FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2009 2008 2009 2008
------------ ----------- ------------ -----------
(As Adjusted) (As Adjusted)
(1) (1)
Revenue $ 277,978 $ 260,978 $ 549,974 $ 497,884
Cost of goods sold 116,030 114,364 230,311 220,475
------------ ----------- ------------ -----------
Gross profit 161,948 146,614 319,663 277,409
Operating expenses:
Research and
development 23,232 23,547 45,641 46,657
Selling, general and
administrative 54,055 58,394 105,995 110,973
------------ ----------- ------------ -----------
Total operating
expenses 77,287 81,941 151,636 157,630
Earnings from
operations 84,661 64,673 168,027 119,779
Interest expense 1,727 3,634 4,505 7,427
Other expense (income),
net 1,092 (3,637) 68 (3,655)
------------ ----------- ------------ -----------
Earnings before
income taxes 81,842 64,676 163,454 116,007
Income tax provision 26,189 20,059 53,529 34,870
------------ ----------- ------------ -----------
Net earnings $ 55,653 $ 44,617 $ 109,925 $ 81,137
============ =========== ============ ===========
Net earnings per share:
Basic $ 0.37 $ 0.32 $ 0.75 $ 0.59
============ =========== ============ ===========
Diluted $ 0.35 $ 0.29 $ 0.70 $ 0.52
============ =========== ============ ===========
Weighted average shares
outstanding:
Basic 149,948 138,054 146,901 137,523
============ =========== ============ ===========
Diluted 161,354 162,344 162,041 161,899
============ =========== ============ ===========
(1) The Company has adjusted its financial statements for the retrospective
application of the Financial Accounting Standards Board Staff Position
APB 14-1, "Accounting for Convertible Debt Instruments That May be
Settled in Cash upon Conversion (Including Partial Cash Settlement)."
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)(Unaudited)
June 30, December 31,
2009 2008
---------------- ----------------
ASSETS (As Adjusted)(1)
Current assets:
Cash and cash equivalents $ 346,402 $ 289,442
Accounts receivable, net 214,594 239,183
Inventories 219,682 207,487
Prepaid expenses and other current
assets 66,284 59,824
Deferred income taxes, net 16,652 16,566
---------------- ----------------
Total current assets 863,614 812,502
Property and equipment, net 137,984 122,304
Deferred income taxes, net 5,277 2,217
Goodwill 226,940 225,685
Intangible assets, net 50,838 56,174
Other assets 36,187 22,195
---------------- ----------------
$ 1,320,840 $ 1,241,077
================ ================
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 59,136 $ 47,823
Deferred revenue 23,951 27,554
Accrued payroll and related liabilities 30,852 43,337
Accrued product warranties 8,095 7,826
Advance payments from customers 12,304 19,183
Accrued expenses 20,840 21,978
Other current liabilities 1,607 4,553
Current portion of long-term debt 21 21
---------------- ----------------
Total current liabilities 156,806 172,275
Long-term debt 88,886 182,825
Deferred income taxes 4,966 5,983
Accrued income taxes 6,183 5,697
Pension and other long-term liabilities 34,879 29,572
Commitments and contingencies
Shareholders’ equity 1,029,120 844,725
---------------- ----------------
$ 1,320,840 $ 1,241,077
================ ================
(1) The Company has adjusted its financial statements for the retrospective
application of the Financial Accounting Standards Board Staff Position
APB 14-1, "Accounting for Convertible Debt Instruments That May be
Settled in Cash upon Conversion (Including Partial Cash Settlement)."
Contact Information: Company Contact: Tony Trunzo +1 503.498.3547 www.flir.com