Exhibit 99.1

PRESS RELEASE

CIRCOR Reports 39% Revenue Growth for First Quarter of 2011

• Adjusted Earnings Per Share Grew by 58%

• Total Orders Increase by 30% Year-Over-Year, Energy Up 72%

• Leslie Subsidiary Emerges from Bankruptcy

• Company Enters into New Credit Agreement for $300 Million with Improved Terms

Burlington, MA – May 5, 2011 – CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the industrial, aerospace and energy markets, today announced financial results for the first quarter ended April 3, 2011.

Management Comments on First-Quarter Results

“CIRCOR is off to a strong start in 2011,” said Chairman and Chief Executive Officer Bill Higgins. “Revenues grew by 39% year over year, and adjusted earnings per share, excluding Leslie asbestos and bankruptcy charges, increased by 58%. Our short-cycle Energy and Flow Technologies end markets are the strongest, benefiting from early-cycle economic activity. Total Orders for the quarter were up 30% year over year; with Energy bookings growing 72%.”

“We are very pleased to have accomplished the final step to permanently resolve Leslie’s asbestos liability. Last week we funded the asbestos trust and Leslie Controls has emerged from bankruptcy.” said Higgins. “In addition, to support our strategic growth, we have entered into a new $300 million, five-year unsecured credit agreement, which provides better terms than our previous arrangement and additional borrowing capacity.”

CIRCOR also announced that Paul M. Coppinger will be leaving the Company May 13, 2011. As President of CIRCOR Energy, Mr. Coppinger led the segment through a period of plant consolidations and lean implementations. Commenting on the Company’s search for a new CIRCOR Energy leader, Mr. Higgins said, “This individual will drive the transition to accelerating global growth both organically and through acquisitions.”

Consolidated Results

Revenues for the first quarter of 2011 were $203.4 million, a 39% increase from $146.3 million generated in the first quarter of 2010. CIRCOR reported net income for the first quarter of 2011 of $7.9 million, or $0.45 per diluted share, compared with net income of $5.7 million, or $0.33 per diluted share, for the first quarter of 2010.

Consolidated adjusted operating earnings, which excludes Leslie asbestos and bankruptcy charges, was $13.8 million for the first quarter of 2011 compared to $7.3 million for first quarter 2010, an increase of 89%.

1

First-quarter 2011 net income included pretax Leslie asbestos and bankruptcy charges of $1.0 million, compared with $0.6 million of pretax asbestos recoveries in the first quarter of 2010. Excluding Leslie asbestos and bankruptcy charges and recoveries net of tax, adjusted earnings per diluted share increased 58% to $0.49 for the first quarter of 2011, compared with $0.31 in the first quarter of 2010.

Consolidated Orders and Free Cash Flow

The Company received orders totaling $221.6 million during the first quarter of 2011, an increase of 30% compared with the first quarter of 2010 and a 4% increase compared with the fourth quarter of 2010. Backlog as of April 3, 2011 was $419.1 million, up 27% from backlog of $330.4 million at April 4, 2010 and up 4% from $404.3 million at December 31, 2010.

During the first quarter of 2011, the Company generated $0.9 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid) compared with using $7.0 million in the first quarter of 2010, primarily due to higher net income and working capital improvements.

Energy

CIRCOR’s Energy segment revenues of $99.2 million for the quarter ended April 3, 2011 represent a 72% increase from $57.7 million for the quarter ended April 4, 2010. The increase included 65% organic growth, 4% growth from acquisitions, and a positive foreign currency adjustment of 3%. The growth was primarily the result of strong shipment volume for large international projects and short-cycle North American business, the acquisition of SF Valves in February, and favorable foreign currency fluctuations.

Incoming orders for the first quarter of 2011 were $113.7 million, an increase of 72% year over year, but down 6% sequentially. The year-over-year growth was primarily due to strength in large international projects, which has rebounded from the low order intake in the previous year. Ending backlog totaled $203.1 million, a 50% increase year over year and a 13% increase sequentially.

For the first quarter of 2011, the Energy segment adjusted operating margin of 6.4% compares with 3.5% for the first quarter of 2010 and 6.7% for the fourth quarter of 2010. The year-over-year increase was driven primarily by the improved margins and revenue in the North American short-cycle businesses, partially offset by pricing pressure on large international projects.

Aerospace

CIRCOR’s Aerospace segment revenues increased by 18% to $32.1 million for the first quarter of 2011 from $27.3 million in the first quarter of 2010. The increase in revenues was driven by 14% growth from acquisitions, 4% organic growth, and a 1% positive foreign currency adjustment.

