FLIR Systems announce 10% revenue hike

FLIR Systems has announced that revenue for the second quarter ended June 30, 2005 increased 10% to $131.0 million from $119.3 million for the second quarter of 2004.

FLIR Systems has announced that revenue for the second quarter ended June 30, 2005 increased 10% to $131.0 million from $119.3 million for the second quarter of 2004.

Earnings from operations increased 19% to $32.3 million, or 25% of revenue, compared with $27.2 million, or 23% of revenue, for the second quarter of 2004.

Net earnings for this year's second quarter increased 37% to $24.6 million, or $0.31 per diluted share, compared to net earnings for the second quarter of 2004 of $17.9 million, or $0.24 per diluted share.

All per share amounts have been adjusted to reflect the 2-for-1 stock split that was effective on February 2, 2005.

For the first six months of 2005, revenue increased 5% to $239.3 million from $228.2 million for the same period last year.

Earnings from operations for the first six months of 2005 increased 9% to $53.5 million, or 22% of revenue, from $49.1 million, also 22% of revenue, for the first six months of 2004.

Net earnings increased 28% to $39.3 million, or $0.50 per diluted share, compared to net earnings of $30.6 million, or $0.41 per diluted share, for the first six months of 2004.

Revenue from the Company's Thermography division increased 18% over the second quarter last year, as a result of continued strong demand for the company's E-Series camera line, as well as continued strength in the OEM segment.

Revenue from the Company's Imaging division increased 6% over the second quarter of last year, reflecting good demand for the company's large stabilised camera systems, as well as improved demand in the company's land systems business.

The backlog of orders for delivery within the next twelve months was approximately $170 million at June 30, 2005, compared to $165 million at March 31, 2005.

Cash generated from operations totalled $19 million for the second quarter of 2005, and $31 million for the first six months of the year.

At June 30, 2005, the Company had cash and cash equivalents of $108 million.

During the quarter, the Company repurchased 1 million shares of its common stock in the open market at an average price of approximately $25.50.

Earl Lewis, President and CEO, stated: "After a slow start to the year, we had record orders in our Imaging business and added significantly to long term backlog in the second quarter".

"We launched several new products, and expanded our internal optics capability with the acquisition of Brysen Optical Corporation, a small maker of advanced optical coatings".

"Our Thermography Division began test marketing its newest camera series, with encouraging results".

"Our margins continue to improve, reflecting savings from the integration of our own detectors into our systems and improved production efficiency at our Imaging plants".

"We are confident in our outlook for the remainder of 2005 and are thus increasing our earnings per share guidance for the year.".

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