Product category:
Thermal Imaging and Aerial Surveys
News Release from: Flir Systems
Edited by the Buildingtalk Editorial
Team on 29 April 2004
FLIR Systems First Quarter 2004 Results
FLIR Systems announces Q1 2004 financial results with a net earnings increase of 39% and a revenue increase of 57%.
FLIR Systems (NASDAQ:FLIR) announced today that total revenue for the first quarter ended March 31, 2004 increased 57% to $108.9 million from $69.2 million for the first quarter of 2003 Excluding the effects of the acquisition of Indigo Systems Corporation, which closed January 6, 2004, revenue increased 37%
This article was originally published on Buildingtalk on 28 May 2003 at 8.00am (UK)
Related stories
The World's Smallest Infrared Camera
With temperature measurement capabilities and weighing only 700 grams - 50% less than any other thermal imaging camera - the ThermaCAM E2 fits easily into the palm of the hand or on a tool belt.
An Introduction To Thermography
The quick and easy way to detect heat loss.
Earnings from operations increased 58% to $21.9 million from $13.8 million for the first quarter of 2003.
Net earnings for the first quarter increased 39% to $12.7 million, or $0.36 per diluted share.
This compares to net earnings for the first quarter of 2003 of $9.2 million, or $0.25 per diluted share.
Further reading
Smallest, Smartest And Most Flexible
'The smallest infrared cameras with the widest range of high-end features for low-end prices' is how FLIR Systems' introduced its ThermaCAM E-Series last year.
Thermal Imaging Camera Specifically For Buildings
In addition to checking for heat loss or gain, the ThermaCAM B20 camera is ideal for a range of tasks including detecting areas prone to mould and finding leaks in underground pipes.
Thermal Imaging Camera Specifically For Buildings.
ThermaCAM B20 has been developed by FLIR Systems in consultation with experienced building inspectors and in addition to checking for heat loss or gain, the camera is ideal for a range of tasks.
All per share amounts have been adjusted to reflect the 2-for-1 stock split that was effective on May 29, 2003.
Revenue from the sale of the Company's Thermography products for the first quarter increased 42% over the first quarter last year, primarily due to continued strong demand from traditional markets and growth in new markets such as building inspection and moisture detection.
Excluding the impact of the Indigo acquisition, Thermography revenue rose 28%.
Revenue from the sale of the Company's Imaging products increased 66%, reflecting particularly strong deliveries in the airborne and maritime product lines.
Excluding the impact of the Indigo acquisition, Imaging revenue rose 42%.
The backlog of orders grew by 23% to approximately $180 million at March 31, 2004, as compared to $146 million at December 31, 2003.
Excluding the acquisition of Indigo, backlog increased 10%.
Cash generated from operations totaled $19 million for the first quarter of 2004.
At March 31, 2004, the Company had cash and cash equivalents of approximately $56 million.
"Our financial performance in the first quarter was the result of strong growth in virtually all of our product lines and all of our markets.
We are pleased with Indigo's performance in the quarter, and with the progress of integrating the two companies.
I believe the Company is well positioned to achieve our goals for 2004" said President and CEO Earl R.
Lewis.
"Based on the quarter's results, and the expectations for the remainder of the year, we are refining our guidance for earnings per share to between $1.55 and $1.60, from a prior range of $1.50 to $1.60." Company Names Co-Presidents of Imaging Division.
FLIR also announced today the appointment of Andrew C.
Teich and William A.
Sundermeier as Co-Presidents of the Company's Imaging Divison.
Previously, Earl Lewis, Chairman, President and CEO, had been acting President of this division.
Mr Teich was previously FLIR's Senior Vice President, Sales and Marketing, and Mr Sundermeier was previously Senior Vice President and General Manager of FLIR's Portland Operations.
"Our Imaging division has performed extremely well over the past three years, and Andy and Bill have been critical to that success.
They have proven themselves in their previous roles as highly effective managers and experienced infrared industry executives," commented Earl Lewis.
"I am confident they will be successful in leading our Imaging business into the future," he concluded.
Forward-Looking Statements.
The statements in this release by Earl R.
Lewis regarding the progress in integrating Indigo Systems Corporation, the expectation of achieving the Company's goals for 2004 and refining the guidance for earnings per share to between $1.55 and $1.60 per share are forward-looking statements.
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 US export control laws and regulations, constraints on supplies of critical components, excess or shortage of production capacity, 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.
Further, such statements are subject to the risks inherent in acquisitions of technologies and businesses, including the timing and successful completion of technology and product development through volume production, integration issues, unanticipated costs and expenditures, changing relationships with customers, suppliers and strategic partners, potential contractual, intellectual property or employment issues, accounting treatment and charges, and the risks that the acquisition cannot be completed successfully or that anticipated benefits are not realized.
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. Request free introductory details about products from Flir Systems ...
• Flir Systems: contact details and other news
• Email this article to a colleague
• Register for the free Buildingtalk email newsletter
• Buildingtalk Home Page
Search the Pro-Talk network of sites
