CIRCOR Reports First-Quarter 2013 Financial Results

  CIRCOR Reports First-Quarter 2013 Financial Results

           Achieves High End of Top and Bottom Line Guidance Ranges

                        Repositioning Actions on Track

Business Wire

BURLINGTON, Mass. -- May 02, 2013

CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other
highly engineered products for markets including energy, oil & gas, power
generation and aerospace, today announced financial results for the first
quarter ended March 31, 2013.

“CIRCOR began the year achieving both revenue and adjusted EPS at the high end
of our Q1 guidance ranges,” said Scott Buckhout, CIRCOR’s President and Chief
Executive Officer. “Our focus on improving operating results and expanding
margins led to a 6% year-over-year increase in adjusted EPS and a 70 basis
point improvement in adjusted operating margins.”

“Bookings grew 12% sequentially due to increased Aerospace orders, as well as
strong demand in Energy for large international projects,” said Buckhout. “In
Brazil, we received our first large oil and gas valve order since acquiring
operations in this market.”

“The repositioning actions we took in all three of our segments to generate
greater profitability and better focus on key strategic markets are on track
for completion by the end of the current second quarter,” said Buckhout. “We
expect to begin realizing the full run-rate of approximately $7 million in
annualized savings from these actions in the second half of 2013.”

“We anticipate improved performance on both the top and bottom lines in the
second quarter and we remain focused on margin expansion and evaluating
further repositioning opportunities. Our key markets are attractive and have
significant long-term growth potential. We believe these markets will continue
to provide opportunities for CIRCOR to expand organically and through
acquisitions,” concluded Buckhout.

Consolidated Results

Revenues for the first quarter of 2013 were $205.4 million, a 4% decrease from
$214.3 million in the first quarter of 2012, due primarily to lower energy
shipments as a result of lower North American rig counts. Adjusted earnings
per diluted share in the first quarter of 2013, excluding the impact of
special charges of $0.07, was $0.52, a 6% increase compared to the prior
year’s first-quarter results of $0.49. Net income for the first quarter of
2013, including special charges, was $7.9 million, or $0.45 per diluted share,
compared with net income of $8.6 million, or $0.49 per diluted share, for the
first quarter of 2012.

The Company received orders totaling $226.8 million during the first quarter
of 2013, a decrease of 9% compared with the first quarter of 2012 due
primarily to lower Energy orders in both the North American short cycle and
large international project businesses. This was partially offset by growth in
both Aerospace and Flow Technologies. Backlog as of March 31, 2013 was $457.3
million, up 6% from backlog of $432.3 million at April 1, 2012.

During the first quarter of 2013, the Company generated $1.1 million of free
cash flow, up $8.2 million from the same period in 2012 due primarily to
improved working capital.

Energy

Energy segment revenues decreased 11% to $96.7 million for the first quarter
of 2013 from $109.3 million for the first quarter of 2012. First-quarter 2013
Energy segment revenues declined across most markets compared to the same
period in 2012 when revenues were particularly strong with high rig counts. In
addition, the year-over-year decrease was exacerbated by unfavorable foreign
currency fluctuations.

Incoming orders for the first quarter of 2013 were $110.1 million, a decrease
of 19% year-over-year as a result of a decline in rig counts in North America
and timing of large international projects. Ending backlog totaled $217.8
million, an increase of 12% year-over-year, primarily due to higher order
levels in the Middle East within the Company’s large international project
business.

For the first quarter of 2013, the Energy segment’s adjusted operating margin
increased to 11.1% from 8.2% in the first quarter of 2012, primarily driven by
improved large international project pricing. This was partially offset by
lower volume and increases in selling and marketing expenses to expand the
Company's presence in emerging markets. Segment adjusted operating margin for
the quarter excludes special and repositioning related inventory charges of
$0.6 million related to the repositioning of the Company’s Brazil operations.

Flow Technologies

Flow Technologies segment revenues increased 7% to $71.4 million for the first
quarter of 2013 from $66.9 million in the first quarter of 2012. The revenue
increase was primarily due to higher power generation and instrumentation
revenues, partially offset by unfavorable foreign currency fluctuations.