Incoming orders for the first quarter of 2011 were $32.8 million, a decrease of 6% year over year, but up 7% sequentially. The year-over-year order decrease was primarily due to the timing of military landing gear orders which were high in the first quarter of 2010, partially offset by the positive impact of acquisitions. Ending backlog totaled $135.3 million, an increase of 12% year over year, but down 8% sequentially.

2

The Aerospace segment’s adjusted operating margin was 11.6% for the first quarter of 2011, compared with 13.2% for the first quarter of 2010, and 14.1% for the fourth quarter of 2010. First-quarter 2011 adjusted operating margins decreased year over year primarily as a result of higher costs associated with the integration of the Castle acquisition.

Flow Technologies

CIRCOR’s Flow Technologies segment revenues increased 18% to $72.1 million for the first quarter of 2011 from $61.3 million in the first quarter of 2010. First-quarter 2011 revenues reflected organic growth of 15%, due to continued semiconductor strength and steady progress in process and industrial markets, growth from acquisitions of 2%, and a favorable foreign currency adjustment of 1%.

Incoming orders for this segment were $75.0 million for the first quarter of 2011, an increase of 9% year over year and 24% sequentially. The year-over-year and sequential increase reflects an improvement in most markets except refining and maritime. Ending backlog totaled $80.7 million, an increase of 9% year over year and an increase of 5% sequentially.

This segment’s adjusted operating margin, which excludes the impact of Leslie asbestos and bankruptcy charges, for the first quarter of 2011, was 13.7%, compared with 10.2% in the first quarter of 2010 and 12.5% in the fourth quarter of 2010. The first-quarter year-over-year adjusted operating margin increase was due primarily to higher volumes and associated leverage.

Business and Financial Outlook

“2011 is shaping up to be a year of improving performance for CIRCOR,” said Higgins. “Short cycle bookings for our Energy business remain solid and large international projects are continuing to recover. We expect Energy margins will slowly improve, as we work through the lower margin project backlog. Commercial aerospace has come off the bottom; however, military sales will remain soft for the near-term. The end markets within our Flow Technologies business are healthy.”

CIRCOR currently expects revenues for the second quarter of 2011 in the range of $200 million to $207 million and adjusted earnings are expected to be in the range of $0.42 to $0.52 per diluted share. CIRCOR’s guidance for adjusted earnings per share assumes a 31% tax rate and that exchange rates remain at present levels.

Conference Call Information

CIRCOR International will hold a conference call to review its financial results today, May 5, 2011, 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.

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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. 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. 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 the industrial, aerospace and energy markets. With more than 7,000 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.

Contact:

Frederic M. Burditt

Chief Financial Officer

CIRCOR International

(781) 270-1200

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CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

UNAUDITED

	Three Months Ended
	April 3, 2011			April 4, 2010
Net revenues	$	203,370		$	146,269
Cost of revenues		147,160			103,550
GROSS PROFIT		56,210			42,719
Selling, general and administrative expenses		42,437			35,418
Leslie asbestos and bankruptcy charges (recoveries)		1,001			(648	)
OPERATING INCOME		12,772			7,949
Other expense (income):
Interest income		(43	)		(43	)
Interest expense		816			597
Other expense (income), net		915			(51	)
Total other expense		1,688			503
INCOME BEFORE INCOME TAXES		11,084			7,446
Provision for income taxes		3,178			1,713
NET INCOME	$	7,906		$	5,733
Earnings per common share:
Basic	$	0.46		$	0.34
Diluted	$	0.45		$	0.33
Weighted average common shares outstanding:
Basic		17,163			17,051
Diluted		17,378			17,193

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

UNAUDITED

	Three Months Ended
	April 3, 2011			April 4, 2010
OPERATING ACTIVITIES
Net income	$	7,906		$	5,733
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		3,575			3,228
Amortization		1,418			979
Compensation expense of stock-based plans		1,136			843
Tax effect of share based compensation		(256	)		112
Loss on disposal of property, plant and equipment		2			0
Changes in operating assets and liabilities, net of effects from business acquisitions:
Trade accounts receivable		1,421			(10,734	)
Inventories		(4,622	)		(4,332	)
Prepaid expenses and other assets		(6,781	)		(8,212	)
Accounts payable, accrued expenses and other liabilities		416			9,609
Net cash provided by (used in) operating activities		4,215			(2,774	)
INVESTING ACTIVITIES
Additions to property, plant and equipment		(2,693	)		(3,606	)
Proceeds from the sale of property, plant and equipment		12			13
Purchase of investments		(1	)		0
Business acquisitions, net of cash acquired		(20,221	)		(340	)
Net cash used in investing activities		(22,903	)		(3,933	)
FINANCING ACTIVITIES
Proceeds from long-term debt		60,748			16,110
Payments of long-term debt		(34,778	)		(15,972	)
Dividends paid		(663	)		(639	)
Proceeds from the exercise of stock options		213			256
Tax effect of share based compensation		256			(112	)
Net cash provided by (used in) financing activities		25,776			(357	)
Effect of exchange rate changes on cash and cash equivalents		651			(1,474	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		7,739			(8,538	)
Cash and cash equivalents at beginning of year		45,752			46,350
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	53,491		$	37,812

