Click here to close now.




















Welcome!

Microsoft Cloud Authors: Elizabeth White, Adine Deford, the Editor, Michael Krems, Xenia von Wedel

News Feed Item

FLIR Systems Announces Fourth Quarter and Full Year 2012 Financial Results

Fourth Quarter EPS Increases 8%; Expects 2013 EPS to Rise 8% to 14%; Announces 29% Increase in Dividend and 25 Million Share Repurchase Authorization

PORTLAND, OR -- (Marketwire) -- 02/07/13 -- FLIR Systems, Inc. (NASDAQ: FLIR) today announced financial results for the fourth quarter ended December 31, 2012. Revenue was $386.4 million, down 5% compared to fourth quarter 2011 revenue of $405.2 million. Operating income in the fourth quarter was $100.1 million, compared to $109.7 million in the fourth quarter of 2011. Fourth quarter 2012 net income was $77.3 million, or $0.52 per diluted share, compared with net income of $76.1 million, or $0.48 per diluted share in the fourth quarter a year ago. Cash provided by operations in the fourth quarter was $112.9 million. During the quarter, the Company repurchased 4.5 million shares of its common stock at an average price of $18.84 per share.

Revenue from the Company's Commercial Systems division decreased 5% from the fourth quarter of 2011, to $212.8 million. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment was $180.1 million, a decrease of 5% from the fourth quarter results last year. The Raymarine segment contributed $32.7 million of revenue during the fourth quarter, down 7% from the prior year.

Revenue from the Company's Government Systems division decreased 4% from the fourth quarter of 2011, to $173.5 million. Within the Government Systems division, revenue from the Surveillance segment was $136.4 million, a decrease of 7% from the fourth quarter of 2011. Revenue from the Detection segment was $12.8 million, a decrease of 46% compared to the fourth quarter of 2011, and the Integrated Systems segment contributed $24.4 million of revenue during the fourth quarter, an increase of 134% from the prior year.

For the full year, revenue was $1,405.4 million, down 9% compared to $1,544.1 million for the year ended December 31, 2011. Operating income for 2012 was $303.3 million, down 3% from $313.2 million in 2011. Net income for 2012 was $222.4 million, or $1.45 per diluted share, compared with 2011 net income of $221.5 million, or $1.38 per diluted share. Cash provided by operations during the year was $285.5 million.

The Company's backlog of firm orders for delivery within the next twelve months was approximately $520 million as of December 31, 2012, a decrease of $45 million during the quarter. Backlog in the Government Systems division was $356 million, decreasing $36 million during the quarter. Backlog in the Commercial Systems division was $164 million, down $9 million during the quarter.

"The fourth quarter was an encouraging end to a 2012 that was focused on rationalizing our businesses to enhance operating leverage and prepare us well for 2013," said Earl Lewis, President and CEO of FLIR. "We saw higher bookings in the fourth quarter versus the prior year, helping us end 2012 with over $60 million more in order backlog than 2011. We also reached record operating cash flow for the year, which allowed us to acquire two very strategically significant businesses and return a significant amount of capital to our shareholders through repurchasing 10.5 million of our shares and distributing $42 million in dividends."

Revenue and Earnings Outlook for 2013
FLIR also announced today that it expects revenue in 2013 to be in the range of $1.5 billion to $1.6 billion, an increase of approximately 7% to 14% compared to 2012, and net earnings to be in the range of $1.56 to $1.66 per diluted share, an increase of approximately 8% to 14% compared to 2012.

Dividend Increase and Declaration
FLIR's Board of Directors has approved a quarterly cash dividend of $0.09 per share on FLIR common stock, an increase of 29% over the previous paid quarterly dividend of $0.07 per share. The Board of Directors has declared the dividend payable March 8, 2013, to shareholders of record as of close of business on February 19, 2013.

Share Repurchase Program
Also today, FLIR announced that its Board of Directors approved a new share repurchase program that authorizes up to 25 million shares to be repurchased over the next two years, replacing the previous program that expires on February 9, 2013. This authorization represents approximately 17% of FLIR's outstanding common stock as of December 31, 2012.