Incoming orders for the Flow Technologies segment were $74.5 million for the
first quarter of 2013, an increase of 2% year-over-year, primarily driven by
power generation and instrumentation, partially offset by lower HVAC orders.
Ending backlog totaled $76.9 million, an increase of 1% over last year.

Flow Technologies adjusted operating margin for the first quarter of 2013
increased to 12.7% from 11.3% in the first quarter of 2012, primarily due to
higher volume and associated leverage. Segment adjusted operating margin
excludes special and repositioning charges of $0.1 million related to
repositioning activities in India.

Aerospace

Aerospace segment revenues decreased 2% to $37.3 million for the first quarter
of 2013 from $38.1 million in the first quarter of 2012 primarily due to a
decline in landing gear shipments associated with exiting the low margin
landing gear overhaul product line as part of the repositioning actions in
California.

Incoming orders for the first quarter of 2013 were $42.2 million, an increase
of 5% year-over-year, primarily due to higher landing gear orders. Ending
backlog totaled $162.7 million, an increase of 1% year-over-year.

Aerospace segment adjusted operating margin for the first quarter of 2013
decreased to 3.5% from 10.8% in the first quarter of 2012, primarily due to
product development investments and start-up costs for new programs, including
the A350, A330 and Blackhawk with an approximate impact of 500bps. In
addition, during Q1 of 2012 CIRCOR completed a large engineering project which
favorably impacted segment adjusted operating margin that quarter. Segment
adjusted operating margin for Q1 2013 excludes special and repositioning
charges of $0.9 million related to the repositioning of certain operations and
manufacturing activities.

Financial Outlook

For the second quarter of 2013 the Company expects revenues to be in the range
of $214 to $220 million, up sequentially from the first quarter of 2013, led
by Energy.

During the second quarter, the Company expects to incur pre-tax repositioning
related charges of between $4.2 and $4.8 million. Excluding those charges,
adjusted earnings are expected to be in the range of $0.64 to $0.70 per
diluted share, up sequentially from the first quarter of 2013 with margin
expansion in all segments.

The tax rate on adjusted earnings is expected to be approximately 29.5%.
Excluding repositioning, the rate is anticipated to be approximately 31.1%.
This guidance assumes that exchange rates remain at present levels.

Conference Call Information

CIRCOR International will hold a conference call to review its financial
results today, May 2, 2013, at 10:00 a.m. ET. Those who wish to listen to the
conference call and view the accompanying presentation slides should visit
“Webcasts & Presentations” in the “Investors” portion of the CIRCOR website.
The live call also can be accessed by dialing (877) 407-5790 or (201)
689-8328. If you are unable to listen to the live call, the webcast will be
archived for one year on the Company’s website.

Use of Non-GAAP Financial Measures

Adjusted net income, adjusted earnings per diluted share, adjusted operating
margin, and free cash flow are non-GAAP financial measures and are intended to
serve as a complement to results provided in accordance with accounting
principles generally accepted in the United States. Free cash flow is defined
as net cash from operating activities less capital expenditures. CIRCOR
believes that such information provides an additional measurement and
consistent historical comparison of the Company’s performance. A
reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP measures is available in this news release.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Reliance should not be placed on
forward-looking statements because they involve unknown risks, uncertainties
and other factors, which are, in some cases, beyond the control of CIRCOR. Any
statements in this press release that are not statements of historical fact
are forward-looking statements, including, but not limited to, those relating
to CIRCOR’s future performance, including second-quarter revenue and earnings
guidance and estimated total annualized pre-tax savings from repositioning
actions.  Actual events, performance or results could differ materially from
the anticipated events, performance or results expressed or implied by such
forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING
OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK
FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT REPORTS
ON FORMS 10-Q, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE
AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.

About CIRCOR International, Inc.

