FLIR Systems, Inc. (NASDAQ: FLIR) today announced financial results for the third quarter ended September 30, 2011. Revenue was $371.3 million, up 12% compared to third quarter 2010 revenue of $332.5 million. Operating income in the third quarter was $85.4 million, compared to $85.8 million in the third quarter of 2010, and w....." />
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FLIR Systems Announces Third Quarter 2011 Financial Results

(October 20, 2011)

PORTLAND, OR -- (Marketwire) -- 10/20/11 -- FLIR Systems, Inc. (NASDAQ: FLIR) today announced financial results for the third quarter ended September 30, 2011. Revenue was $371.3 million, up 12% compared to third quarter 2010 revenue of $332.5 million. Operating income in the third quarter was $85.4 million, compared to $85.8 million in the third quarter of 2010, and was negatively impacted by severance costs, primarily in the Government Systems division, of approximately $5.3 million before tax. Third quarter 2011 net income was $64.7 million, or $0.40 per diluted share, compared with net income of $63.0 million, 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 $68.4 million, or $0.43 per diluted share. Cash provided by operations in the third quarter was $45.9 million. 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 $196.4 million. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment was $161.0 million, an increase of 22% over the third quarter combined results of Thermography and Commercial Vision Systems last year. Commercial Systems' Raymarine segment contributed $35.4 million of revenue during the quarter.

Revenue from the Company's Government Systems division increased 7% over the third quarter of 2010, to $174.9 million. Within the Government Systems division, revenue from the Surveillance segment was $139.8 million, 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 $21.2 million and $13.9 million, respectively.

The Company's backlog of firm orders for delivery within the next twelve months was approximately $546 million at September 30, 2011, an increase of $60 million during the quarter. Backlog in the Government Systems division was $374 million, increasing $55 million during the quarter. Backlog in the Commercial Systems division was $172 million, up $6 million 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."

Revenue and Earnings Outlook for 2011
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 $1.55 billion to $1.6 billion, compared to the prior outlook for revenue in the range of $1.6 to $1.65 billion.

Dividend Declaration
FLIR's Board of Directors has declared a quarterly cash dividend of $0.06 per share on FLIR common stock, payable December 9, 2011, to shareholders of record as of close of business on November 21, 2011.

Conference Call
FLIR has scheduled a conference call at 11:00 a.m. ET today. A simultaneous webcast of the conference call will be available from the Investor Relations link at www.FLIR.com. A replay will be available after 2:00 p.m. ET at this same internet address. For a telephone replay, dial (855) 859-2056, Conference ID #17454707 after 2:00 p.m. ET.

About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company's advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection. Visit the Company's web site at www.FLIR.com.

Forward-Looking Statements
The statements in this release by Earl Lewis and the statements in the section captioned "Revenue and Earnings Outlook for 2011" above are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, the Company's continuing compliance with U.S. export control laws and regulations, the timely receipt of any required export licenses, constraints on supplies of critical components, excess or shortage of production capacity, the ability to manufacture and ship the products in the time period required, actual purchases under agreements, the continuing eligibility of the Company to act as a federal contractor, the amount and availability of appropriated government procurement funds and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes made to this document by wire services or Internet service providers.

FLIR SYSTEMS, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 2011 2010 2011 2010 ---------- ---------- ---------- ---------- Revenue $ 371,327 $ 332,497 $1,138,850 $ 950,928 Cost of goods sold 169,430 150,389 535,030 420,143 ---------- ---------- ---------- ---------- Gross profit 201,897 182,108 603,820 530,785 Operating expenses: Research and development 35,188 28,520 112,257 81,632 Selling, general and administrative 81,300 67,801 288,036 189,209 ---------- ---------- ---------- ---------- Total operating expenses 116,488 96,321 400,293 270,841 Earnings from operations 85,409 85,787 203,527 259,944 Interest expense 1,526 349 2,311 2,472 Interest income (155) (454) (505) (900) Other (income) expense, net 66 (631) (1,206) (2,418) ---------- ---------- ---------- ---------- Earnings from continuing operations before income taxes 83,972 86,523 202,927 260,790 Income tax provision 19,582 23,568 57,109 82,486 ---------- ---------- ---------- ---------- Earnings from continuing operations 64,390 62,955 145,818 178,304 Earnings (loss) from discontinued operations, net of tax 329 -- (475) -- ---------- ---------- ---------- ---------- Net earnings $ 64,719 $ 62,955 $ 145,343 $ 178,304 ========== ========== ========== ========== Basic earnings per share: Earnings from continuing operations $ 0.41 $ 0.40 $ 0.92 $ 1.15 Discontinued operations 0.00 -- 0.00 -- ---------- ---------- ---------- ---------- Basic earnings per share $ 0.41 $ 0.40 $ 0.91 $ 1.15 ========== ========== ========== ========== Diluted earnings per share: Earnings from continuing operations $ 0.40 $ 0.39 $ 0.90 $ 1.11 Discontinued operations 0.00 -- 0.00 -- ---------- ---------- ---------- ---------- Diluted earnings per share $ 0.40 $ 0.39 $ 0.90 $ 1.11 ========== ========== ========== ========== Weighted average shares outstanding: Basic 158,665 158,215 159,225 155,223 ========== ========== ========== ========== Diluted 160,798 160,925 161,811 161,440 ========== ========== ========== ========== FLIR SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS (In thousands)(Unaudited) June 30, December 31, 2011 2010 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 374,499 $ 193,137 Accounts receivable, net 320,411 339,723 Inventories 327,132 303,156 Prepaid expenses and other current assets 134,894 95,663 Deferred income taxes, net 25,097 23,128 ------------ ------------ Total current assets 1,182,033 954,807 Property and equipment, net 184,071 189,119 Deferred income taxes, net 26,835 22,742 Goodwill 481,294 482,019 Intangible assets, net 162,193 177,385 Other assets 62,105 31,280 ------------ ------------ $ 2,098,531 $ 1,857,352 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 82,234 $ 85,881 Deferred revenue 22,135 17,867 Accrued payroll and related liabilities 44,007 54,894 Accrued product warranties 14,090 15,711 Advance payments from customers 13,031 22,616 Accrued expenses 37,492 36,578 Accrued income taxes -- 8,218 Other current liabilities 5,376 8,186 ------------ ------------ Total current liabilities 218,365 249,951 Long term debt 247,747 -- Deferred income taxes 13,221 13,163 Accrued income taxes 19,646 19,793 Pension and other long-term liabilities 51,825 51,897 Commitments and contingencies Shareholders' equity 1,547,727 1,522,548 ------------ ------------ $ 2,098,531 $ 1,857,352 ============ ============

Company Contact:
Shane Harrison
+1 503.498.3547
www.flir.com


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