Attached files
| file | filename |
|---|---|
| EX-99.2 - PRESS RELEASE DATED APRIL 25, 2018 - CIRCOR INTERNATIONAL INC | exhibit992_segmentreorgxap.htm |
| 8-K - 8-K - CIRCOR INTERNATIONAL INC | a8k_segmentreorgxapril2018.htm |
Exhibit 99.1
CIRCOR INTERNATIONAL, INC. | |||||||||||
RECONCILIATION OF SEGMENT INFORMATION TO GAAP OPERATING INCOME | |||||||||||
(in thousands, except percentages) | |||||||||||
UNAUDITED | |||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | ||||||||||||||||||||||
GAAP OPERATING INCOME (LOSS) | $ | 5,495 | $ | 5,347 | $ | 3,513 | $ | (3,437 | ) | $ | 10,918 | $ | 7,354 | $ | 11,404 | $ | 6,864 | $ | (5,054 | ) | $ | 20,568 | |||||||||
LESS: | |||||||||||||||||||||||||||||||
Restructuring related inventory charges | 1,958 | 75 | — | 813 | 2,846 | — | — | — | — | — | |||||||||||||||||||||
Amortization of inventory step-up | — | — | — | 1,366 | 1,366 | — | — | — | 4,300 | 4,300 | |||||||||||||||||||||
Impairment charges | — | — | 208 | — | 208 | — | — | — | — | — | |||||||||||||||||||||
Restructuring charges, net | 1,163 | 3,259 | 2,252 | 2,301 | 8,975 | 1,458 | 3,566 | 341 | 697 | 6,062 | |||||||||||||||||||||
Acquisition amortization | 1,868 | 1,911 | 1,888 | 4,234 | 9,901 | 2,552 | 2,599 | 2,694 | 4,697 | 12,542 | |||||||||||||||||||||
Acquisition depreciation | — | — | — | — | — | — | — | — | 233 | 233 | |||||||||||||||||||||
Special charges (recoveries), net | 776 | 1,334 | 379 | 5,707 | 8,196 | (2,268 | ) | (5,520 | ) | 1,978 | 13,799 | 7,989 | |||||||||||||||||||
ADJUSTED OPERATING INCOME | $ | 11,260 | $ | 11,926 | $ | 8,240 | $ | 10,984 | $ | 42,410 | $ | 9,096 | $ | 12,049 | $ | 11,877 | $ | 18,672 | $ | 51,694 | |||||||||||
GAAP OPERATING MARGIN | 3.6 | % | 3.7 | % | 2.6 | % | (2.2 | )% | 1.8 | % | 5.1 | % | 7.5 | % | 4.3 | % | (2.5 | )% | 3.1 | % | |||||||||||
LESS: | |||||||||||||||||||||||||||||||
Restructuring related inventory charges | 1.3 | % | 0.1 | % | —% | 0.5 | % | 0.5 | % | —% | —% | —% | —% | —% | |||||||||||||||||
Amortization of inventory step-up | —% | —% | —% | 0.9 | % | 0.2 | % | —% | —% | —% | 2.1 | % | 0.6 | % | |||||||||||||||||
Impairment charges | —% | —% | 0.2 | % | —% | —% | —% | —% | —% | —% | —% | ||||||||||||||||||||
Restructuring charges, net | 0.8 | % | 2.2 | % | 1.7 | % | 1.5 | % | 1.5 | % | 1 | % | 2.4 | % | 0.2 | % | 0.3 | % | 0.9 | % | |||||||||||
Acquisition amortization | 1.2 | % | 1.3 | % | 1.4 | % | 2.7 | % | 1.7 | % | 1.8 | % | 1.7 | % | 1.7 | % | 2.3 | % | 1.9 | % | |||||||||||
Acquisition depreciation | —% | —% | —% | —% | —% | —% | —% | —% | 0.1 | % | —% | ||||||||||||||||||||
Special charges (recoveries), net | 0.5 | % | 0.9 | % | 0.3 | % | 3.6 | % | 1.4 | % | (1.6 | )% | (3.7 | )% | 1.2 | % | 6.7 | % | 1.2 | % | |||||||||||
ADJUSTED OPERATING MARGIN | 7.5% | 8.1% | 6.1% | 6.9% | 7.2% | 6.3% | 8.0% | 7.4% | 9.1% | 7.8% | |||||||||||||||||||||
CIRCOR INTERNATIONAL, INC. | |||||||||||||
SEGMENT INFORMATION - COMBINED | |||||||||||||
(in thousands, except percentages) | |||||||||||||
UNAUDITED | |||||||||||||
2016 | 2017 | |||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | |||||||||||||||||||||||
ORDERS - Recast | ||||||||||||||||||||||||||||||||
Energy | $ | 67,221 | $ | 54,506 | $ | 51,508 | $ | 81,511 | $ | 254,746 | $ | 100,012 | $ | 73,140 | $ | 84,857 | $ | 118,073 | $ | 376,082 | ||||||||||||
