Good year for Flir with more expected for 2006
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Flir Systems product story
Edited by the Engineeringtalk editorial team
Feb 14, 2006
Despite imaging growth being lower than expected, Flir sees net earnings for the fourth quarter of 2005 increase 42% to $34.1 million compared with the fourth quarter of 2004.
Flir Systems has announced that net earnings for the fourth quarter that ended 31st December 2005 increased 42% to $34.1 million, or $0.43 per diluted share, compared with net earnings for the fourth quarter of 2004 of $24.1 million, or $0.31 per diluted share.
Revenue for the 2005 fourth quarter increased 9% to $156.2 million, up from $143.7 million for the fourth quarter of 2004.
The company's operating margin in the fourth quarter was 29.5%, compared with 23.9% in the fourth quarter of 2004.
Revenue at the company's imaging division increased 8%, while revenue in the thermography division increased 10%.
For the year ending 31st December 2005, net earnings rose 27% to a record $90.8 million, or $1.16 per diluted share, compared with net earnings for the full year 2004 of $71.5 million, or $0.94 per diluted share.
Revenue for 2005 was $508.6 million, an increase of 5% from the $482.7 million generated in 2004.
The company's operating margin for the full year was a record 24.8%, as compared with 22.6% in 2004.
Revenue from the company's imaging division increased 2%, while revenue from the company's thermography division increased 13%.
Cash generated from operations totaled $15.9 million for the fourth quarter and $73.1 million for 2005.
At 31st December 2005, the company had cash in hand of $107 million.
During the fourth quarter, the company repurchased one million shares of its common stock for $23 million.
The backlog of firm orders for delivery within the next 12 months was about $193 million at 31st December 2005, an increase of 21% compared with a backlog of $159 million at 31st December 2004.
The company also announced it expects net revenue in fiscal 2006 to be in the range of $590 to $600 million, and net earnings to be in the range of $1.20 to $1.30 per fully diluted share, which includes share based compensation expense of about $0.10 per fully diluted share.
Flir's board of directors has authorised the repurchase of up to an additional five million shares of its common stock.
The timing and the amount of any repurchases will be determined by the company based on its evaluation of prevailing market conditions and other factors.
The repurchase programme may be suspended or discontinued at any time whether or not the authorisation has been used.
"Overall, we are pleased with our fourth quarter and full year 2005 performance," said Earl Lewis, President and CEO of Flir.
"While revenue growth in our imaging division was lower than anticipated, we again achieved record revenue and net earnings".
"We saw a significant expansion in our operating margins, reflecting the benefits of the Indigo acquisition and improved manufacturing efficiency".
"We expect better revenue growth in both divisions in 2006, as a result of recent investment in R and D, which has yielded numerous exciting new products, and remain optimistic about the future".
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