Any purchases made under the repurchase program may be made from time to time in the open market or through privately negotiated transactions. All purchases are subject to stock price, market conditions, corporate and legal requirements, and other factors. The timing of repurchases and the exact number of shares of common stock to be purchased will be determined by the Company's management, in its discretion, and will depend upon market conditions and other factors. The Company expects to fund the repurchases using the Company's cash on hand and cash generated from operations. The program may be extended, suspended, or discontinued at any time.

Conference Call
FLIR has scheduled a conference call at 11:00 a.m. ET (8:00 a.m. PT) today to discuss its results for the quarter and the year. A simultaneous webcast of the conference call may be accessed online from the Upcoming Events section of www.FLIR.com/investor. A replay will be available after 2:00 p.m. ET (11:00 a.m. PT) at this same Internet address. Summary fourth quarter and historical financial data, including segment details, may be accessed online from the Summary Financial Data section of www.FLIR.com/investor.

About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company's advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection. Visit the Company's web site at www.FLIR.com.

Forward-Looking Statements
The statements in this release by Earl Lewis and the statements in the section captioned "Revenue and Earnings Outlook for 2013" above are forward-looking statements within the meaning of the Private 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, the Company's continuing compliance with U.S. export control laws and regulations, the timely receipt of any required export licenses, constraints on supplies of critical components, excess or shortage of production capacity, the ability to manufacture and ship the products in the time period required, 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, or for changes made to this document by wire services or Internet service providers.




                             FLIR SYSTEMS, INC.
                     CONSOLIDATED STATEMENTS OF INCOME
            (In thousands, except per share amounts) (Unaudited)

                               Three Months Ended      Twelve Months Ended
                                  December 31,            December 31,
                             ----------------------  ----------------------
                                2012        2011        2012        2011
                             ----------  ----------  ----------  ----------

Revenue                      $  386,385  $  405,212  $1,405,358  $1,544,062
Cost of goods sold              181,104     180,427     673,968     715,458
                             ----------  ----------  ----------  ----------
    Gross profit                205,281     224,785     731,390     828,604

Operating expenses:
  Research and development       34,088      34,920     137,762     147,177
  Selling, general and
   administrative                71,117      80,197     290,298     368,232
                             ----------  ----------  ----------  ----------
    Total operating expenses    105,205     115,117     428,060     515,409

    Earnings from operations    100,076     109,668     303,330     313,195

Interest expense                  2,729       3,175      11,659       5,487
Interest income                    (509)       (768)     (1,582)     (1,273)
Other expense (income), net         151        (892)      1,341      (2,098)
                             ----------  ----------  ----------  ----------

    Earnings from continuing
     operations before
     income taxes                97,705     108,153     291,912     311,079

Income tax provision             19,528      31,318      66,556      88,427
                             ----------  ----------  ----------  ----------

    Earnings from continuing
     operations                  78,177      76,835     225,356     222,652

Loss from discontinued
 operations, net of tax            (916)       (705)     (2,958)     (1,178)
                             ----------  ----------  ----------  ----------

    Net earnings             $   77,261  $   76,130  $  222,398  $  221,474
                             ==========  ==========  ==========  ==========

Basic earnings per share:
  Earnings from continuing
   operations                $     0.53  $     0.49  $     1.49  $     1.41
  Discontinued operations         (0.01)      (0.00)      (0.02)      (0.01)
                             ----------  ----------  ----------  ----------
    Basic earnings per share $     0.52  $     0.49  $     1.47  $     1.40
                             ==========  ==========  ==========  ==========

Diluted earnings per share:
  Earnings from continuing
   operations                $     0.52  $     0.49  $     1.47  $     1.38
  Discontinued operations         (0.01)      (0.00)      (0.02)      (0.01)
                             ----------  ----------  ----------  ----------
    Diluted earnings per
     share                   $     0.52  $     0.48  $     1.45  $     1.38
                             ==========  ==========  ==========  ==========

Weighted average shares
 outstanding:
  Basic                         148,103     155,647     151,634     158,323
                             ==========  ==========  ==========  ==========
  Diluted                       149,419     157,611     153,595     160,851
                             ==========  ==========  ==========  ==========



                             FLIR SYSTEMS, INC.
                         CONSOLIDATED BALANCE SHEETS
                         (In thousands) (Unaudited)

                                                   December 31, December 31,
                                                       2012         2011
                                                   ------------ ------------
                      ASSETS