Aerospace & Defense | 41,144 | 51,518 | 36,402 | 35,663 | 164,727 | 56,416 | 39,902 | 45,939 | 52,043 | 194,300 | ||||||||||||||||||||||
Industrial | 28,418 | 29,293 | 23,408 | 25,143 | 106,262 | 27,654 | 29,889 | 27,296 | 46,407 | 131,246 | ||||||||||||||||||||||
Total | $ | 136,783 | $ | 135,317 | $ | 111,318 | $ | 142,317 | $ | 525,735 | $ | 184,082 | $ | 142,931 | $ | 158,092 | $ | 216,523 | $ | 701,628 | ||||||||||||
ORDERS - Fluid Handling | ||||||||||||||||||||||||||||||||
Energy | $ | 17,138 | $ | 14,632 | $ | 18,918 | $ | 15,481 | $ | 66,169 | $ | 23,679 | $ | 16,882 | $ | 21,401 | $ | 11,803 | $ | 73,765 | ||||||||||||
Aerospace & Defense | 12,721 | 10,195 | 11,154 | 8,210 | 42,280 | 8,255 | 24,375 | 9,716 | 6,816 | 49,162 | ||||||||||||||||||||||
Industrial | 80,564 | 88,545 | 79,658 | 90,656 | 339,423 | 77,944 | 76,866 | 87,378 | 60,193 | 302,381 | ||||||||||||||||||||||
Total | $ | 110,423 | $ | 113,372 | $ | 109,730 | $ | 114,347 | $ | 447,872 | $ | 109,878 | $ | 118,123 | $ | 118,495 | $ | 78,812 | $ | 425,308 | ||||||||||||
ORDERS - Combined | ||||||||||||||||||||||||||||||||
Energy | $ | 84,359 | $ | 69,138 | $ | 70,427 | $ | 96,993 | $ | 320,917 | $ | 123,690 | $ | 90,022 | $ | 106,258 | $ | 129,876 | $ | 449,846 | ||||||||||||
Aerospace & Defense | 53,864 | 61,712 | 47,556 | 43,873 | 207,005 | 64,671 | 64,277 | 55,655 | 58,859 | 243,462 | ||||||||||||||||||||||
Industrial | 108,982 | 117,838 | 103,066 | 115,799 | 445,685 | 105,598 | 106,755 | 114,674 | 106,601 | 433,628 | ||||||||||||||||||||||
Total | $ | 247,205 | $ | 248,688 | $ | 221,049 | $ | 256,665 | $ | 973,607 | $ | 293,959 | $ | 261,054 | $ | 276,587 | $ | 295,336 | $ | 1,126,936 | ||||||||||||
NET REVENUES - Recast | ||||||||||||||||||||||||||||||||
Energy | $ | 79,509 | $ | 76,418 | $ | 65,073 | $ | 84,939 | $ | 305,939 | $ | 76,210 | $ | 78,276 | $ | 88,570 | $ | 96,561 | $ | 339,617 | ||||||||||||
Aerospace & Defense | 42,078 | 40,033 | 38,863 | 45,153 | 166,127 | 41,601 | 43,304 | 41,117 | 56,961 | 182,983 | ||||||||||||||||||||||
Industrial | 29,211 | 29,941 | 30,897 | 28,144 | 118,193 | 27,397 | 29,651 | 30,006 | 52,056 | 139,110 | ||||||||||||||||||||||
Total | $ | 150,798 | $ | 146,392 | $ | 134,833 | $ | 158,236 | $ | 590,259 | $ | 145,208 | $ | 151,231 | $ | 159,693 | $ | 205,578 | $ | 661,710 | ||||||||||||
NET REVENUES - Fluid Handling | ||||||||||||||||||||||||||||||||
Energy | $ | 15,316 | $ | 16,208 | $ | 18,546 | $ | 19,179 | $ | 69,249 | $ | 15,546 | $ | 17,705 | $ | 17,789 | $ | 13,663 | $ | 64,703 | ||||||||||||
Aerospace & Defense | 13,951 | 14,587 | 13,587 | 13,149 | 55,274 | 10,728 | 17,044 | 11,208 | 6,918 | 45,898 | ||||||||||||||||||||||
Industrial | 82,082 | 85,759 | 80,564 | 89,090 | 337,495 | 85,264 | 83,310 | 85,604 | 72,489 | 326,667 | ||||||||||||||||||||||
Total | $ | 111,349 | $ | 116,554 | $ | 112,697 | $ | 121,418 | $ | 462,018 | $ | 111,538 | $ | 118,059 | $ | 114,601 | $ | 93,070 | $ | 437,268 | ||||||||||||
NET REVENUES - Combined | ||||||||||||||||||||||||||||||||
Energy | $ | 94,825 | $ | 92,626 | $ | 83,619 | $ | 104,118 | $ | 375,188 | $ | 91,756 | $ | 95,981 | $ | 106,359 | $ | 110,224 | $ | 404,320 | ||||||||||||
