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 $1,544,062Cost of goods sold 181,104 180,427 673,968 715,458 ---------- ---------- ---------- ---------- Gross profit 205,281 224,785 731,390 828,604Operating 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 100,076 109,668 303,330 313,195Interest expense 2,729 3,175 11,659 5,487Interest income (509) (768) (1,582) (1,273)Other expense (income), net 151 (892) 1,341 (2,098) ---------- ---------- ---------- ---------- Earnings from continuing operations before income taxes 97,705 108,153 291,912 311,079Income tax provision 19,528 31,318 66,556 88,427 ---------- ---------- ---------- ---------- Earnings from continuing operations 78,177 76,835 225,356 222,652Loss 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 ------------ ------------ ASSETSCurrent 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 1,238,206Property and equipment, net 211,615 186,269Deferred income taxes, net 32,223 31,644Goodwill 503,078 498,343Intangible assets, net 140,621 164,440Other assets 124,722 32,338 ------------ ------------ $ 2,177,505 $ 2,151,240 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITYCurrent 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 239,492 235,741Long-term debt 248,319 247,861Deferred income taxes 7,996 17,237Accrued income taxes 22,812 17,537Pension and other long-term liabilities 58,985 53,835Commitments and contingenciesShareholders' 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) 247,709Cash 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