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

UNAUDITED

	April 3, 2011		December 31, 2010
ASSETS
Current Assets:
Cash & cash equivalents	$	53,491	$	45,752
Short-term investments		107		101
Trade accounts receivable, less allowance for doubtful accounts of $1,249 and $822, respectively		141,280		138,860
Inventories		177,340		167,797
Income taxes refundable		1,806		1,625
Prepaid expenses and other current assets		13,200		5,749
Deferred income tax asset		20,422		20,111
Insurance receivables		38		38
Assets held for sale		542		542
Total Current Assets		408,226		380,575
Property, Plant and Equipment, net		100,251		95,768
Other Assets:
Goodwill		72,843		63,175
Intangibles, net		61,977		62,322
Deferred income tax asset		11,829		11,829
Other assets		11,582		2,526
Total Assets	$	666,708	$	616,195
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	86,099	$	80,577
Accrued expenses and other current liabilities		51,572		51,248
Accrued compensation and benefits		20,354		22,305
Leslie asbestos and bankruptcy related liabilities		79,801		79,831
Income taxes payable		0		38
Notes payable and current portion of long-term debt		8,178		851
Total Current Liabilities		246,004		234,850
Long-Term Debt, net of current portion		22,858		684
Deferred income taxes		400		0
Other Non-Current Liabilities		22,740		23,841
Shareholders’ Equity:
Preferred stock, $.01 par value; 1,000,000 shares authorized; no shares issued and outstanding		0		0
Common stock, $.01 par value; 29,000,000 shares authorized; and 17,202,100 and 17,112,688 issued and outstanding, respectively		172		171
Additional paid-in capital		255,348		254,154
Retained earnings		103,631		96,389
Accumulated other comprehensive income		15,555		6,106
Total Shareholders’ Equity		374,706		356,820
Total Liabilities and Shareholders’ Equity	$	666,708	$	616,195

CIRCOR INTERNATIONAL, INC.

SUMMARY OF ORDERS AND BACKLOG

(in millions)

UNAUDITED

	Three Months Ended
	April 3, 2011		April 4, 2010
ORDERS1
Energy	$	113.7	$	66.2
Aerospace		32.8		34.8
Flow Technologies		75.0		69.1
Total orders	$	221.5	$	170.1
	April 3, 2011		April 4, 2010
BACKLOG2
Energy	$	203.1	$	135.4
Aerospace		135.3	$	121.0
Flow Technologies		80.7	$	74.0
Total backlog	$	419.1	$	330.4

Note 1: Beginning in Q2 2010, orders have been adjusted to exclude the foreign exchange impact from backlog remeasurement. The three months ended April 4, 2010 reflects an increase of $9.0 million.

Note 2: Backlog includes all unshipped customer orders.

CIRCOR INTERNATIONAL, INC.

SUMMARY REPORT BY SEGMENT

(in thousands, except earnings per share)

