Attached files
| file | filename |
|---|---|
| EX-99.2 - PRESS RELEASE DATED JANUARY 17, 2017 - CIRCOR INTERNATIONAL INC | reorg_exhibit992.htm |
| 8-K - 8-K - CIRCOR INTERNATIONAL INC | a8-kreorg.htm |
CIRCOR INTERNATIONAL, INC EXHIBIT 99.1
SEGMENT INFORMATION
(in thousands, except percentages)
UNAUDITED
2014 | 2015 | 2016 | ||||||||||||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | YTD | |||||||||||||||||||||||||||||
NET REVENUES | ||||||||||||||||||||||||||||||||||||||||||
Energy | $ | 132,239 | $ | 137,379 | $ | 134,093 | $ | 149,261 | $ | 552,972 | $ | 105,619 | $ | 97,753 | $ | 88,679 | $ | 91,604 | $ | 383,655 | $ | 83,409 | $ | 80,736 | $ | 68,901 | $ | 233,046 | ||||||||||||||
Advanced Flow Solutions | 78,947 | 70,505 | 69,725 | 69,297 | 288,474 | 60,241 | 69,153 | 70,579 | 72,639 | 272,612 | 67,389 | 65,656 | 65,932 | 198,977 | ||||||||||||||||||||||||||||
Total | $ | 211,186 | $ | 207,884 | $ | 203,818 | $ | 218,558 | $ | 841,446 | $ | 165,860 | $ | 166,906 | $ | 159,258 | $ | 164,243 | $ | 656,267 | $ | 150,798 | $ | 146,392 | $ | 134,833 | $ | 432,023 | ||||||||||||||
SEGMENT OPERATING INCOME | ||||||||||||||||||||||||||||||||||||||||||
Energy | $ | 16,495 | $ | 20,048 | $ | 22,539 | $ | 20,658 | $ | 79,740 | $ | 15,011 | $ | 12,926 | $ | 12,153 | $ | 10,296 | $ | 50,386 | $ | 9,296 | $ | 9,293 | $ | 6,755 | $ | 25,344 | ||||||||||||||
Advanced Flow Solutions | 10,393 | 6,816 | 6,333 | 6,342 | 29,884 | 5,584 | 7,576 | 10,077 | 10,574 | 33,811 | 8,452 | 8,064 | 8,008 | 24,524 | ||||||||||||||||||||||||||||
Corporate expenses | (7,137 | ) | (4,634 | ) | (5,678 | ) | (5,965 | ) | (23,415 | ) | (6,034 | ) | (5,477 | ) | (6,078 | ) | (4,122 | ) | (21,710 | ) | (6,488 | ) | (5,431 | ) | (6,522 | ) | (18,441 | ) | ||||||||||||||
Total | $ | 19,750 | $ | 22,231 | $ | 23,194 | $ | 21,035 | $ | 86,209 | $ | 14,561 | $ | 15,025 | $ | 16,152 | $ | 16,748 | $ | 62,487 | $ | 11,260 | $ | 11,926 | $ | 8,240 | $ | 31,426 | ||||||||||||||
SEGMENT OPERATING MARGIN % | ||||||||||||||||||||||||||||||||||||||||||
Energy | 12.5 | % | 14.6 | % | 16.8 | % | 13.8 | % | 14.4 | % | 14.2 | % | 13.2 | % | 13.7 | % | 11.2 | % | 13.1 | % | 11.1 | % | 11.5 | % | 9.8 | % | 10.9 | % | ||||||||||||||
Advanced Flow Solutions | 13.2 | % | 9.7 | % | 9.1 | % | 9.2 | % | 10.4 | % | 9.3 | % | 11.0 | % | 14.3 | % | 14.6 | % | 12.4 | % | 12.5 | % | 12.3 | % | 12.1 | % | 12.3 | % | ||||||||||||||
Corporate expenses | (3.4 | )% | (2.2 | )% | (2.8 | )% | (2.7 | )% | (2.8 | )% | (3.6 | )% | (3.3 | )% | (3.8 | )% | (2.5 | )% | (3.3 | )% | (4.3 | )% | (3.7 | )% | (4.8 | )% | (4.3 | )% | ||||||||||||||
Total | 9.4 | % | 10.7 | % | 11.4 | % | 9.6 | % | 10.2 | % | 8.8 | % | 9.0 | % | 10.1 | % | 10.2 | % | 9.5 | % | 7.5 | % | 8.1 | % | 6.1 | % | 7.3 | % | ||||||||||||||
Notes:
- The information above represents financial information adjusted to reflect the impact of our October 28, 2016 organizational realignment.
- This document is supplemental to related information previously included in (i) the Company’s financial statements set forth in its annual and quarterly periodic reports filed with the Securities and Exchange Commission ("SEC") for periods commencing and subsequent to January 1, 2014; (ii) prior earnings releases issued for periods commencing and subsequent to January 1, 2014 (and which were included in the Company’s Current Reports on Form 8-K); and (iii) the Company’s 2014 and 2015 Forms 10-K and the 2014, 2015, and 2016 Forms 10-Q filed with the SEC.
