EX-99.1 2 dex991.htm PRESS RELEASE Press Release
28
Exhibit
99.1

**
*
156%
$27.84
$10.88
Stock Price
77%
10%
43%
Debt-to-capitalization
74%
$33
$129
Debt
58%
19%
45%
Working Capital % of Sales
41%
$85
$143
Working Capital
93%
$20.5
$10.6
Net Income
6.2%
CAGR
43%
$450
$315
Sales
Improvement
CY 2005E
CY 1999
* At Spin-off Oct. 19, 1999
** At close of Feb. 1, 2006
Improvements Since Spin-off
29

2
FY
2005E
Revenues
Operating
Income
Diluted
EPS
Free
Cash Flow
FCF = Cash from Operations less Capital Expenditures less Dividends paid
$450.5
$33.5
$1.27
$28.0
$381.8
$21.9
$0.74
$21.6
+53%
+72%
$6.4
FY
2004
Revenues
•
Positives:  shipment volume & pricing for nearly every
business.
•
Large international oil & gas project shipments very
strong.
•
Acquisitions +7% FY
Operating Income
•
Positives:  sales volume, customer pricing, and
acquisitions.
•
Partial offsets:  higher raw material costs, lower supplier
performance & manufacturing productivity, and higher
special charges.
•
Q404 included a $7.2 charge primarily for slow-moving
inventory.
EPS
•
US GAAP
•
Operating income improvement.
•
Q404 included 29¢
charge for the $7.2 slow-moving
inventory.
•
Includes special charge of $0.06 in 2005; $0.01in 2004.
FCF
•
2005 used $7.4 for two new facilities.
+18%

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED

GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS

(in millions)

UNAUDITED

 

     FY 2005E
  

FREE CASH FLOW [NET CASH PROVIDED BY OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID]

    $ 28.0  

ADD: Capital expenditures

      15.3  

 Dividends paid

      2.4  
    

NET CASH PROVIDED BY OPERATING ACTIVITIES

      45.7  
    

WORKING CAPITAL [CURRENT ASSETS LESS CASH AND CURRENT LIABILITIES]

    $ 85.0  

ADD: Cash and cash equivalents

      31.2  

 Current Liabilities

      109.6  
    

CURRENT ASSETS

    $ 225.8  
    

WORKING CAPITAL AS % OF SALES

      19 %
    

NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS’ EQUITY LESS CASH AND CASH EQUIVALENTS, LESS INVESTMENTS]

    $ 313.2  
    

LESS: Total debt

      (33.5 )

ADD: Cash and cash equivalents

      31.2  

 Investments

      0.1  
    

TOTAL SHAREHOLDERS’ EQUITY

      310.90  

ADD: Total debt

      33.50  
    

TOTAL CAPITAL

    $ 344.40  
    

TOTAL DEBT / TOTAL CAPITAL

      10 %