Product category:
Calibration and Laboratory Instruments
News Release from: Flir Systems
Edited by the Manufacturingtalk Editorial
Team on 03 May 2004
Increase In Profits For Flir
Flir Systems has increased its revenue for the first quarter ended March 31, 2004 by 57% to $108.9 million from $69.2 million for the first quarter of 2003.
Flir Systems has increased its revenue for the first quarter ended March 31, 2004 by 57% to $108.9 million from $69.2 million for the first quarter of 2003 Excluding the effects of the acquisition of Indigo Systems Corporation, which closed January 6, 2004, revenue increased 37%
This article was originally published on Manufacturingtalk on 6 Jun 2001 at 8.00am (UK)
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Earnings from operations increased 58% to $21.9 million from $13.8 million for the first quarter of 2003.
Net earnings for the first quarter increased 39% to $12.7 million, or $0.36 per diluted share.
This compares to net earnings for the first quarter of 2003 of $9.2 million, or $0.25 per diluted share.
All per share amounts have been adjusted to reflect the 2-for-1 stock split that was effective on May 29, 2003.
Revenue from the sale of the Company's Thermography products for the first quarter increased 42% over the first quarter last year, primarily due to continued strong demand from traditional markets and growth in new markets such as building inspection and moisture detection.
Excluding the impact of the Indigo acquisition, Thermography revenue rose 28%.
Revenue from the sale of the Company's Imaging products increased 66%, reflecting particularly strong deliveries in the airborne and maritime product lines.
Excluding the impact of the Indigo acquisition, Imaging revenue rose 42%.
The backlog of orders grew by 23% to approximately $180 million at March 31, 2004, as compared to $146 million at December 31, 2003.
Excluding the acquisition of Indigo, backlog increased 10%.
Cash generated from operations totaled $19 million for the first quarter of 2004.
At March 31, 2004, the Company had cash and cash equivalents of approximately $56 million.
"Our financial performance in the first quarter was the result of strong growth in virtually all of our product lines and all of our markets.
We are pleased with Indigo's performance in the quarter, and with the progress of integrating the two companies.
I believe the Company is well positioned to achieve our goals for 2004" said President and CEO Earl R.
Lewis. Request free introductory details about products from Flir Systems ...
"Based on the quarter's results, and the expectations for the remainder of the year, we are refining our guidance for earnings per share to between $1.55 and $1.60, from a prior range of $1.50 to $1.60.".
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