Earnings leap for Flir
A
Flir Systems product story
Edited by the Engineeringtalk editorial team
Feb 15, 2005
Flir Systems has reported that net earnings for the fourth quarter ended 31st December 2004 increased 61% to $24.1 million.
Flir Systems has reported that net earnings for the fourth quarter ended 31st December 2004 increased 61% to $24.1 million, or $0.31 per diluted share, after giving effect to the two-for-one stock split effective as of 2nd February 2005.
This compares to net earnings for the fourth quarter of 2003 of $15.0 million, or $0.21 per diluted share when adjusted for the two-for-one stock split, and the effect of the assumed conversion of the company's convertible notes.
Revenue for the 2004 fourth quarter increased 48% to $143.7 million, up from $97.4 million for the fourth quarter of 2003.
Revenue at the company's Imaging Division increased 55%, whereas revenue at the company's Thermography division increased 36% as compared with the fourth quarter last year.
For the 12 months ended 31st December 2004, net earnings rose 60% to a record $71.5 million, or $0.94 per diluted share, compared with net earnings for the full year 2003 of $44.7 million, or $0.62 per diluted share, both when adjusted for the two-for-one stock split, and the effect of the assumed conversion of the company's convertible notes.
Revenue for 2004 was $482.7 million, an increase of 55% from the $312 million generated in 2003.
Revenue from the company's Imaging Division increased by 65%, while revenue from the company's Thermography Division increased by 37% compared with the prior year.
Cash generated from operations totaled $14.5 million for the fourth quarter and $75.1 million for 2004.
At 31st December 2004 the company had cash on hand of $120.7 million.
The backlog of firm orders for delivery within the next 12 months was approximately $159 million at 31st December 2004 as compared with $146 million at 31st December 2003.
"2004 was another excellent year for Flir".
"We achieved record revenue and net earnings as both of our divisions grew strongly".
"We also made progress toward many of our longer term objectives, including the integration of Indigo Systems, which was acquired last January, and the expansion of our global thermography distribution network", commented Earl R Lewis, President and CEO of Flir.
"Looking to 2005, we expect growth to moderate somewhat from the very rapid pace of 2004, but remain strong".
"We are thus reiterating our outlook for 2005 revenue and earnings per share".
"Our current expectation is for full year revenue in the range of $545 to $560 million, and net earnings in the range of $1.12 to $1.18 per fully diluted share, after giving effect to the two-for-one stock split effective today".
"We are very proud of Flir's accomplishments in 2004 and are excited about the prospects for 2005 and beyond", he concluded.
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