Exhibit 99.1

NEWS RELEASE

Company contact:

Anthony Trunzo

FLIR Systems, Inc.

(503) 498-3547

www.flir.com

FLIR Systems Announces Second Quarter

2006 Financial Results

PORTLAND, OR — July 19, 2006 — FLIR Systems, Inc. (NASDAQ:FLIR) announced today that revenue for the second quarter ended June 30, 2006 increased 6% to $138.6 million from $131.0 million for the second quarter of 2005, due to higher revenue from the Company’s Thermography and Commercial Vision Systems divisions. Earnings from operations decreased 10% to $29.0 million, or 21% of revenue, compared with $32.3 million, or 25% of revenue, for the second quarter of 2005. The decline in earnings from operations was attributable to lower profitability in the Company’s Government Systems division, the impact of stock based compensation expense and higher selling and marketing expenses, particularly in the Thermography and Commercial Vision Systems divisions. Net earnings per fully diluted share totaled $0.28, as compared to net earnings per fully diluted share of $0.31 in the second quarter of 2005.

For the first six months of 2006, revenue increased 7% to $255.9 million from $239.3 million for the same period last year. Earnings from operations for the first six months of 2006 decreased 10% to $47.9 million, or 19% of revenue, from $53.5 million, or 22% of revenue, for the first six months of 2005. Net earnings per fully diluted share for the quarter was $0.45, as compared to net earnings per fully diluted share of $0.50 per diluted share for the first six months of 2005.

Revenue from the Company’s Thermography Division increased 15% over the second quarter last year, to $51.8 million, as a result of the recent introduction of several new products, including the InfraCAM^® and the upgraded ThermoVision E-Series^® camera line. During the quarter the Thermography Division also introduced the all new P-Series camera, the P640.

Revenue from the Company’s Government Systems Division decreased by 6% in the second quarter to $62.0 million, due in part to lower sales of land-based products in the Division’s Boston facility.

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FLIR Systems Announces Second Quarter 2006 Financial Results

July 19, 2006

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Revenue from the Company’s Commercial Vision Systems Division increased 25% over the second quarter of last year, to $24.8 million, reflecting strength in the automotive, maritime and OEM businesses.

The backlog of orders for delivery within the next twelve months was approximately $173 million at June 30, 2006, compared to $201 million at March 31, 2006. Lower backlog was attributable to the order delays in the Government Systems Division, both domestically and internationally.

Cash generated from operations totaled $20 million for the second quarter of 2006, and $54 million for the first six months of the year. At June 30, 2006, the Company had cash and cash equivalents of $143 million. During the quarter, the Company repurchased 278,000 shares of its common stock in the open market at an average price of approximately $25 per share.

Earl Lewis, President and CEO of FLIR, stated “Overall second quarter results were consistent with our expectations. Both the Thermography and Commercial Vision Systems divisions saw continued good revenue growth and profitability growth in the quarter and the first half of the year. We expect both of these divisions to continue to do well in the second half. Government Systems Division revenue and orders were less than our expectations. We are slightly lowering our revenue expectations for the year, reflecting continued softness in Government Systems, but maintaining earnings per share guidance within our original range. We believe the long term outlook for the Government Systems business is improving, and expect faster growth in the future. Our selection by Bell as the provider of the Target Acquisition Sensor Suite for the US Army’s Armed Reconnaissance Helicopter program is only one of several significant program opportunities for our BRITE Star II^® system. Production in our Boston facility is improving, and we expect to see better results there in the second half of the year,” he concluded.

Revenue and Earnings Guidance for 2006

The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

Based on its financial results for the first six months of 2006, and the outlook for the remainder of the year, management currently expects revenue for 2006 to be in the range of $570 million to $580 million. This compares with management’s previous expectations for 2006 revenue of $590 million to $600 million. Management currently expects earnings per share for 2006 to be in the previously-announced range of $1.20 to $1.30.

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FLIR Systems Announces Second Quarter 2006 Financial Results

July 19, 2006

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Forward-Looking Statements

The statements in this release by Earl R. Lewis, particularly the expectation that the Thermography and Commercial Vision Systems divisions will continue to do well in the second half of the year, and the statements in the Revenue and Earnings Guidance for 2006 above are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 under existing or future contracts, 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 EDT today. A simultaneous Web Cast of the conference call may be accessed online at www.CompanyBoardroom.com or www.FLIR.com. A replay will be available approximately one hour after the Web Cast at these same Internet addresses. For a telephone replay, dial (800) 633-8284, reservation #21294661 beginning at approximately 1:00 pm EDT.

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.

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FLIR SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2006			2005			2006			2005
Revenue	$	138,550		$	130,966		$	255,889		$	239,283
Cost of goods sold		64,639			59,639			121,130			109,370
Gross profit		73,911			71,327			134,759			129,913
Operating expenses:
Research and development		15,166			13,970			30,395			27,225
Selling, general and administrative		29,696			25,031			56,449			49,227
Total operating expenses		44,862			39,001			86,844			76,452
Earnings from operations		29,049			32,326			47,915			53,461
Interest expense		1,953			1,972			3,877			3,967
Other income, net		(2,725	)		(2,852	)		(3,426	)		(3,586	)
Earnings before income taxes		29,821			33,206			47,464			53,080
Income tax provision		8,410			8,634			13,394			13,801
Net earnings	$	21,411		$	24,572		$	34,070		$	39,279
Net earnings per share:
Basic	$	0.31		$	0.35		$	0.49		$	0.56
Diluted	$	0.28		$	0.31		$	0.45		$	0.50
Weighted average shares outstanding:
Basic		69,109			69,519			69,136			69,536
Diluted		80,801			81,990			81,001			82,273

FLIR SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)(Unaudited)

	June 30, 2006		December 31, 2005
ASSETS
Current assets:
Cash and cash equivalents	$	143,321	$	107,057
Accounts receivable, net		125,894		142,782
Inventories, net		121,903		103,837
Prepaid expenses and other current assets		36,975		33,153
Deferred income taxes, net		18,709		18,709
Total current assets		446,802		405,538
Property and equipment, net		74,629		59,479
Deferred income taxes, net		8,636		8,415
Goodwill		159,634		158,065
Intangible assets, net		44,172		46,901
Other assets		15,783		15,981
	$	749,656	$	694,379
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	35,559	$	34,477
Deferred revenue		11,849		10,297
Accrued payroll and related liabilities		20,383		20,374
Accrued product warranties		5,283		5,059
Advance payments from customers		5,029		5,013
Other current liabilities		9,530		11,626
Accrued income taxes		5,815		3,148
Current portion of long-term debt		7		56
Total current liabilities		93,455		90,050
Long-term debt		206,589		206,155
Deferred tax liability, net		10,641		10,779
Pension and other long-term liabilities		19,210		18,413
Commitments and contingencies
Shareholders’ equity		419,761		368,982
	$	749,656	$	694,379