CIRCOR INTERNATIONAL, INC
RECONCILIATION OF SEGMENT INFORMATION TO GAAP OPERATING INCOME
(in thousands, except percentages)
UNAUDITED
2014 | 2015 | 2016 | ||||||||||||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | YTD | |||||||||||||||||||||||||||||
GAAP Operating Income (Loss) | $ | 20,907 | $ | 15,834 | $ | 19,866 | $ | 8,150 | $ | 64,756 | $ | 12,331 | $ | 5,090 | $ | (3,529 | ) | $ | 12,281 | $ | 26,174 | $ | 5,495 | $ | 5,347 | $ | 3,513 | $ | 14,355 | |||||||||||||
Restructuring related inventory charges | — | 5,139 | 2,850 | — | 7,989 | — | 2,005 | 6,412 | 974 | 9,391 | 1,958 | 75 | — | 2,033 | ||||||||||||||||||||||||||||
Impairment charges | — | — | — | 726 | 726 | — | — | 2,502 | — | 2,502 | — | — | 208 | 208 | ||||||||||||||||||||||||||||
Special restructuring charges, net | 786 | 1,257 | 478 | 2,725 | 5,246 | 1,512 | 3,127 | 342 | (347 | ) | 4,634 | 1,163 | 3,259 | 2,252 | 6,674 | |||||||||||||||||||||||||||
Intangible acquisition amortization | — | — | — | — | — | — | 2,110 | 2,490 | 2,238 | 6,838 | 1,868 | 1,911 | 1,888 | 5,667 | ||||||||||||||||||||||||||||
Special other charges, net of recoveries | (1,943 | ) | — | — | 9,434 | 7,491 | (1 | ) | 183 | 7,935 | 1,603 | 9,720 | 776 | 1,334 | 379 | 2,489 | ||||||||||||||||||||||||||
Brazil restatement impact | — | — | — | — | — | 719 | 2,509 | — | — | 3,228 | — | — | — | — | ||||||||||||||||||||||||||||
Total Segment Operating Income | $ | 19,750 | $ | 22,231 | $ | 23,194 | $ | 21,035 | $ | 86,209 | $ | 14,561 | $ | 15,025 | $ | 16,152 | $ | 16,748 | $ | 62,487 | $ | 11,260 | $ | 11,926 | $ | 8,240 | $ | 31,426 | ||||||||||||||
GAAP Operating Margin | 9.9 | % | 7.6 | % | 9.7 | % | 3.7 | % | 7.7 | % | 7.4 | % | 3.0 | % | (2.2 | )% | 7.5 | % | 4.0 | % | 3.6 | % | 3.7 | % | 2.6 | % | 3.3 | % | ||||||||||||||
Restructuring related inventory charges | — | % | 2.5 | % | 1.4 | % | — | % | 0.9 | % | — | % | 1.2 | % | 4.0 | % | 0.6 | % | 1.4 | % | 1.3 | % | 0.1 | % | — | % | 0.5 | % | ||||||||||||||
Impairment charges | — | % | — | % | — | % | 0.3 | % | 0.1 | % | — | % | — | % | 1.6 | % | — | % | 0.4 | % | — | % | — | % | 0.2 | % | 0.1 | % | ||||||||||||||
Special restructuring charges, net | 0.4 | % | 0.6 | % | 0.2 | % | 1.2 | % | 0.6 | % | 0.9 | % | 1.9 | % | 0.2 | % | (0.2 | )% | 0.7 | % | 0.8 | % | 2.2 | % | 1.7 | % | 1.5 | % | ||||||||||||||
Intangible acquisition amortization | — | % | — | % | — | % | — | % | — | % | — | % | 1.3 | % | 1.6 | % | 1.4 | % | 1.0 | % | 1.2 | % | 1.3 | % | 1.4 | % | 1.3 | % | ||||||||||||||
Special other charges, net of recoveries | (0.9 | )% | — | % | — | % | 4.3 | % | 0.9 | % | — | % | 0.1 | % | 5.0 | % | 1.0 | % | 1.5 | % | 0.5 | % | 0.9 | % | 0.3 | % | 0.6 | % | ||||||||||||||
Brazil restatement impact | — | % | — | % | — | % | — | % | — | % | 0.4 | % | 1.5 | % | — | % | — | % | 0.5 | % | — | % | — | % | — | % | — | % | ||||||||||||||
Total Segment Operating Margin | 9.4 | % | 10.7 | % | 11.4 | % | 9.6 | % | 10.2 | % | 8.8 | % | 9.0 | % | 10.1 | % | 10.2 | % | 9.5 | % | 7.5 | % | 8.1 | % | 6.1 | % | 7.3 | % | ||||||||||||||
Notes:
- The information above represents financial information adjusted to reflect the impact of our October 28, 2016 organizational realignment.
- This document is supplemental to related information previously included in (i) the Company’s financial statements set forth in its annual and quarterly periodic reports filed with the Securities and Exchange Commission ("SEC") for periods commencing and subsequent to January 1, 2014; (ii) prior earnings releases issued for periods commencing and subsequent to January 1, 2014 (and which were included in the Company’s Current Reports on Form 8-K); and (iii) the Company’s 2014 and 2015 Forms 10-K and the 2014, 2015, and 2016 Forms 10-Q filed with the SEC. The SEC filings provide further description regarding the adjustments to operating income or margin.