PORTLAND, Ore.--(BUSINESS
WIRE)--Feb. 2, 2005-- Company Reiterates Fiscal 2005
Financial Outlook
FLIR Systems, Inc. (NASDAQ:FLIR) announced today
that net earnings for the fourth quarter ended December
31, 2004 increased 61% to $24.1 million, or $0.31
per diluted share, after giving effect to the two-for-one
stock split effective as of February 2, 2005. This
compares to net earnings for the fourth quarter
of 2003 of $15.0 million, or $0.21 per diluted share
when adjusted for the two-for-one stock split, and
the effect of the assumed conversion of the Company's
convertible notes. Revenue for the 2004 fourth quarter
increased 48% to $143.7 million, up from $97.4 million
for the fourth quarter of 2003. Revenue at the Company's
Imaging division increased 55%, while revenue at
the Company's Thermography division increased 36%
as compared to the fourth quarter last year.
For the twelve months ended December 31, 2004,
net earnings rose 60% to a record $71.5 million,
or $0.94 per diluted share, compared to net earnings
for the full year 2003 of $44.7 million, or $0.62
per diluted share, both when adjusted for the two-for-one
stock split, and the effect of the assumed conversion
of the Company's convertible notes. Revenue for
2004 was $482.7 million, an increase of 55% from
the $312 million generated in 2003. Revenue from
the Company's Imaging division increased by 65%,
while revenue from the Company's Thermography division
increased by 37% compared to the prior year.
Cash generated from operations totaled $14.5 million
for the fourth quarter and $75.1 million for 2004.
At 12/31/2004 the Company had cash on hand of $120.7
million.
The backlog of firm orders for delivery within
the next twelve months was approximately $159 million
at December 31, 2004 as compared to $146 million
at December 31, 2003.
"2004 was another excellent year for FLIR.
We achieved record revenue and net earnings as both
of our divisions grew strongly. We also made progress
toward many of our longer term objectives, including
the integration of Indigo Systems, which was acquired
last January, and the expansion of our global Thermography
distribution network," commented Earl R. Lewis,
President and CEO of FLIR. "Looking to 2005,
we expect growth to moderate somewhat from the very
rapid pace of 2004, but remain strong. We are thus
reiterating our outlook for 2005 revenue and earnings
per share. Our current expectation is for full year
revenue in the range of $545 to $560 million, and
net earnings in the range of $1.12 to $1.18 per
fully diluted share, after giving effect to the
two-for-one stock split effective today. We are
very proud of FLIR's accomplishments in 2004 and
are excited about the prospects for 2005 and beyond,"
he concluded.
Forward-Looking Statements
The statements in this release by Earl R. Lewis
regarding the Company's expectation of moderating
but continued strong growth and its outlook for
2005 as to revenue and net earnings 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. 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.
Conference Call
FLIR has scheduled a conference call at 11:00 am
EST today. A simultaneous webcast will be available
from the Investor Relations link at www.FLIR.com.
A replay will be available after 1:00 PM EST at
this same internet address. For a telephone replay,
dial 800-633-8284, reservation #21230155, after
1:00 PM EST.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design,
manufacture and marketing of thermal imaging and
stabilized camera systems for a wide variety of
thermography and imaging applications including
condition monitoring, research and development,
manufacturing process control, airborne observation
and broadcast, search and rescue, drug interdiction,
surveillance and reconnaissance, navigation safety,
border and maritime patrol, environmental monitoring
and ground-based security. Visit the company's web
site at www.FLIR.com.
The full financial statement may be seen here.
