Attached files
| file | filename |
|---|---|
| EX-10.01 - EXHIBIT 10.01 - CIRCOR INTERNATIONAL INC | conformedforedgarizing.htm |
| 8-K - 8-K - CIRCOR INTERNATIONAL INC | cir8ksegrecast5-22x20.htm |
Exhibit 99.1
CIRCOR INTERNATIONAL INC. | |||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||
UNAUDITED | |||||||||||||||||||||||||||||||
2018 | 2019 | ||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD TOTAL | ||||||||||||||||||||||
As Reported | |||||||||||||||||||||||||||||||
ORDERS | |||||||||||||||||||||||||||||||
Aerospace & Defense | $ | 59,793 | $ | 59,441 | $ | 81,533 | $ | 76,702 | $ | 277,469 | $ | 88,107 | $ | 93,405 | $ | 63,968 | $ | 68,459 | $ | 313,939 | |||||||||||
Industrial | 221,943 | 203,571 | 202,022 | 194,205 | 821,741 | 171,834 | 164,642 | 158,986 | 168,091 | 663,553 | |||||||||||||||||||||
Total | $ | 281,736 | $ | 263,012 | $ | 283,555 | $ | 270,907 | $ | 1,099,210 | $ | 259,941 | $ | 258,047 | $ | 222,954 | $ | 236,550 | $ | 977,492 | |||||||||||
NET REVENUES | |||||||||||||||||||||||||||||||
Aerospace & Defense | $ | 58,477 | $ | 57,500 | $ | 57,757 | $ | 63,283 | $ | 237,017 | $ | 61,240 | $ | 64,694 | $ | 67,621 | $ | 79,070 | $ | 272,625 | |||||||||||
Industrial | 181,410 | 202,158 | 189,452 | 203,433 | 776,453 | 177,615 | 181,074 | 169,431 | 163,568 | 691,688 | |||||||||||||||||||||
Total | $ | 239,887 | $ | 259,658 | $ | 247,209 | $ | 266,716 | $ | 1,013,470 | $ | 238,855 | $ | 245,768 | $ | 237,052 | $ | 242,638 | $ | 964,313 | |||||||||||
SEGMENT OPERATING INCOME | |||||||||||||||||||||||||||||||
Aerospace & Defense | $ | 8,931 | $ | 6,992 | $ | 8,709 | $ | 11,415 | $ | 36,047 | $ | 9,374 | $ | 10,443 | $ | 13,564 | $ | 19,099 | $ | 52,480 | |||||||||||
Industrial | 21,188 | 26,279 | 26,573 | 30,791 | 104,831 | 22,581 | 26,173 | 21,278 | 20,757 | 90,789 | |||||||||||||||||||||
Corporate expenses | (10,413 | ) | (7,001 | ) | (10,272 | ) | (11,325 | ) | (39,011 | ) | (8,522 | ) | (8,028 | ) | (9,248 | ) | (7,671 | ) | (33,469 | ) | |||||||||||
Total | $ | 19,706 | $ | 26,270 | $ | 25,010 | $ | 30,881 | $ | 101,867 | $ | 23,433 | $ | 28,588 | $ | 25,594 | $ | 32,185 | $ | 109,800 | |||||||||||
SEGMENT OPERATING MARGIN % | |||||||||||||||||||||||||||||||
Aerospace & Defense | 15.3 | % | 12.2 | % | 15.1 | % | 18.0 | % | 15.2 | % | 15.3 | % | 16.1 | % | 20.1 | % | 24.2 | % | 19.2 | % | |||||||||||
Industrial | 11.7 | % | 13.0 | % | 14.0 | % | 15.1 | % | 13.5 | % | 12.7 | % | 14.5 | % | 12.6 | % | 12.7 | % | 13.1 | % | |||||||||||
Total | 8.2 | % | 10.1 | % | 10.1 | % | 11.6 | % | 10.1 | % | 9.8 | % | 11.6 | % | 10.8 | % | 13.3 | % | 11.4 | % | |||||||||||
2018 | 2019 | ||||||||||||||||||||||||||||||
Results of Divested Businesses (1) | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD TOTAL | |||||||||||||||||||||
ORDERS - Industrial | $ | 47,957 | $ | 47,931 | $ | 45,388 | $ | 47,297 | $ | 188,573 | $ | 30,611 | $ | 24,448 | $ | 22,090 | $ | 18,047 | $ | 95,196 | |||||||||||