UNAUDITED

	2010															2011
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			YTD			1ST QTR
NET REVENUES
Energy	$	57,722		$	77,305		$	80,613		$	90,229		$	305,869		$	99,170
Aerospace		27,274			27,811			28,316			35,465			118,866			32,110
Flow Technologies		61,273			62,889			68,648			68,365			261,175			72,090
Total		146,269			168,005			177,577			194,059			685,910			203,370
* ADJUSTED OPERATING MARGIN
Energy		3.5	%		8.3	%		11.1	%		6.7	%		7.7	%		6.4	%
Aerospace		13.2	%		14.6	%		9.6	%		14.1	%		13.0	%		11.6	%
Flow Technologies		10.2	%		10.1	%		13.1	%		12.5	%		11.5	%		13.7	%
Segment operating margin		8.1	%		10.0	%		11.7	%		10.1	%		10.1	%		9.8	%
Corporate expenses		-3.1	%		-3.1	%		-2.7	%		-3.3	%		-3.1	%		-3.0	%
* Adjusted operating margin		5.0	%		6.9	%		8.9	%		6.7	%		7.0	%		6.8	%
Leslie asbestos and bankruptcy charges (recoveries)		-0.4	%		17.2	%		1.3	%		1.1	%		4.8	%		0.5	%
Total operating margin		5.4	%		-10.3	%		7.6	%		5.6	%		2.2	%		6.3	%
* ADJUSTED OPERATING INCOME
Energy		2,025			6,424			8,968			6,024			23,441			6,393
Aerospace		3,607			4,067			2,726			5,002			15,402			3,727
Flow Technologies		6,276			6,367			8,997			8,512			30,152			9,854
Segment operating income		11,908			16,858			20,691			19,538			68,995			19,974
Corporate expenses		(4,607	)		(5,274	)		(4,859	)		(6,494	)		(21,234	)		(6,201	)
* Adjusted operating income		7,301			11,584			15,832			13,044			47,761			13,773
Leslie asbestos and bankruptcy charges (recoveries)		(648	)		28,908			2,343			2,173			32,776			1,001
Total operating income		7,949			(17,325	)		13,490			10,871			14,986			12,772
INTEREST EXPENSE, NET		(554	)		(586	)		(734	)		(641	)		(2,515	)		(773	)
OTHER (EXPENSE) INCOME, NET		51			(258	)		853			(608	)		38			(915	)
PRETAX INCOME (LOSS)		7,446			(18,169	)		13,609			9,622			12,508			11,084
(PROVISION) BENEFIT FOR INCOME TAXES		(1,713	)		6,928			(3,210	)		(1,890	)		115			(3,178	)
EFFECTIVE TAX RATE		23.0	%		38.1	%		23.6	%		19.6	%		-0.9	%		28.7	%
NET INCOME (LOSS)	$	5,733		$	(11,241	)	$	10,399		$	7,732		$	12,624		$	7,906
Weighted Average Common Shares Outstanding (Diluted)		17,193			17,109			17,258			17,378			17,297			17,378
EARNINGS PER COMMON SHARE (Diluted)	$	0.33		$	(0.66	)	$	0.60		$	0.44		$	0.73		$	0.45
EBIT	$	8,000		$	(17,583	)	$	14,343		$	10,263		$	15,024		$	11,857
Depreciation		3,228			3,115			3,166			3,566			13,075			3,575
Amortization of intangibles		979			964			1,122			1,236			4,301			1,418
EBITDA	$	12,207		$	(13,504	)	$	18,631		$	15,065		$	32,400		$	16,850
EBITDA AS A PERCENT OF SALES		8.3	%		-8.0	%		10.5	%		7.8	%		4.7	%		8.3	%
CAPITAL EXPENDITURES	$	3,606		$	4,580		$	3,213		$	3,513		$	14,913		$	2,693

* Adjusted Operating Income & Margin excludes Special, Impairment, and Leslie asbestos and bankruptcy charges.

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED

GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS

(in thousands)