Aerospace & Defense | 56,029 | 54,620 | 52,450 | 58,302 | 221,401 | 52,329 | 60,348 | 52,325 | 63,879 | 228,881 | ||||||||||||||||||||||
Industrial | 111,293 | 115,700 | 111,461 | 117,234 | 455,688 | 112,661 | 112,961 | 115,610 | 124,545 | 465,777 | ||||||||||||||||||||||
Total | $ | 262,147 | $ | 262,946 | $ | 247,530 | $ | 279,654 | $ | 1,052,277 | $ | 256,746 | $ | 269,290 | $ | 274,294 | $ | 298,648 | $ | 1,098,978 | ||||||||||||
Notes: | |||||||||||||
- Items labeled "Recast" represent previously reported CIRCOR information, adjusted to reflect the impact of our February 28, 2018 organizational realignment | |||||||||||||
- Items labeled "Fluid Handling" represent the information from the Fluid Handling businesses prior to their acquisition by CIRCOR on December 10, 2017 | |||||||||||||
- Items labeled "Combined" represent the sum of the Recast and Fluid Handling information | |||||||||||||
- Segment Operating Margin - Combined represent Segment Operating Income - Combined divided by Segment Net Revenues Combined | |||||||||||||
CIRCOR INTERNATIONAL, INC. | |||||||||||||
SEGMENT INFORMATION - COMBINED | |||||||||||||
(in thousands, except percentages) | |||||||||||||
UNAUDITED | |||||||||||||
2016 | 2017 | |||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | |||||||||||||||||||||||
SEGMENT OPERATING INCOME - Recast | ||||||||||||||||||||||||||||||||
Energy | $ | 8,756 | $ | 8,794 | $ | 6,392 | $ | 8,716 | $ | 32,658 | $ | 6,407 | $ | 8,170 | $ | 6,936 | $ | 8,618 | $ | 30,131 | ||||||||||||
Aerospace & Defense | 3,703 | 3,242 | 3,499 | 4,925 | 15,369 | 3,784 | 4,374 | 4,333 | 10,884 | 23,375 | ||||||||||||||||||||||
Industrial | 5,289 | 5,321 | 4,871 | 4,574 | 20,055 | 4,384 | 4,901 | 5,675 | 4,972 | 19,932 | ||||||||||||||||||||||
Corporate expenses | (6,488 | ) | (5,431 | ) | (6,522 | ) | (7,231 | ) | (25,672 | ) | (5,479 | ) | (5,396 | ) | (5,067 | ) | (5,802 | ) | (21,744 | ) | ||||||||||||
Total | $ | 11,260 | $ | 11,926 | $ | 8,240 | $ | 10,984 | $ | 42,410 | $ | 9,096 | $ | 12,049 | $ | 11,877 | $ | 18,672 | $ | 51,694 | ||||||||||||
SEGMENT OPERATING INCOME - Fluid Handling | ||||||||||||||||||||||||||||||||
Energy | $ | (2,368 | ) | $ | (307 | ) | $ | 1,889 | $ | 2,335 | $ | 1,549 | $ | (83 | ) | $ | 1,080 | $ | 1,761 | $ | 812 | $ | 3,570 | |||||||||
Aerospace & Defense | 2,789 | 2,807 | 2,523 | 2,245 | 10,364 | 1,488 | 3,661 | 2,201 | (367 | ) | 6,983 | |||||||||||||||||||||
Industrial | 3,760 | 5,227 | 7,851 | 7,192 | 24,030 | 8,833 | 7,709 | 4,365 | (1,414 | ) | 19,493 | |||||||||||||||||||||
Corporate expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 4,181 | $ | 7,727 | $ | 12,263 | $ | 11,772 | $ | 35,943 | $ | 10,238 | $ | 12,450 | $ | 8,327 | $ | (969 | ) | $ | 30,046 | |||||||||||
SEGMENT OPERATING INCOME - Combined | ||||||||||||||||||||||||||||||||
Energy | $ | 6,388 | $ | 8,487 | $ | 8,281 | $ | 11,051 | $ | 34,207 | $ | 6,324 | $ | 9,250 | $ | 8,697 | $ | 9,430 | $ | 33,701 | ||||||||||||
Aerospace & Defense | 6,492 | 6,049 | 6,022 | 7,170 | 25,733 | 5,272 | 8,035 | 6,534 | 10,517 | 30,358 | ||||||||||||||||||||||
Industrial | 9,049 | 10,548 | 12,722 | 11,766 | 44,085 | 13,217 | 12,610 | 10,040 | 3,558 | 39,425 | ||||||||||||||||||||||