NET REVENUES - Industrial | 43,825 | 44,000 | 42,943 | 49,222 | 179,991 | 29,787 | 26,101 | 20,697 | 18,602 | 95,187 | |||||||||||||||||||||
SEGMENT OP. INC. -Industrial | 5,804 | 6,286 | 7,030 | 8,264 | 27,385 | 6,217 | 5,229 | 2,677 | 3,166 | 17,289 | |||||||||||||||||||||
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2018 | 2019 | ||||||||||||||||||||||||||||||
Results Excluding Divested Businesses | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD TOTAL | |||||||||||||||||||||
ORDERS | |||||||||||||||||||||||||||||||
Aerospace & Defense | $ | 59,793 | $ | 59,441 | $ | 81,533 | $ | 76,702 | $ | 277,469 | $ | 88,107 | $ | 93,405 | $ | 63,968 | $ | 68,459 | $ | 313,939 | |||||||||||
Industrial | 173,986 | 155,640 | 156,634 | 146,908 | 633,168 | 141,223 | 140,194 | 136,896 | 150,044 | 568,357 | |||||||||||||||||||||
Total | $ | 233,779 | $ | 215,081 | $ | 238,167 | $ | 223,610 | $ | 910,637 | $ | 229,330 | $ | 233,599 | $ | 200,864 | $ | 218,503 | $ | 882,296 | |||||||||||
NET REVENUES | |||||||||||||||||||||||||||||||
Aerospace & Defense | $ | 58,477 | $ | 57,500 | $ | 57,757 | $ | 63,283 | $ | 237,017 | $ | 61,240 | $ | 64,694 | $ | 67,621 | $ | 79,070 | $ | 272,625 | |||||||||||
Industrial | 137,585 | 158,158 | 146,509 | 154,211 | 596,463 | 147,828 | 154,973 | 148,734 | 144,966 | 596,501 | |||||||||||||||||||||
Total | $ | 196,062 | $ | 215,658 | $ | 204,266 | $ | 217,494 | $ | 833,480 | $ | 209,068 | $ | 219,667 | $ | 216,355 | $ | 224,036 | $ | 869,126 | |||||||||||
SEGMENT OPERATING INCOME | |||||||||||||||||||||||||||||||
Aerospace & Defense | $ | 8,931 | $ | 6,992 | $ | 8,709 | $ | 11,415 | $ | 36,047 | $ | 9,374 | $ | 10,443 | $ | 13,564 | $ | 19,099 | $ | 52,480 | |||||||||||
Industrial | 15,384 | 19,993 | 19,543 | 22,527 | 77,447 | 16,364 | 20,944 | 18,601 | 17,591 | 73,500 | |||||||||||||||||||||
Corporate expenses | (10,413 | ) | (7,001 | ) | (10,272 | ) | (11,325 | ) | (39,011 | ) | (8,522 | ) | (8,028 | ) | (9,248 | ) | (7,671 | ) | (33,469 | ) | |||||||||||
Total | $ | 13,902 | $ | 19,984 | $ | 17,980 | $ | 22,617 | $ | 74,483 | $ | 17,216 | $ | 23,359 | $ | 22,917 | $ | 29,019 | $ | 92,511 | |||||||||||
SEGMENT OPERATING MARGIN % | |||||||||||||||||||||||||||||||
Aerospace & Defense | 15.3 | % | 12.2 | % | 15.1 | % | 18.0 | % | 15.2 | % | 15.3 | % | 16.1 | % | 20.1 | % | 24.2 | % | 19.2 | % | |||||||||||
Industrial | 11.2 | % | 12.6 | % | 13.3 | % | 14.6 | % | 13.0 | % | 11.1 | % | 13.5 | % | 12.5 | % | 12.1 | % | 12.3 | % | |||||||||||
Total | 7.1 | % | 9.3 | % | 8.8 | % | 10.4 | % | 8.9 | % | 8.2 | % | 10.6 | % | 10.6 | % | 13.0 | % | 10.6 | % | |||||||||||
(1) Divested businesses are related to the Industrial Segment and include Reliability Services, Spence/Nicholson, Delden and Instrumentation & Sampling. Engineered Valves and Distributed Valves are discontinued operations and not reflected in the As Reported figures in accordance with US GAAP.