UNAUDITED

	2010															2011
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			YTD			1ST QTR
FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID]	$	(7,019	)	$	11,947		$	(3,566	)	$	15,560		$	16,921		$	859
ADD: Capital expenditures		3,606			4,580			3,213			3,513			14,913			2,693
Dividends paid		639			640			703			661			2,643			663
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(2,774	)	$	17,167		$	350		$	19,734		$	34,477		$	4,215
NET DEBT (CASH) [TOTAL DEBT LESS CASH & CASH EQUIVALENTS LESS INVESTMENTS]	$	(52,713	)	$	(55,976	)	$	(26,225	)	$	(44,318	)	$	(44,318	)	$	(22,562	)
ADD:
Cash & cash equivalents		37,812			60,857			68,526			45,752			45,752			53,491
Investments		22,412			94			97			101			101			107
TOTAL DEBT	$	7,511		$	4,975		$	42,398		$	1,535		$	1,535		$	31,036
DEBT AS % OF EQUITY		2	%		2	%		12	%		0	%		0	%		8	%
TOTAL DEBT		7,511			4,975			42,398			1,535			1,535			31,036
TOTAL SHAREHOLDERS’ EQUITY		349,244			324,128			351,719			356,820			356,820			374,706
EBIT [NET INCOME LESS INCOME TAXES LESS INTEREST EXPENSE, NET]	$	8,000		$	(17,583	)	$	14,343		$	10,263		$	15,023		$	11,857
LESS:
Interest expense, net		(554	)		(586	)		(734	)		(641	)		(2,515	)		(773	)
Provision for income taxes		(1,713	)		6,928			(3,210	)		(1,890	)		115			(3,178	)
NET INCOME	$	5,733		$	(11,241	)	$	10,399		$	7,732		$	12,624		$	7,906
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET, LESS DEPRECIATION LESS AMORTIZATION LESS INCOME TAXES]	$	12,207		$	(13,504	)	$	18,631		$	15,065		$	32,399		$	16,850
LESS:
Interest expense, net		(554	)		(586	)		(734	)		(641	)		(2,515	)		(773	)
Depreciation		(3,228	)		(3,115	)		(3,166	)		(3,566	)		(13,075	)		(3,575	)
Amortization		(979	)		(964	)		(1,122	)		(1,236	)		(4,301	)		(1,418	)
Provision for income taxes		(1,713	)		6,928			(3,210	)		(1,890	)		115			(3,178	)
NET INCOME	$	5,733		$	(11,241	)	$	10,399		$	7,732		$	12,624		$	7,906
ADJUSTED INCOME [NET INCOME EXCLUDING SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX]	$	5,312		$	7,549		$	11,922		$	9,144		$	33,928		$	8,557
LESS:
Leslie asbestos and bankruptcy charges (recoveries), net of tax		(421	)		18,790			1,523			1,412			21,304			651
NET INCOME	$	5,733		$	(11,241	)	$	10,399		$	7,732		$	12,624		$	7,906
ADJUSTED WEIGHTED AVERAGE SHARES		N/A			17,109			N/A			N/A			N/A			N/A
Adjustment for anti-dilutive conversion of shares		0			153			0			0			0			0
Weighted average common shares outstanding (diluted)		17,193			17,262			17,258			17,378			17,297			17,378
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX]	$	0.31		$	0.44		$	0.69		$	0.53		$	1.97		$	0.49
LESS:
Leslie asbestos and bankruptcy charges (recoveries), net of tax impact on EPS		(0.02	)		1.10			0.09			0.08			1.24			0.04
EARNINGS PER COMMON SHARE (Diluted)	$	0.33		$	(0.66	)	$	0.60		$	0.44		$	0.73		$	0.45

CIRCOR INTERNATIONAL, INC

Leslie Controls Asbestos Items

(in thousands, except case information)

	2010															2011
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			YTD			1ST QTR
Quarterly Case Rollforward
Beginning open cases		1,104			1,150			1,214			1,340			1,104			1,340
Cases filed		150			169			132			—			451			—
Cases resolved and dismissed		(104	)		(105	)		(6	)		—			(215	)		—
Ending open cases		1,150			1,214			1,340			1,340			1,340			1,340
Ending open mesothelioma cases		623			672			713			713			713			713
Income Statement Amounts
Indemnity costs accrued (cases filed)	$	699		$	1,797		$	—		$	—		$	2,496		$	—
Adverse verdict costs (recoveries)		65			(2,455	)		—			—			(2,390	)		—
Defense costs incurred		3,731			3,435			16			319			7,501			—
Insurance recoveries adjustment		(3,652	)		—			—			—			(3,652	)		—
Insurance recoveries accrued		(1,491	)		(1,135	)		—			—			(2,626	)		—
Leslie Bankruptcy related charges, net		—			27,266			2,327			1,854			31,447			1,001
Net pre-tax Leslie asbestos and bankruptcy expense (recovery)	$	(648	)	$	28,908		$	2,343		$	2,173		$	32,776		$	1,001
Balance Sheet Amounts
Bankruptcy and indemnity liability	$	57,732		$	78,976		$	78,067		$	77,689					$	77,659
Incurred defense cost liability		2,099			3,455			1,997			2,142						2,142
Insurance recoveries receivable		(7,997	)		(1,180	)		(194	)		(38	)					(38	)
Net Leslie asbestos liability	$	51,834		$	81,251		$	79,870		$	79,793					$	79,763

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY

USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS

UNAUDITED

	2nd QTR 2011
	Low		High
EXPECTED ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX]	$	0.42	$	0.52
LESS:
Expected special charges (recoveries), net of tax impact on EPS	$	—	$	—
Expected impairment charges, net of tax impact on EPS	$	—	$	—
Expected Leslie asbestos and bankruptcy charges, net of tax impact on EPS	$	—	$	—
EXPECTED EARNINGS PER COMMON SHARE (Diluted)	$	0.42	$	0.52