Exhibit 99.1

NEWS RELEASE   Company Contact: Tony Trunzo +1 503.498.3547 www.flir.com

FLIR Systems Announces Third Quarter 2008 Financial

Results

Achieves Quarterly Record for Revenue, Operating Income, Earnings per

Share, Operating Cash Flow and Ending Backlog

PORTLAND, OR - October 23, 2008 — FLIR Systems, Inc. (NASDAQ:FLIR) today announced financial results for the third quarter ended September 30, 2008. Revenue was $276.7 million, up 45% compared to third quarter 2007 revenue of $191.1 million. Operating income for the quarter was $76.7 million, up 48% from $51.8 million in the third quarter of 2007. Net income for the quarter was $55.6 million, or $0.35 per diluted share, compared with net income of $34.8 million, or $0.22 per diluted share on a split-adjusted basis, in the third quarter a year ago. Cash provided by operations during the quarter was $66.4 million.

Revenue from the Company’s Government Systems division increased 57% over the third quarter of 2007, to a record $151.7 million, driven by strength in land-based and maritime applications. Revenue from the Company’s Commercial Vision Systems division increased 34% over the third quarter of last year, to $45.8 million, reflecting strong growth in each served market. Revenue from the Company’s Thermography division increased 32% over the third quarter of last year, to $79.2 million. Excluding the impact of the Extech Instruments and Cedip Infrared Systems acquisitions, Thermography revenue increased 7% during the third quarter, due to increased demand for the T-Series and i5 product lines, and reduced demand for high end products, including GasFindIR^®.

The backlog of firm orders for delivery within the next twelve months was approximately $650 million at September 30, 2008, an increase of $78 million compared with backlog at June 30, 2008. Backlog in the Government System’s division was $547 million, up $83 million during the quarter due to strong order activity both in the U.S. and internationally. Backlog in the Commercial Vision System’s division was $81 million, down $5 million during the quarter. Backlog in the Thermography division was $22 million, unchanged from the prior quarter.

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FLIR Systems Announces Third Quarter 2008 Financial Results

October 23, 2008

Page Two

During the quarter, the Company repurchased 681,000 shares of its common stock for $22.9 million, and expended $5.0 million for the purchase of property, plant, and equipment. At September 30, 2008, cash and cash equivalents were $206.1 million, compared with $177.0 million at June 30, 2008.

“The third quarter was another outstanding quarter for the Company, as we set quarterly records for orders, backlog, revenue, operating profit, operating cash flow, and earnings per share” noted Earl R. Lewis, President and CEO. “Demand was excellent, particularly in our Government Systems division, as we continue to expand our base of long term contracts. Based on the quarter’s results, and the expectations for the remainder of the year, we are narrowing the range of our outlook for the year.”

Revenue and Earnings Per Share Outlook for 2008

Based on the financial results for the quarter, and the outlook for the remainder of the year, the Company is revising the range of its revenue and earnings per share outlook for 2008 to the upper end of the previous range. The Company currently expects net revenue in fiscal 2008 to be in the range of $1.075 billion to $1.1 billion, and net earnings to be in the range of $1.21 to $1.25 per diluted share. This guidance utilizes a planned tax rate for the year of approximately 30%, and an average share count of approximately 163 million diluted shares.

Conference Call

FLIR has scheduled a conference call at 11:00 am EDT today. A simultaneous webcast will be available from the Investor Relations link at www.FLIR.com. A replay will be available after 2:30 PM EDT at this same internet address. For a telephone replay, dial (800) 642-1687, Conference ID #66411502 after 2:30 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 Announces Third Quarter 2008 Financial Results

October 23, 2008

Page Three

Forward-Looking Statements

The statements in this release by Earl R. Lewis and the statements in the section captioned “Revenue and Earnings Per Share Outlook for 2008” 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: the possibility that the Company will experience difficulties in the integration of the operations, employees, strategies, technologies and products of Extech or Cedip, the potential inability to realize expected benefits and synergies from the Extech or Cedip transactions, 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, the timely receipt of export licenses for international shipments, constraints on supplies of critical components, excess or shortage of production capacity, the ability to manufacture and ship the products in the time period required, 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, or for changes made to this document by wire services or Internet service providers.

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FLIR SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF INCOME

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2008			2007			2008			2007
Revenue	$	276,740		$	191,104		$	774,624		$	536,763
Cost of goods sold		121,478			84,081			341,969			240,772
Gross profit		155,262			107,023			432,655			295,991
Operating expenses:
Research and development		21,639			15,692			68,296			51,623
Selling, general and administrative		56,973			39,508			167,946			115,400
Total operating expenses		78,612			55,200			236,242			167,023
Earnings from operations		76,650			51,823			196,413			128,968
Interest expense		2,110			2,245			6,880			7,549
Other income, net		(4,956	)		(957	)		(8,627	)		(4,535	)
Earnings before income taxes		79,496			50,535			198,160			125,954
Income tax provision		23,863			15,770			59,750			35,840
Net earnings	$	55,633		$	34,765		$	138,410		$	90,114
Net earnings per share:
Basic	$	0.40		$	0.26		$	1.00		$	0.67
Diluted	$	0.35		$	0.22		$	0.87		$	0.59
Weighted average shares outstanding:
Basic		139,211			135,130			138,090			133,577
Diluted		163,124			159,535			162,393			157,892

FLIR SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)(Unaudited)

	September 30, 2008		December 31, 2007
ASSETS
Current assets:
Cash and cash equivalents	$	206,103	$	203,681
Accounts receivable, net		241,652		203,371
Inventories, net		215,118		179,366
Prepaid expenses and other current assets		75,116		58,056
Deferred income taxes, net		10,961		11,033
Total current assets		748,950		655,507
Property and equipment, net		124,929		120,873
Deferred income taxes, net		3,532		2,237
Goodwill		224,668		176,230
Intangible assets, net		61,081		52,819
Other assets		24,715		16,650
	$	1,187,875	$	1,024,316
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Notes payable	$	1,110	$	19,000
Accounts payable		63,286		53,990
Deferred revenue		31,471		19,612
Accrued payroll and related liabilities		39,069		39,431
Accrued product warranties		7,964		6,594
Advance payments from customers		16,012		9,156
Other current liabilities		22,505		14,600
Accrued income taxes		—		3,752
Current portion of long-term debt		21		7
Total current liabilities		181,438		166,142
Long-term debt		208,572		207,889
Deferred income taxes		1,649		1,902
Accrued income taxes		5,114		4,295
Pension and other long-term liabilities		23,306		20,813
Commitments and contingencies
Shareholders’ equity		767,796		623,275
	$	1,187,875	$	1,024,316