Corporate expenses | (6,488 | ) | (5,431 | ) | (6,522 | ) | (7,231 | ) | (25,672 | ) | (5,479 | ) | (5,396 | ) | (5,067 | ) | (5,802 | ) | (21,744 | ) | ||||||||||||
Total | $ | 15,441 | $ | 19,653 | $ | 20,503 | $ | 22,756 | $ | 78,353 | $ | 19,334 | $ | 24,499 | $ | 20,204 | $ | 17,703 | $ | 81,740 | ||||||||||||
SEGMENT OPERATING MARGIN - Combined | ||||||||||||||||||||||||||||||||
Energy | 6.7 | % | 9.2 | % | 9.9 | % | 10.6 | % | 9.1 | % | 6.9 | % | 9.6 | % | 8.2 | % | 8.6 | % | 8.3 | % | ||||||||||||
Aerospace & Defense | 11.6 | % | 11.1 | % | 11.5 | % | 12.3 | % | 11.6 | % | 10.1 | % | 13.3 | % | 12.5 | % | 16.5 | % | 13.3 | % | ||||||||||||
Industrial | 8.1 | % | 9.1 | % | 11.4 | % | 10 | % | 9.7 | % | 11.7 | % | 11.2 | % | 8.7 | % | 2.9 | % | 8.5 | % | ||||||||||||
Corporate expenses | (2.5 | )% | (2.1 | )% | (2.6 | )% | (2.6 | )% | (2.4 | )% | (2.1 | )% | (2 | )% | (1.8 | )% | (1.9 | )% | (2 | )% | ||||||||||||
Total | 5.9 | % | 7.5 | % | 8.3 | % | 8.1 | % | 7.4 | % | 7.5 | % | 9.1 | % | 7.4 | % | 5.9 | % | 7.4 | % | ||||||||||||
Notes: | ||||||||||||||||||||||||||||||||
- Items labeled "Recast" represent previously reported CIRCOR information, adjusted to reflect the impact of our February 28, 2018 organizational realignment | ||||||||||||||||||||||||||||||||
- Items labeled "Fluid Handling" represent the information from the Fluid Handling businesses prior to their acquisition by CIRCOR on December 10, 2017 | ||||||||||||||||||||||||||||||||
- Items labeled "Combined" represent the sum of the Recast and Fluid Handling information | ||||||||||||||||||||||||||||||||
- Segment Operating Margin - Combined represent Segment Operating Income - Combined divided by Segment Net Revenues Combined | ||||||||||||||||||||||||||||||||
CIRCOR INTERNATIONAL, INC. | |||||||||||
RECONCILIATION OF FLUID HANDLING SEGMENT INFORMATION TO GAAP OPERATING INCOME | |||||||||||
(in thousands, except percentages) | |||||||||||
UNAUDITED | |||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | ||||||||||||||||||||||
FLUID HANDLING GAAP OPERATING INCOME (LOSS) | $ | (2,997 | ) | $ | (1,331 | ) | $ | (9,806 | ) | $ | 3,063 | $ | (11,071 | ) | $ | 4,359 | $ | 19,738 | $ | 2,241 | $ | 3,129 | $ | 29,467 | |||||||
LESS: | |||||||||||||||||||||||||||||||
Asbestos costs | 2,955 | 2,467 | 13,035 | 2,408 | 20,865 | 2,690 | 2,517 | 2,379 | 1,274 | 8,860 | |||||||||||||||||||||
Impairment charges | — | 1,354 | — | — | 1,354 | — | — | — | — | ||||||||||||||||||||||
Exited businesses | 217 | 269 | 249 | 455 | 1,190 | 65 | (26 | ) | (47 | ) | — | (8 | ) | ||||||||||||||||||
Acquisition amortization | 733 | 707 | 692 | 682 | 2,814 | 796 | 810 | 818 | — | 2,424 | |||||||||||||||||||||
Restructuring and other special charges (recoveries) | 3,273 | 4,261 | 8,093 | 5,165 | 20,791 | 2,328 | (10,589 | ) | 636 | (5,372 | ) | (12,997 | ) | ||||||||||||||||||
Stay bonus | — | — | — | — | — | — | — | 2,300 | — | 2,300 | |||||||||||||||||||||
FLUID HANDLING ADJUSTED OPERATING INCOME | $ | 4,181 | $ | 7,727 | $ | 12,262 | $ | 11,772 | $ | 35,943 | $ | 10,238 | $ | 12,450 | $ | 8,327 | $ | (969 | ) | $ | 30,046 | ||||||||||
Notes | |||||||||||||||||||||||||||||||
- Amounts relate to Fluid Handling results prior to December 10, 2017, the date of CIRCOR's acquisition. | |||||||||||||||||||||||||||||||