CIRCOR International, Inc. designs, manufactures and markets valves and other
highly engineered products for markets including energy, oil & gas, power
generation and aerospace. With more than 7,500 customers in over 100
countries, CIRCOR has a diversified product portfolio with recognized,
market-leading brands. CIRCOR’s culture, built on the CIRCOR Business System,
is defined by the Company’s commitment to attracting, developing and retaining
the best talent and pursuing continuous improvement in all aspects of its
business and operations. The Company’s strategy includes growing organically
by investing in new, differentiated products; adding value to component
products; and increasing the development of mission-critical subsystems and
solutions. CIRCOR also plans to leverage its strong balance sheet to acquire
strategically complementary businesses. For more information, visit the
Company’s investor relations web site at http://investors.circor.com.

CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
UNAUDITED
                                            Three Months Ended
                                              March 31, 2013   April 1, 2012
Net revenues                                  $  205,398         $  214,280
Cost of revenues                              145,549           155,668     
GROSS PROFIT                                  59,849             58,612
Selling, general and administrative           45,571             44,912
expenses
Special charges                               1,378             —           
OPERATING INCOME                              12,900            13,700      
Other (income) expense:
Interest income                               (43         )      (83         )
Interest expense                              830                1,164
Other, net                                    612               138         
TOTAL OTHER EXPENSE                           1,399             1,219       
INCOME BEFORE INCOME TAXES                    11,501             12,481
Provision for income taxes                    3,592             3,896       
NET INCOME                                    $  7,908          $  8,585    
Earnings per common share:
Basic                                         $  0.45            $  0.50
Diluted                                       $  0.45            $  0.49
Weighted average number of common shares
outstanding:
Basic                                         17,511             17,315
Diluted                                       17,529             17,390
                                                                             

CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(UNAUDITED)
                                            Three Months Ended
                                              March 31, 2013   April 1, 2012
OPERATING ACTIVITIES                                          
Net income                                    $   7,908          $  8,585
Adjustments to reconcile net income to
net cash provided by (used in) operating
activities:
Depreciation                                  4,009              4,008
Amortization                                  758                964
Compensation expense of share-based plans     1,028              1,195
Tax effect of share-based compensation        (285        )      479
(Gain) loss on property, plant and            (66         )      2
equipment
Changes in operating assets and
liabilities, net of effects from business
acquisitions:
Trade accounts receivable                     (2,455      )      3,539
Inventories                                   (6,461      )      (2,179     )
Prepaid expenses and other assets             (827        )      (5,549     )
Accounts payable, accrued expenses and        2,198             (14,011    )
other liabilities
Net cash provided by (used in) operating      5,807             (2,967     )
activities
INVESTING ACTIVITIES
Additions to property, plant and              (4,707      )      (4,122     )
equipment
Proceeds from the sale of property, plant     75                15         
and equipment
Net cash used in investing activities         (4,632      )      (4,107     )
FINANCING ACTIVITIES
Proceeds from long-term debt                  33,598             41,123
Payments of long-term debt                    (37,655     )      (47,806    )
Dividends paid                                (670        )      (666       )
Proceeds from the exercise of stock           1,368              73
options
Tax effect of share-based compensation        285               (479       )
Net cash used in financing activities         (3,074      )      (7,755     )
Effect of exchange rate changes on cash       (2,207      )      1,265      
and cash equivalents
DECREASE IN CASH AND CASH EQUIVALENTS         (4,105      )      (13,564    )
Cash and cash equivalents at beginning of     61,738            54,855     
period
CASH AND CASH EQUIVALENTS AT END OF           $   57,633        $  41,291  
PERIOD
                                                                            

CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
                                                March 31,     December 31,
                                                  2013            2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                         $ 57,633        $  61,738
Short-term investments                            99              101
Trade accounts receivable, less allowance for
doubtful accounts of $1,683 and $1,706,           150,849         150,825
respectively
Inventories                                       201,618         198,005
Prepaid expenses and other current assets         17,647          16,510
Deferred income tax asset                         15,365          15,505
Assets held for sale                              542            542        
Total Current Assets                              443,753        443,226    
PROPERTY, PLANT AND EQUIPMENT, NET                104,756         105,903
OTHER ASSETS:
Goodwill                                          76,535          77,428
Intangibles, net                                  42,954          45,157
Deferred income tax asset                         28,563          30,064
Other assets                                      7,549          8,203      
TOTAL ASSETS                                      $ 704,110      $  709,981 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable                                  $ 90,756        $  80,361
Accrued expenses and other current                58,683          67,235
liabilities
Accrued compensation and benefits                 22,732          26,540
Income taxes payable                              982             393
Notes payable and current portion of              8,000          7,755      
long-term debt
Total Current Liabilities                         181,153        182,284    
LONG-TERM DEBT, NET OF CURRENT PORTION            58,546          62,729
DEFERRED INCOME TAXES                             9,956           10,744
OTHER NON-CURRENT LIABILITIES                     35,636          35,977
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 1,000,000
shares authorized; no shares issued and           —               —
outstanding
Common stock, $0.01 par value; 29,000,000
shares authorized; 17,549,210 and 17,445,687      175             174
shares issued and outstanding at March 31,
2013 and December 31, 2012, respectively
Additional paid-in capital                        264,719         262,744
Retained earnings                                 165,750         158,509
Accumulated other comprehensive loss, net of      (11,825   )     (3,180     )
taxes
Total Shareholders’ Equity                        418,819        418,247    
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY        $ 704,110      $  709,981 
                                                                             

CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
                    Three Months Ended
                      March 31,   April 1,
                      2013          2012
ORDERS (1)
Energy                $ 110.1       $  135.6
Aerospace             42.2          40.2
Flow Technologies     74.5         72.9
Total orders          $ 226.8      $  248.7
                                    
BACKLOG (2)           March 31,     April 1,
                      2013          2012
Energy                $ 217.8       $  195.2
Aerospace             162.7         161.1
Flow Technologies     76.8         76.0
Total backlog         $ 457.3      $  432.3


Note 1: Orders do not include the foreign exchange impact due to the
re-measurement of customer order backlog amounts denominated in foreign
currencies.

Note 2: Backlog includes all unshipped customer orders.

CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
                2012                                                                              2013
                  1ST QTR        2ND QTR        3RD QTR        4TH QTR       TOTAL            1ST QTR
NET REVENUES
Energy            $ 109,264        $ 113,527        $ 109,968        $ 96,582        $ 429,341        $ 96,722
Aerospace         38,085           35,896           31,795           35,316          141,092          37,326
Flow              66,931          70,439          68,041          69,707         275,119         71,350   
Technologies
Total             214,280         219,862         209,804         201,605        845,552         205,398  
* ADJUSTED
OPERATING
MARGIN
Energy            8.2       %      11.1      %      14.0      %      12.5     %      11.4      %      11.1     %
Aerospace         10.8      %      8.8       %      4.2       %      3.5      %      7.0       %      3.5      %
Flow              11.3      %      12.8      %      13.1      %      13.1     %      12.6      %      12.7     %
Technologies
Segment
operating         9.6       %      11.3      %      12.2      %      11.1     %      11.1      %      10.3     %
margin
Corporate         (3.2      )%     (2.9      )%     (3.4      )%     (3.4     )%     (3.2      )%     (3.2     )%
expenses
* Adjusted
operating         6.4       %      8.4       %      8.8       %      7.8      %      7.8       %      7.1      %
margin
Repositioning
inventory         0.0       %      0.0       %      2.0       %      0.0      %      0.5       %      0.1      %
charges
Impairment        0.0       %      0.0       %      4.9       %      0.0      %      1.2       %      0.0      %
charges
Special           0.0       %      0.0       %      0.7       %      1.9      %      0.6       %      0.7      %
charges
Total
operating         6.4       %      8.4       %      1.3       %      5.8      %      5.5       %      6.3      %
margin
* ADJUSTED
OPERATING
INCOME
Energy            8,928            12,580           15,432           12,100          49,040           10,751
Aerospace         4,124            3,153            1,324            1,234           9,835            1,320
Flow              7,587           9,043           8,919           9,105          34,654          9,044    
Technologies
Segment
operating         20,639           24,776           25,675           22,439          93,529           21,115
income
Corporate         (6,939    )      (6,297    )      (7,170    )      (6,802   )      (27,207   )      (6,588   )
expenses
* Adjusted
operating         13,700           18,479           18,505           15,637          66,322           14,528
income
Repositioning
inventory         —                —                4,124            37              4,161            250
charges
Impairment        —                —                10,348           —               10,348           —
charges
Special           —               —               1,377           3,905          5,282           1,378    
charges
Total
operating         13,700          18,479          2,656           11,695         46,531          12,900   
income
INTEREST          (1,081    )      (1,017    )      (1,122    )      (1,038   )      (4,258    )      (787     )
EXPENSE, NET
OTHER             (138      )      (184      )      (564      )      373            (514      )      (612     )
EXPENSE, NET
PRETAX INCOME     12,481           17,278           970              11,030          41,759           11,501
(PROVISION)
BENEFIT FOR       (3,896    )      (6,142    )      899             (1,822   )      (10,960   )      (3,592   )
INCOME TAXES
EFFECTIVE TAX     31.2      %      35.5      %      (92.8     )%     16.5     %      26.2      %      31.2     %
RATE
NET INCOME        $ 8,585         $ 11,136        $ 1,869         $ 9,208        $ 30,799        $ 7,908  
Weighted
Average
Common Shares     17,390           17,451           17,467           17,499          17,452           17,529
Outstanding
(Diluted)
EARNINGS PER
COMMON SHARE      $ 0.49          $ 0.64          $ 0.11          $ 0.53         $ 1.76          $ 0.45   
(Diluted)
ADJUSTED          $ 18,534        $ 23,043        $ 22,809        $ 16,808       $ 81,194        $ 18,682 
EBITDA
ADJUSTED
EBITDA AS A %     8.6       %      10.5      %      10.9      %      8.3      %      9.6       %      9.1      %
OF SALES
CAPITAL           $ 4,122         $ 6,661         $ 3,314         $ 4,073        $ 18,170        $ 4,707  
EXPENDITURES
                                                                                                      
