Flir Buys Aerius Photonics, Reports Lower Profit
PORTLAND, Ore., July 25, 2011 — Thermal imaging systems maker Flir Systems Inc. has acquired California-based Aerius Photonics LLC, a provider of short-wavelength infrared (SWIR) detectors and laser components, for $27 million in cash. Flir also announced lower earnings for the second quarter, which ended June 30, and reduced its outlook for the rest of the year.
Aerius Photonics, based in Ventura, Calif., designs, develops and manufactures indium gallium arsenide (InGaAs)-based infrared detectors, high-power vertical-cavity surface-emitting laser (VCSEL) diodes, ultralightweight laser rangefinders and altimeters, and infrared illuminators and pointers for commercial and military applications. The company will join Flir's Commercial Systems business.
Flir reported a second-quarter profit of $29 million, or 18 cents a share, compared with nearly $60 million, or 37 cents per share, last year at this time. The company attributed the decrease to a litigation settlement and delayed government contracts.
Revenue for the company's Commercial Systems Div. increased 32 percent year-over-year, to $215 million. Within that division, the Thermal Vision and Measurement segment increased 21 percent, to $165 million. Commercial Systems' Raymarine segment contributed $50 million during the quarter.
The Government Systems Div. was down 4 percent year-over-year, to $175 million. Backlog within the division decreased by $41 million during the quarter as a result of the contract and shipment delays, Flir said.
Flir reduced its outlook for 2011, saying it expects revenue to be around $1.6 billion and net earnings to be in the range of $1.33 to $1.38 per share. The company had previously estimated its 2011 revenue to be about $1.7 billion, with earnings per share of $1.70 to $1.75.
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