20 Oct 11. FLIR Systems, Inc. (NASDAQ: FLIR) announced financial results for the third quarter ended September 30, 2011. Revenue was $371.3m, up 12% compared to third quarter 2010 revenue of $332.5m. Operating income in the third quarter was $85.4m, compared to $85.8M in the third quarter of 2010, and was negatively impacted by severance costs, primarily in the Government Systems division, of approximately $5.3m before tax. Third quarter 2011 net income was $64.7m, or $0.40 per diluted share, compared with net income of $63.0m, or $0.39 per diluted share in the third quarter a year ago. Excluding the net after tax impact of the severance costs referred to above, third quarter 2011 net income was $68.4m, or $0.43 per diluted share. Cash provided by operations in the third quarter was $45.9m. During the quarter, the Company repurchased 4 million shares of its common stock at an average price of $25.15 per share. Revenue from the Company’s Commercial Systems division increased 16% from the third quarter of 2010, to $196.4m. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment was $161.0m, an increase of 22% over the third quarter combined results of Thermography and Commercial Vision Systems last year. Commercial Systems’ Raymarine segment contributed $35.4m of revenue during the quarter. Revenue from the Company’s Government Systems division increased 7% over the third quarter of 2010, to $174.9m. Within the Government Systems division, revenue from the Surveillance segment was $139.8m, a decrease of 14% from the third quarter of 2010 results of the Company’s legacy Government Systems business. Revenues from Government Systems’ other two segments, Detection and Integrated Systems were $21.2m and $13.9m, respectively. The Company’s backlog of firm orders for delivery within the next twelve months was approximately $546m at September 30, 2011, an increase of $60 during the quarter. Backlog in the Government Systems division was $374m, increasing $55m during the quarter. Backlog in the Commercial Systems division was $172m, up $6m during the quarter. Earl Lewis, President and CEO of FLIR, noted, “We are pleased with our third quarter results. During the quarter, we took successful steps to improve operating margins, achieved the best bookings quarter since 2008 in our legacy Government Systems business, saw our acquired Detection and Integrated Systems segments reach profitability for the first time, and delivered the most units in the history of our Commercial Systems division. Our scale, unique operating model, and continued focus on innovation will enable our continued growth.” Based on financial results for the first nine months of 2011 and the outlook for the remainder of the year, FLIR is reaffirming its outlook for earnings per share for the full year 2011. Management currently expects net earnings excluding the net after tax impact of the second quarter litigation settlement and the third quarter severance costs to be in the range of $1.50 to $1.55 per diluted share, or $1.33 to $1.38 per diluted share including these costs. Management now expects revenue for the full year 2011 to be in the range of $1.55bn to $1.6bn, compared to the prior outlook for revenue in the range of $1.6 to $1.65bn.
19 Oct 11. The Province of Nova Scotia announced the establishment of a $10m fund that will give companies involved in the aerospace industry a competitive edge in the global market. Premier Darrell Dexter was joined by Percy Paris, minister of Economic and Rural Development, and JoAnne Seviour, executive director of the Aerospace and Defence Industries of Nova Scotia, in making the announcement which took place October 12 at Composites Atlantic Ltd. in Lunenburg. Composites Atlantic, which was established in 1989 and currently employs around 330 workers, is one of a number of provincially based firms which will have the opportunity to apply to access the funding. (Source: Google)