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Circor International Inc (CIR) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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Circor International Inc

CIK: 1091883 Ticker: CIR
EXHIBIT 99.1

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CIRCOR Reports Preliminary Fourth-Quarter and Year- End 2019 Financial Results

Burlington, MA - March 2, 2020

CIRCOR International, Inc. (NYSE: CIR), a leading provider of severe service flow control solutions and other highly engineered products for the Industrial and Aerospace & Defense markets, today announced preliminary financial results for the fourth quarter and full year ended December 31, 2019.

As disclosed in a Form 12b-25 that the Company filed with the SEC today, CIRCOR requires additional time to file its Form 10-K for the year ended December 31, 2019.
Highlights
Strong fourth quarter 2019 results from continuing operations
Revenue of $243 million, down 9% reported, up 2% organically
Preliminary GAAP earnings per share from continuing operations of $0.16
Adjusted earnings per share of $0.82
Preliminary GAAP operating margin of 7.0%
Adjusted operating margin of 13.3%
A&D Segment operating margin of 22.9%, up 490 bps year-over-year
Delivered 2019 Adjusted EBITDA target and on track for 2020 targets communicated in 18-month plan
Completed the sale of non-core Instrumentation & Sampling in January 2020 for $172 million
Achieved pro-forma net leverage ratio of 3.6 times
Repriced debt in February 2020, reducing interest expense by 25 bps

“We ended the year with another solid quarter, delivering a record 13.3% adjusted operating margin from continuing operations, up 190 basis points from a year ago,” said Scott Buckhout, President and Chief Executive Officer. “In January we sold our Instrumentation and Sampling business for $172 million with net proceeds going to further reduce debt.”

“We delivered on our 2019 goal to achieve substantial earnings growth while deleveraging the Company,” Mr. Buckhout continued. “Since January 2019, we have generated over $340 million in proceeds from non-core asset sales, enabling CIRCOR to accelerate the reduction of debt.”

“Looking ahead, we are on track to deliver our 2020 commitments. We continue to focus on driving long-term growth, expanding margins, generating strong free cash flow, and deleveraging as we drive value for our shareholders,” concluded Mr. Buckhout.

First-Quarter 2020 Guidance
For the first quarter of 2020, CIRCOR expects revenue in the range of $190 million to $205 million, and GAAP loss per share in the range of $(0.25) to $(0.05), which reflects acquisition-related amortization expense of $(0.48) and other special and restructuring (charges) gains of $(0.27) to $(0.17). Excluding the impact of amortization, special and restructuring (charges) gains, adjusted EPS is expected to be in the

1

The following information was filed by Circor International Inc (CIR) on Monday, March 2, 2020 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.

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Inside Circor International Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
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)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Narrative (Details)
Accumulated Other Comprehensive Loss - Quarterly Impact Of Error Corrections (Details)
Accumulated Other Comprehensive Loss - Summary (Details)
Business Acquisitions
Business Acquisitions (Assets Acquired And Liabilities Assumed) (Details)
Business Acquisitions (Intangible Assets Acquired As Part Of Business Combination) (Details)
Business Acquisitions (Narrative) (Details)
Business Acquisitions Business Acquisitions (Tables)
Concentrations Of Risk
Concentrations Of Risk (Details)
Contingencies, Commitments And Guarantees
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)
Discontinued Operations (Details)
Discontinued Operations (Notes)
Discontinued Operations (Tables)
Discontinued Operations - Balance Sheet Information For Assets And Liabilities Related To Discontinued Operations (Details)
Discontinued Operations - Summarized Components Of (Loss) Income From Discontinued Operations (Details)
Employee Benefit Plans
Employee Benefit Plans (Change In Projected Benefit Obligation) (Details)
Employee Benefit Plans (Components Of Net Benefit Expense) (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 (Narrative) (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans (Weighted Average Assumptions Used In Determining Net Periodic Benefit Cost And Benefit Obligations) (Details)
Employee Benefit Plans - One Percentage Point Change In Assumed Health Care Cost Trend Rates (Details)
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 (Summary Of Valuation Allowance) (Details)
Income Taxes (Tables)
Inventories
Inventories (Components Of Inventory) (Details)
Inventories (Narrative) (Details)
Inventories (Tables)
Leases (Notes)
Leases (Tables)
Leases - Maturities Of Operating And Financing Lease Liabilities (Details)
Leases - Maturities Of Operating Lease Liabilities Prior To Adoption Of Asc 842 (Details)
Other (Income) Expense, Net
Other (Income) Expense, Net (Details)
Other (Income) Expense, Net (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)
Revenue Recognition (Details)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Performance Obligations (Details)
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)
Special Charges
Special Charges (Announced Restructuring Charges (Recoveries)) (Details)
Special Charges (Narrative) (Details)
Special Charges (Restructuring Programs Summary) (Details)
Special Charges (Special And Restructuring Charges, Net) (Details)
Special Charges (Special Charges, Net) (Details)
Special Charges (Tables)
Subsequent Event
Subsequent Event (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: 0001091883-20-000044
Submitted to the SEC: Mon Mar 30 2020 5:37:13 PM EST
Accepted by the SEC: Tue Mar 31 2020
Period: Tuesday, December 31, 2019
Industry: Miscellaneous Fabricated Metal Products

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