FLIR SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ------------ -----------
(As (As
Adjusted(1)) Adjusted(1))
Revenue $ 311,560 $ 302,350 $ 1,147,087 $ 1,076,974
Cost of goods sold 135,511 128,879 488,558 470,832
----------- ----------- ------------ -----------
Gross profit 176,049 173,471 658,529 606,142
Operating expenses:
Research and
development 24,366 21,668 91,301 89,964
Selling, general and
administrative 61,742 63,741 219,941 231,687
----------- ----------- ------------ -----------
Total operating
expenses 86,108 85,409 311,242 321,651
Earnings from
operations 89,941 88,062 347,287 284,491
Interest expense 1,139 3,436 6,882 14,336
Other (income) expense,
net (1,720) (11,552) 12 (20,163)
----------- ----------- ------------ -----------
Earnings before
income taxes 90,522 96,178 340,393 290,318
Income tax provision 30,269 31,194 110,180 89,418
----------- ----------- ------------ -----------
Net earnings $ 60,253 $ 64,984 $ 230,213 $ 200,900
=========== =========== ============ ===========
Net earnings per share:
Basic $ 0.40 $ 0.47 $ 1.54 $ 1.45
=========== =========== ============ ===========
Diluted $ 0.38 $ 0.41 $ 1.45 $ 1.28
=========== =========== ============ ===========
Weighted average shares
outstanding:
Basic 152,163 139,679 149,405 138,490
=========== =========== ============ ===========
Diluted 161,241 162,728 161,569 162,901
=========== =========== ============ ===========
(1) The Company has adjusted its financial statements for the retrospective
application of the Financial Accounting Standards Board Accounting
Standards Codification Subtopic 470-20, "Debt with Conversion and Other
Options."
FLIR SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)(Unaudited)
December 31, December 31,
2009 2008
-------------- -------------
ASSETS (As Adjusted(1))
Current assets:
Cash and cash equivalents $ 422,047 $ 289,442
Accounts receivable, net 234,974 239,183
Inventories 216,500 207,487
Prepaid expenses and other current assets 83,981 59,824
Deferred income taxes, net 13,231 16,566
-------------- -------------
Total current assets 970,733 812,502
Property and equipment, net 139,112 122,304
Deferred income taxes, net 5,322 2,217
Goodwill 262,331 225,685
Intangible assets, net 59,180 56,174
Other assets 48,571 22,195
-------------- -------------
$ 1,485,249 $ 1,241,077
============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 53,319 $ 47,823
Deferred revenue 21,757 27,554
Accrued payroll and related liabilities 39,809 43,337
Accrued product warranties 8,667 7,826
Advance payments from customers 8,616 19,183
Accrued expenses 25,941 21,978
Other current liabilities 3,978 4,574
Accrued income taxes 15,504 --
-------------- -------------
Total current liabilities 177,591 172,275
Long-term debt 58,022 182,825
Deferred income taxes 2,222 5,983
Accrued income taxes 4,590 5,697
Pension and other long-term liabilities 39,075 29,572
Commitments and contingencies
Shareholders' equity 1,203,749 844,725
-------------- -------------
$ 1,485,249 $ 1,241,077
============== =============
(1) The Company has adjusted its financial statements for the retrospective
application of the Financial Accounting Standards Board Accounting
Standards Codification Subtopic 470-20, "Debt with Conversion and Other
Options."
Contact Information: Company Contact: Tony Trunzo +1 503.498.3547 www.flir.com