10 Feb 12. FLIR Systems, Inc. (NASDAQ: FLIR) announced financial results for the fourth quarter ended December 31, 2011. Revenue was $405.2m, down 7% compared to fourth quarter 2010 revenue of $437.5m. Operating income in the fourth quarter was $109.7m, up 9% compared to $100.4m in the fourth quarter of 2010. Fourth quarter 2011 earnings from continuing operations was $76.8m, or $0.49 per diluted share, compared with earnings from continuing operations of $70.1m, or $0.43 per diluted share in the fourth quarter a year ago. Cash provided by operations in the fourth quarter was $116.2m. During the quarter, the Company repurchased 1.4m shares of its common stock at an average price of $25.51 per share. Revenue from the Company’s Commercial Systems division increased 3% from the fourth quarter of 2010, to $224.8m. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment was $189.5m, an increase of 7% over the fourth quarter combined results of Thermography and Commercial Vision Systems last year. Commercial Systems’ Raymarine segment contributed $35.3m of revenue during the quarter, a decrease of 12% compared to the fourth quarter of 2010. Revenue from the Company’s Government Systems division decreased 18% from the fourth quarter of 2010, to $180.4m. Within the Government Systems division, revenue from the Surveillance segment was $146.4m, a decrease of 19% from the fourth quarter of 2010 results of the Company’s legacy Government Systems business. Revenues from Government Systems’ other two segments, Detection and Integrated Systems were $23.6 and $10.4m, respectively. For the full year, revenue was $1,544.1m, up 11% compared to $1,388.4m for the year ended December 31, 2010. Operating income for 2011 was $313.2m, down 13% from $360.3m in 2010. Net income from continuing operations for 2011 was $222.7m, or $1.38 per diluted share, compared with 2010 net income from continuing operations of $248.4m, or $1.54 per diluted share. Excluding the net after tax impact of litigation and severance costs, 2011 net income from continuing operations was $254.4m, or $1.58 per diluted share. Cash provided by operations during the year was $243.9m. The Company’s backlog of firm orders for delivery within the next twelve months was approximately $456m at December 31, 2011, a decrease of $90m during the quarter. Backlog in the Government Systems division was $314m, decreasing $60m during the quarter. Backlog in the Commercial Systems division was $142m, down $30m during the quarter.
“The fourth quarter showcased our ability to adapt and persevere through a challenging macro environment. During the quarter, we expanded margins — gross, operating, and net income — to their highest levels in over a year and cash flow from operations reached its highest quarterly total ever,” said Earl Lewis, President and CEO of FLIR. “Our focus on operational efficiency and innovation throughout 2011 enabled us to drive profitability and has positioned the company for success in the future.”
Revenue and Earnings Outlook for 2012
FLIR expects revenue in 2012 to be in the range of $1.55bn to $1.65bn, an increase of approximately 0% to 7% compared to 2011, and net income to be in the range of $1.60 to $1.70 per diluted share, an increase of approximately 16% to 23% compared to 2011.
11 Feb 12. Command Security Corporation (NYSE Amex: MOC) announced its financial results for its third fiscal quarter of 2012 ended December 31, 2011. For the three months ended December 31, 2011, revenues were $35,784,511, compared with revenues of $37,525,639 in the same period of the prior year, reflecting a decrease of 4.6%. Operating income for the three months ended December 31, 2011 was $469,864, compared with operating income of $1,090,449 in the same period of the prior year, reflecting a decrease of 56.9%. Net income for the three months ended December 31, 2011 was $217,197, or $0.02 per basic and diluted share, compared with $55