* Adjusted Operating Income & Margin exclude inventory repositioning, impairment and special charges.


CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS
(in thousands, except earnings per share)
UNAUDITED
                 2012                                                               2013
                   1ST QTR    2ND QTR     3RD QTR     4TH QTR     TOTAL         1ST QTR
FREE CASH FLOW
[NET CASH FLOW
FROM OPERATING     $(7,089)     $5,077        $18,746       $25,619       $42,353       $1,100
ACTIVITIES
LESS CAPITAL
EXPENDITURES]
ADD:
Capital            4,122        6,661         3,314         4,073         18,170        4,707
Expenditures
NET CASH (USED
IN) PROVIDED       $(2,967)     $11,738       $22,060       $29,692       $60,523       $5,807
BY OPERATING
ACTIVITIES
NET DEBT
[TOTAL DEBT
LESS CASH &
CASH               $57,263      $54,376       $34,706       $8,645        $8,645        $8,814
EQUIVALENTS
LESS
INVESTMENTS]
ADD:
Cash & Cash        41,291       41,414        48,976        61,738        61,738        57,633
Equivalents
Investments        101          98            102           101           101           99
TOTAL DEBT         $98,655      $95,888       $83,784       $70,484       $70,484       $66,546
DEBT AS % OF       25%          24%           20%           17%           17%           16%
EQUITY
TOTAL DEBT         98,655       95,888        83,784        70,484        70,484        66,546
TOTAL
SHAREHOLDERS'      399,018      397,957       409,016       418,247       418,247       418,819
EQUITY
EBIT [NET
INCOME LESS
INCOME TAXES       $13,562      $ 18,295      $2,092        $12,068       $46,017       $12,287
LESS INTEREST
EXPENSE, NET]
LESS:
Interest           (1,081)      (1,017)       (1,122)       (1,038)       (4,258)       (787)
expense, net
(Provision)
benefit for        (3,896)      (6,142)       899           (1,822)       (10,960)      (3,592)
income taxes
NET INCOME         $8,585       $11,136       $1,869        $9,208        $30,799       $7,908
ADJUSTED
OPERATING
INCOME
[OPERATING
INCOME
EXCLUDING          $13,700      $ 18,479      $18,505       $ 15,600      $ 66,322      $14,528
INVENTORY
REPOSITIONING,
IMPAIRMENT AND
SPECIAL
CHARGES]
LESS:
Inventory
repositioning      —            —             4,124         37            4,161         250
charges
Impairment         —            —             10,348        —             10,348        —
charges
Special            —            —             1,377         3,905         5,282         1,378
charges
OPERATING          $13,700      $18,479       $2,656        $11,695       $46,531       $12,900
INCOME
ADJUSTED
EARNINGS PER
SHARE [EPS
EXCLUDING
INVENTORY          $0.49        $0.64         $0.77         $0.69         $ 2.59        $0.52
REPOSITIONING,
IMPAIRMENT AND
SPECIAL
CHARGES, NET
OF TAX]
LESS:
Inventory
repositioning      $—           $—            $0.17         $—            $0.17         $0.01
charges, net
of tax
Impairment
charges, net       $—           $—            $0.43         $—            $0.43         $—
of tax
Special
charges, net       $—           $—            $0.06         $0.16         $0.22         $0.06
of tax
EARNINGS PER
COMMON SHARE       $0.49        $0.64         $0.11         $0.53         $1.76         $0.45
(Diluted)
                                                                                        