Current assets:
  Cash and cash equivalents                        $    321,739 $    440,846
  Accounts receivable, net                              335,163      329,581
  Inventories                                           381,378      336,051
  Prepaid expenses and other current assets              96,006      104,285
  Deferred income taxes, net                             30,960       27,443
                                                   ------------ ------------
    Total current assets                              1,165,246    1,238,206

Property and equipment, net                             211,615      186,269
Deferred income taxes, net                               32,223       31,644
Goodwill                                                503,078      498,343
Intangible assets, net                                  140,621      164,440
Other assets                                            124,722       32,338
                                                   ------------ ------------
                                                   $  2,177,505 $  2,151,240
                                                   ============ ============

       LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                 $     94,156 $     84,190
  Deferred revenue                                       29,465       28,257
  Accrued payroll and related liabilities                41,506       49,475
  Accrued product warranties                             13,169       13,370
  Advance payments from customers                        12,150       13,219
  Accrued expenses                                       32,772       41,183
  Other current liabilities                               4,331        3,886
  Accrued income taxes                                   11,943        2,161
                                                   ------------ ------------
    Total current liabilities                           239,492      235,741

Long-term debt                                          248,319      247,861
Deferred income taxes                                     7,996       17,237
Accrued income taxes                                     22,812       17,537
Pension and other long-term liabilities                  58,985       53,835

Commitments and contingencies

Shareholders' equity                                  1,599,901    1,579,029
                                                   ------------ ------------
                                                   $  2,177,505 $  2,151,240
                                                   ============ ============



                             FLIR SYSTEMS, INC.
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (In thousands) (Unaudited)

                            Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------

Cash flows from
 operating activities:
  Net earnings           $    77,261  $    76,130  $   222,398  $   221,474
  Income items not
   affecting cash:
    Depreciation and
     amortization             14,857       16,290       59,715       77,498
    Deferred income
     taxes                   (11,539)     (10,291)     (10,940)     (12,195)
    Stock-based
     compensation
     arrangements              6,252        5,604       26,250       24,917
  Other non-cash items         4,522        9,647       (1,810)      12,654
  Changes in operating
   assets and
   liabilities, net of
   acquisitions               21,521       18,816      (10,068)     (80,457)
                         -----------  -----------  -----------  -----------
Cash provided by
 operating activities        112,874      116,196      285,545      243,891
                         -----------  -----------  -----------  -----------

Cash flows from
 investing activities:
  Additions to property
   and equipment, net        (18,901)     (10,850)     (58,089)     (41,946)
  Business acquisitions,
   net of cash acquired     (105,909)           -     (105,909)     (27,182)
  Other investments               (2)       1,991       (3,002)       1,991
                         -----------  -----------  -----------  -----------
Cash used by investing
 activities                 (124,812)      (8,859)    (167,000)     (67,137)
                         -----------  -----------  -----------  -----------

Cash flows from
 financing activities:
  Proceeds from long
   term debt, net                  -            -            -      247,708
  Repurchase of common
   stock                     (85,185)     (36,286)    (214,195)    (160,669)
  Dividends paid             (10,428)      (9,350)     (42,450)     (38,037)
  Proceeds from shares
   issued pursuant to
   stock- based
   compensation plans          4,080        6,620       11,198       21,706
  Excess tax benefit of
   stock options
   exercised                      53          727        1,284        5,195
  Other financing
   activities                    (28)        (140)        (166)        (458)
                         -----------  -----------  -----------  -----------
Cash (used) provided by
 financing activities        (91,508)     (38,429)    (244,329)      75,445
                         -----------  -----------  -----------  -----------

Effect of exchange rate
 changes on cash                 696       (2,561)       6,677       (4,490)
                         -----------  -----------  -----------  -----------

Net (decrease) increase
 in cash and cash
 equivalents                (102,750)      66,347     (119,107)     247,709
Cash and cash
 equivalents, beginning
 of period                   424,489      374,499      440,846      193,137
                         -----------  -----------  -----------  -----------
Cash and cash
 equivalents, end of
 period                  $   321,739  $   440,846  $   321,739  $   440,846
                         ===========  ===========  ===========  ===========

Company Contact:
Shane Harrison
+1 503.498.3547
www.flir.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...