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CIRCOR INTERNATIONAL INC. | ||||||||||||||||||||||||||||||||
Reconciliation of Segment Information to GAAP Operating Income | ||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||
UNAUDITED | ||||||||||||||||||||||||||||||||
2018 | 2019 | |||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD TOTAL | |||||||||||||||||||||||
GAAP OPERATING (LOSS) INCOME | $ | (7,787 | ) | $ | 10,600 | $ | 8,545 | $ | 10,295 | $ | 21,653 | $ | 17,750 | $ | 12,019 | $ | (9,084 | ) | $ | 16,996 | $ | 37,681 | ||||||||||
LESS: | ||||||||||||||||||||||||||||||||
Restructuring related inventory charges | 473 | 15 | — | (142 | ) | 346 | 325 | (1,145 | ) | — | (820 | ) | ||||||||||||||||||||
Amortization of inventory step-up | 6,600 | — | — | — | 6,600 | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charges, net | 3,426 | 524 | 1,090 | 808 | 5,848 | 358 | 299 | 5,038 | (509 | ) | 5,186 | |||||||||||||||||||||
Acquisition amortization | 11,797 | 11,768 | 11,734 | 12,011 | 47,310 | 12,078 | 11,247 | 11,202 | 11,188 | 45,715 | ||||||||||||||||||||||
Acquisition depreciation | 1,837 | 1,734 | 1,743 | 1,735 | 7,049 | 1,123 | 1,106 | 1,102 | 1,021 | 4,352 | ||||||||||||||||||||||
Special charges (recoveries), net | 3,360 | 1,629 | 1,898 | 6,174 | 13,061 | (8,200 | ) | 3,917 | 18,481 | 3,488 | 17,686 | |||||||||||||||||||||
ADJUSTED OPERATING INCOME | $ | 19,706 | $ | 26,270 | $ | 25,010 | $ | 30,881 | $ | 101,867 | $ | 23,434 | $ | 28,588 | $ | 25,594 | $ | 32,184 | $ | 109,800 | ||||||||||||
GAAP OPERATING MARGIN | (3.2 | )% | 4.1 | % | 3.5 | % | 3.9 | % | 2.1 | % | 7.4 | % | 4.9 | % | (3.8 | )% | 7 | % | 3.9 | % | ||||||||||||
LESS: | ||||||||||||||||||||||||||||||||
Restructuring related inventory charges | 0.2 | % | — | % | — | % | (0.1 | )% | — | % | 0.1 | % | — | % | (0.5 | )% | — | % | (0.1 | )% | ||||||||||||
Amortization of inventory step-up | 2.8 | % | — | % | — | % | — | % | 0.7 | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
Restructuring charges, net | 1.4 | % | 0.2 | % | 0.4 | % | 0.3 | % | 0.6 | % | 0.1 | % | 0.1 | % | 2.1 | % | (0.2 | )% | 0.5 | % | ||||||||||||
Acquisition amortization | 4.9 | % | 4.5 | % | 4.7 | % | 4.5 | % | 4.7 | % | 5.1 | % | 4.6 | % | 4.7 | % | 4.6 | % | 4.7 | % | ||||||||||||
Acquisition depreciation | 0.8 | % | 0.7 | % | 0.7 | % | 0.7 | % | 0.7 | % | 0.5 | % | 0.5 | % | 0.5 | % | 0.4 | % | 0.5 | % | ||||||||||||
Special charges (recoveries), net | 1.4 | % | 0.6 | % | 0.8 | % | 2.3 | % | 1.3 | % | (3.4 | )% | 1.6 | % | 7.8 | % | 1.4 | % | 1.8 | % | ||||||||||||
ADJUSTED OPERATING MARGIN | 8.3 | % | 10.1 | % | 10.1 | % | 11.6 | % | 10.1 | % | 9.8 | % | 11.7 | % | 10.8 | % | 13.2 | % | 11.3 | % | ||||||||||||
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