EBITDA [NET
INCOME LESS
NET INTEREST
EXPENSE,           $18,534      $23,043       $  2,092      $ 12,068      $ 65,345      $17,054
DEPRECIATION,
AMORTIZATION
AND INCOME
TAXES]
LESS:
Interest           (1,081)      (1,017)       (1,122)       (1,038)       (4,258)       (787)
expense, net
Depreciation       (4,008)      (3,825)       (3,932)       (3,967)       (15,732)      (4,009)
Amortization       (964)        (923)         (936)         (773)         (3,596)       (758)
(Provision)
benefit for        (3,896)      (6,142)       899           (1,822)       (10,960)      (3,592)
income taxes
NET INCOME         $8,585       $11,136      $1,869       $9,208       $30,799      $7,908
ADJUSTED
EBIDTA [NET
INCOME
EXCLUDING
INVENTORY
REPOSITIONING,
IMPAIRMENT AND
SPECIAL            $18,534      $23,043       $22,809       $20,750       $ 85,136      $18,682
CHARGES, NET
INTEREST
EXPENSE,
DEPRECIATION,
AMORTIZATION
AND INCOME
TAXES]
Inventory
repositioning      $—           $—            $(4,124)      $(37)         $(4,161)      $(250)
charges
Impairment         $—           $—            $(10,348)     $—            $(10,348)     $—
charges
Special            $—           $—            $(1,377)      $(3,905)      $(5,282)      $(1,378)
charges
Interest           $(1,081)     $(1,017)      $(1,122)      $(1,038)      $(4,258)      $(787)
expense, net
Depreciation       $(4,008)     $(3,825)      $(3,932)      $(3,967)      $(15,732)     $(4,009)
Amortization       $(964)       $(923)        $(936)        $(773)        $(3,596)      $(758)
(Provision)
benefit for        $(3,896)     $(6,142)      $899          $(1,822)      $(10,960)     $(3,592)
income taxes
NET INCOME         $8,585       $11,136       $1,869        $9,208        $30,799       $7,908
                                                                                        

CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
UNAUDITED
                                                     2nd Quarter 2013
                                                       Low         High
EXPECTED ADJUSTED EARNINGS PER SHARE [EPS
EXCLUDING INVENTORY REPOSITIONING, IMPAIRMENT AND      $ 0.64        $ 0.70
SPECIAL CHARGES, NET OF TAX]
LESS: REPOSITIONING RELATED CHARGES [INVENTORY
REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET     $ (0.19 )     $ (0.17 )
OF TAX]
                                                                        
EXPECTED EARNINGS PER COMMON SHARE (Diluted)           $ 0.45       $ 0.53  
                                                                             

Contact:

CIRCOR International
Frederic M. Burditt, 781-270-1200
Chief Financial Officer
 
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