing
operations $ 0.18 $ 0.37 $ 0.50 $ 0.72
Discontinued operations (0.00) -- (0.01) --
--------- --------- --------- ----------
Diluted earnings per share $ 0.18 $ 0.37 $ 0.50 $ 0.72
========= ========= ========= ==========
Weighted average shares
outstanding:
Basic 159,796 154,495 159,599 153,702
========= ========= ========= ==========
Diluted 162,550 161,643 162,427 161,626
========= ========= ========= ==========
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)(Unaudited)
June 30, December 31,
2011 2010
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 235,622 $ 193,137
Accounts receivable, net 328,047 339,723
Inventories 322,447 303,156
Prepaid expenses and other current assets 109,673 95,663
Deferred income taxes, net 24,295 23,128
------------ ------------
Total current assets 1,020,084 954,807
Property and equipment, net 186,334 189,119
Deferred income taxes, net 22,746 22,742
Goodwill 493,396 482,019
Intangible assets, net 170,794 177,385
Other assets 37,261 31,280
------------ ------------
$ 1,930,615 $ 1,857,352
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 88,075 $ 85,881
Deferred revenue 20,046 17,867
Accrued payroll and related liabilities 46,822 54,894
Accrued product warranties 15,941 15,711
Advance payments from customers 14,968 22,616
Accrued expenses 33,461 36,578
Accrued income taxes 1,239 8,218
Other current liabilities 4,592 8,186
------------ ------------
Total current liabilities 225,144 249,951
Deferred income taxes 13,360 13,163
Accrued income taxes 21,560 19,793
Pension and other long-term liabilities 52,421 51,897
Commitments and contingencies
Shareholders' equity 1,618,130 1,522,548
------------ ------------
$ 1,930,615 $ 1,857,352
============ ============
Company Contact:
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