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Flir Posts Strong Q1

Photonics.com
May 2009
PORTLAND, Ore., May 1, 2009 – A 43 percent sales surge in its Government Systems Div. helped drive a strong first quarter for Flir Systems Inc. Revenue for the quarter was up 15 percent, and earnings per share increased by 46 percent, the thermal imaging and infrared camera maker announced Friday.

Flir said net income for the quarter was $54.3 million, or 35 cents a share, compared with net income of $36.5 million, or 24 cents a share, one year ago. Its revenue for the quarter, which ended March 31, was $272 million, a 15 percent increase over 2008’s first-quarter revenue of $237 million.

Flir’s Government Systems Div. increased 43 percent over the first quarter of 2008, to $162.2 million, driven by the strength of its airborne applications, the company said. Revenue from the company’s Commercial Vision Systems Div. increased 5 percent over one year ago, to $46 million, which reflects growth in the security and surveillance and cores and components markets, Flir said.

Revenue from the company’s Thermography Div. slid 20 percent from the first quarter of last year, to $64 million, primarily due to changes in the exchange rates and lower demand in the US.

Flir said it had a $617-million backlog of orders for delivery within the next 12 months as of March 31, an increase of $146 million, or 31 percent, compared with one year ago.

“We are very pleased with our performance in the first quarter. We recorded solid revenue growth, excellent earnings growth, and the highest gross margin and operating margin in the company’s history,” said Earl Lewis, president and CEO, in a statement. “We achieved this performance through solid execution in a difficult economy, as all three divisions improved gross margins and operating margins compared with the prior year.”

Lewis said economic conditions and government order activity will be important factors in the company’s performance in the rest of 2009 and in 2010, but it is reaffirming its revenue and earnings per share outlook for the year.

Management currently expects revenue for 2009 to be in the range of $1.2 billion to $1.25 billion, an increase of approximately 14 percent compared with 2008, and net earnings to be in the range of $1.40 to $1.47 per share, an increase of about 12 percent over 2008.

For more information, visit: www.flir.com



GLOSSARY
activity
1. Synonymous with radioactivity. The intensity of a radioactive source illustrated as the number of atoms disintegrating in unit time, or as the number of scintillations or other effects observed per unit time. Activity is frequently expressed in curies, one unit being equal to 3.7 x 10-10 disintegrations per second. 2. In a reacting system, the evident effective concentration of a body of matter.
camera
A light-tight box that receives light from an object or scene and focuses it to form an image on a light-sensitive material or a detector. The camera generally contains a lens of variable aperture and a shutter of variable speed to precisely control the exposure. In an electronic imaging system, the camera does not use chemical means to store the image, but takes advantage of the sensitivity of various detectors to different bands of the electromagnetic spectrum. These sensors are transducers...
photonics
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
thermal imaging
The process of producing a visible two-dimensional image of a scene that is dependent on differences in thermal or infrared radiation from the scene reaching the aperture of the imaging device.
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