USA: FLIR Revenues Drop 11 Pct

FLIR Systems, Inc. announced financial results for the third quarter ended September 30, 2012. Revenue was $332.2 million, down 11% compared to third quarter 2011 revenue of $371.3 million.

Operating income in the third quarter was $74.2 million, compared to $85.4 million in the third quarter of 2011. Third quarter 2012 net income was $55.9 million, or $0.37 per diluted share, compared with net income of $64.7 million, or $0.40 per diluted share in the third quarter a year ago. Cash provided by operations in the third quarter was $46.4 million. During the quarter, the Company repurchased 1.9 million shares of its common stock at an average price of $19.96 per share.

Revenue from the Company’s Commercial Systems division decreased 8% from the third quarter of 2011, to $181.2 million. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment was $149.5 million, a decrease of 7% from the third quarter results last year. The Raymarine segment contributed $31.7 million of revenue during the third quarter, down 11% from the prior year.

Revenue from the Company’s Government Systems division decreased 14% from the third quarter of 2011, to $151.0 million. Within the Government Systems division, revenue from the Surveillance segment was $115.9 million, a decrease of 17% from the third quarter of 2011. Revenue from the Detection segment was $15.4 million, a decrease of 27% compared to the third quarter of 2011, and the Integrated Systems segment contributed $19.7 million of revenue during the third quarter, an increase of 42% from the prior year.

The Company’s backlog of firm orders for delivery within the next twelve months was approximately $565 million as of September 30, 2012, an increase of $67 million during the quarter. Backlog in the Government Systems division was $392 million, increasing $58 million during the quarter. Backlog in the Commercial Systems division was $173 million, up $9 million during the quarter.

[mappress]

Press Release, October 26, 2012