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26 Jul 12. FLIR Systems, Inc. (NASDAQ: FLIR) announced financial results for the second quarter ended June 30, 2012. Revenue was $338.3m, down 14% compared to second quarter 2011 revenue of $391.6m. Operating income in the second quarter was $60.7m, compared to $41.8m in the second quarter of 2011, and was negatively impacted by restructuring costs of approximately $6.8 m before tax. Second quarter 2012 net income was $41.1m, or $0.27 per diluted share, compared with net income of $29.3m, or $0.18 per diluted share in the second quarter a year ago. Excluding the net after tax impact of the restructuring costs referred to above, second quarter 2012 net income was $46.1m, or $0.30 per diluted share. Cash provided by operations in the second quarter was $77.2m. During the quarter, the Company repurchased 3m shares of its common stock at an average price of $21.60 per share. Revenue from the Company’s Commercial Systems division decreased 12% from the second quarter of 2011, to $189.8m. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment was $142.6m, a decrease of 13% from the second quarter results last year. The Raymarine segment contributed $47.2m of revenue during the second quarter, down 6% from the prior year. Revenue from the Company’s Government Systems division decreased 16% from the second quarter of 2011, to $148.5m. Within the Government Systems division, revenue from the Surveillance segment was $119.5m, a decrease of 16% from the second quarter of 2011. Revenue from the Detection segment was $15.7m, a decrease of 9% compared to the second quarter of 2011, and the Integrated Systems segment contributed $13.3m of revenue during the second quarter, a decrease of 26% from the prior year. The Company’s backlog of firm orders for delivery within the next twelve months was approximately $498m as of June 30, 2012, an increase of $41m during the quarter. Backlog in the Government Systems division was $334m, increasing $22 m during the quarter. Backlog in the Commercial Systems division was $164m, up $19 m during the quarter. “This second quarter proved difficult for our company,” noted Earl Lewis, President and CEO of FLIR. “Macroeconomic conditions impacted many of our largest markets, but we continued to manage our business in response to these challenges. Both divisions had meaningful increases in backlog during the quarter, and we further streamlined our operations. While the first half of 2012 underperformed our expectations, we anticipate an improved second half and a return to earnings growth in the fourth quarter.”

26 Jul 12. United Technologies Corp. (UTX) announced that all remaining regulatory approvals related to the proposed acquisition of Goodrich Corporation (GR) have been obtained. The conclusion of the regulatory review by the U.S. Department of Justice and the European Commission clears the way for United Technologies to proceed with the proposed acquisition announced on Sept. 21, 2011. The acquisition is expected to close by the end of the week. In line with previous expectations, the regulatory clearances require that UTC sell Goodrich’s Electric Power Systems business and Goodrich’s Connecticut-based Pumps and Engine Controls business. Also as expected, UTC will sell Goodrich’s interest in Aero Engine Controls (AEC), a joint venture with Rolls-Royce. The
AEC aftermarket business will remain with UTC, but Rolls-Royce will have ability to purchase this aftermarket business in the future. (Source: Yahoo!/PRNewswire)

26 Jul 12. United Technologies Corp (UTX) reported a second-quarter profit that easily topped analysts’ expectations and won final regulatory approval on Thursday for its $16.5bn takeover of Goodrich Corp (GR), setting the stage for the deal to close this week. Shares of United Tech rose nearly 1 percent in morning trading, as the higher-than-expected profit overshadowed the company’s warning that full-year earnings would be roughly flat w

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