Last10K.com

Circor International Inc (CIR) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Circor International Inc

CIK: 1091883 Ticker: CIR
EXHIBIT 99.1

CIRCOR Reports Fourth-Quarter and Year-End 2014 Financial Results

Burlington, MA - February 18, 2015
- CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, today announced financial results for the fourth quarter and fiscal year ended December 31, 2014.

Fourth-Quarter 2014 Highlights

Revenue increases 6% organically to $218.6 million
Adjusted EPS grows 14% to $1.08
Completed 2 divestitures
Company announces new restructuring actions
Company announces new Energy Group President

Full-Year 2014 Highlights

Adjusted Operating Margins expand 30 bps
Adjusted EPS increases 16% to $3.72
Free cash flow of $58 million, or 115% of net income

“CIRCOR concluded 2014 with strong top-line growth and free cash flow generation in the fourth quarter,” said Scott Buckhout, President and Chief Executive Officer. “Revenues for the quarter were up 6% organically from the prior year driven in large part by our North American short-cycle businesses. In addition, we are reporting adjusted EPS of $1.08 for the quarter and $3.72 for the full year. Full year free cash flow was 115% of net income.”
 
During the quarter, a number of Brazilian engineering and construction customers filed for bankruptcy resulting in a $0.34 per share charge against outstanding receivables and an operating margin reduction of approximately 300 basis points. In addition, EPS reflects a net tax benefit of $0.21 per share primarily due to the utilization of foreign tax credits.

“Looking ahead to 2015, we expect the recent decline in oil prices to put pressure on our top line. As a result, we are implementing a broad-based cost reduction program, including restructuring actions, to mitigate the impact on our earnings and to align our businesses with a lower near-term demand outlook. We expect to take actions generating approximately $8 million of annualized savings. We commenced these actions earlier this quarter and expect to complete them before the end of the second quarter,” added Buckhout.

“Going forward, we will continue to invest in growth, simplify the Company and remain focused on building shareholder value through growth, margin expansion, strong cash flows and disciplined capital deployment,” concluded Buckhout.

First-Quarter 2015 Guidance
For the first quarter of 2015, the Company will provide its guidance during the conference call later today.



1

The following information was filed by Circor International Inc (CIR) on Wednesday, February 18, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Circor International Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Circor International Inc.

Continue

Assess how Circor International Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Circor International Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Statements Of Consolidated Comprehensive Income
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (accrued Expenses And Other Current Liabilities) (details)
Accrued Expenses And Other Current Liabilities (tables)
Business Acquisitions And Divestitures
Business Acquisitions And Divestitures (narrative) (details)
Concentrations Of Risk
Concentrations Of Risk (details)
Contingencies, Commitments And Guarantees
Contingencies, Commitments And Guarantees (minimal Rental Commitments) (details)
Contingencies, Commitments And Guarantees (narrative) (details)
Contingencies, Commitments And Guarantees (standby Letters Of Credit Instruments) (details)
Contingencies, Commitments And Guarantees (tables)
Description Of Business
Description Of Business (details)
Employee Benefit Plans
Employee Benefit Plans (amounts Recognized In Accumulated Other Comprehensive Income) (details)
Employee Benefit Plans (change In Fair Value Of Plan Assets) (details)
Employee Benefit Plans (change In Projected Benefit Obligation) (details)
Employee Benefit Plans (components Of Net Benefit Expense) (details)
Employee Benefit Plans (estimated Pension Expense To Be Recognized In Other Comprehensive Income In The Next Year) (details)
Employee Benefit Plans (expected Benefit Payments) (details)
Employee Benefit Plans (fair Values Of Pension Plan Assets) (details)
Employee Benefit Plans (funded Status) (details)
Employee Benefit Plans (funded Status, End Of Year) (details)
Employee Benefit Plans (narrative) (details)
Employee Benefit Plans (pension Liability Recognized In The Balance Sheet) (details)
Employee Benefit Plans (tables)
Employee Benefit Plans (weighted Average Assumptions Used In Determining Net Periodic Benefit Cost And Benefit Obligations) (details)
Fair Value
Fair Value (details)
Fair Value (tables)
Financing Arrangements
Financing Arrangements (narrative) (details)
Financing Arrangements (schedule Of Long-term Debt) (details)
Financing Arrangements (schedule Of Minimum Principal Payments) (details)
Financing Arrangements (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (estimated Future Amortization Expense) (details)
Goodwill And Other Intangible Assets (goodwill By Segment) (details)
Goodwill And Other Intangible Assets (gross Intangible Assets And Related Accumulated Amortization) (details)
Goodwill And Other Intangible Assets (narrative) (details)
Goodwill And Other Intangible Assets (tables)
Guarantees And Indemnification Obligations
Guarantees And Indemnification Obligations (product Warranty Reserves) (details)
Guarantees And Indemnification Obligations (tables)
Income Taxes
Income Taxes (components Of Deferred Income Tax Liabilities And Assets) (details)
Income Taxes (components Of Pre-tax Income (loss)) (details)
Income Taxes (deferred Income Taxes Classified In Balance Sheets) (details)
Income Taxes (narrative) (details)
Income Taxes (provision (benefit) For Income Taxes) (details)
Income Taxes (reconciliation Of Effective Income Tax Rate) (details)
Income Taxes (reconciliation Of Total Gross Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Inventories
Inventories (components Of Inventory) (details)
Inventories (tables)
Property, Plant And Equipment
Property, Plant And Equipment (components Of Property, Plant And Equipment) (details)
Property, Plant And Equipment (tables)
Quarterly Financial Information
Quarterly Financial Information (details)
Quarterly Financial Information (tables)
Segment Information
Segment Information (long-lived Assets By Geographic Area) (details)
Segment Information (net Revenues By Geographic Area) (details)
Segment Information (reportable Segment Information) (details)
Segment Information (tables)
Share-based Compensation
Share-based Compensation (narrative) (details)
Share-based Compensation (schedule Of Estimated Weighted-average Assumptions Of Stock Options) (details)
Share-based Compensation (summarized Information About Rsu Awards Outstanding) (details)
Share-based Compensation (summarized Information About Rsu Msps Outstanding) (details)
Share-based Compensation (summarized Information About Stock Options Outstanding) (details)
Share-based Compensation (summary Of All Rsu Awards Granted To Employees And Non-employee Directors) (details)
Share-based Compensation (summary Of All Rsu Msps Granted To Employees And Non-employee Directors) (details)
Share-based Compensation (summary Of Stock Options Granted To Employees And Non-employee Directors) (details)
Share-based Compensation (tables)
Share-based Compensation Share-based Compensation (ceo & Cfo Inducement Stock Award) (details)
Special Charges
Special Charges (details)
Special Charges (tables)
Special Charges Announced Restructuring Action Special Charges (details)
Special Charges Narrative (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (property, Plant And Equipment) (narrative) (details)
Summary Of Significant Accounting Policies (reconciliation Of Earnings Per Share) (details)
Summary Of Significant Accounting Policies (tables)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (schedule Of Valuation And Qualifying Accounts) (details)
Ticker: CIR
CIK: 1091883
Form Type: 10-K Annual Report
Accession Number: 0001091883-15-000012
Submitted to the SEC: Wed Feb 18 2015 2:42:52 PM EST
Accepted by the SEC: Wed Feb 18 2015
Period: Wednesday, December 31, 2014
Industry: Miscellaneous Fabricated Metal Products

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/cir/0001091883-15-000012.htm