Circor International Inc (CIR) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 29, 2020

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Circor International Inc

CIK: 1091883 Ticker: CIR

Exhibit 99.1
CIRCOR Reports First-Quarter 2020 Financial Results

Burlington, MA - May 29, 2020

CIRCOR International, Inc. (NYSE: CIR), one of the world’s leading providers of flow control products and services for the Industrial and Aerospace & Defense markets, today announced GAAP and adjusted financial results for the first quarter ended March 29, 2020.

First-Quarter 2020 Overview

Prioritizing health and safety while continuing our strategic transformation and managing business continuity during the COVID-19 pandemic
Orders of $208 million produced a book-to-bill ratio of 1.09 and backlog increase of $16 million
Revenue of $192 million, down 20% reported, down 9% organically
Aerospace & Defense revenue of $65 million, up 7% reported, up 8% organically
Industrial revenue of $127 million, down 29% reported, down 16% organically
GAAP loss per share of $(3.96) reflecting a non-cash goodwill impairment charge of $116 million in the Industrial segment due to COVID-19 impact on outlook
Adjusted earnings per share of $0.20, including estimated $(0.45) impact from COVID-19, driven by:
Delayed revenue of $12 million and adjusted operating income of $5 million
Receivable write-off of $6 million
GAAP operating margin of (38%); adjusted operating margin of 5.8%
Aerospace & Defense operating margin of 19.1%, up 380 bps versus last year
Initiated $45 million of 2020 cost actions due to current market environment
Exited Q1 with $171 million of cash on hand
Repriced debt in February 2020, reducing interest expense by 25 bps
Completed sale of non-core Instrumentation & Sampling business in January 2020 for $172 million, subject to working capital adjustment
Distributed Valves business exit to be completed in Q2 2020

“At CIRCOR, our top priority remains the health and safety of our employees, customers and suppliers. The CIRCOR team has been doing a remarkable job and I want to thank them for their service and unwavering dedication to our customers in this rapidly changing environment,” said Scott Buckhout, CIRCOR’s President and CEO. “CIRCOR’s products and services have been deemed essential in the vast majority of regions in which we operate, and as a result, all of our facilities are currently open. During this time of unprecedented uncertainty, our team has taken extraordinary measures to maintain business continuity, implementing numerous safety measures in an effort to ensure our employees around the world remain safe and our business continues to supply essential products to our customers with as little disruption as possible.”

Mr. Buckhout continued, “We are taking prudent action in the face of the COVID-19 pandemic while continuing to execute against our previously announced 18-month strategic plan. De-levering the Company remains a top priority. We reduced our net debt by $138 million in the first quarter. In addition, we are aggressively taking cost out of our business to better align our cost structure with the current market environment. We expect the actions taken to date will reduce costs in 2020 by approximately $45


The following information was filed by Circor International Inc (CIR) on Friday, May 29, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Document And Entity Information Document
Condensed Consolidated Statements Of Shareholder's Equity
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Statements Of Consolidated Comprehensive Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Impact On Comprehensive Income) (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Contingencies And Commitments
Contingencies And Commitments (Narrative) (Details)
Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details)
Contingencies And Commitments (Tables)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Balance Sheet Information For Assets And Liabilties Related To Discontinued Operations (Details)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Summarized Components Of (Loss) Income From Discontinued Operations (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Financing Arrangements
Financing Arrangements (Narrative) (Details)
Financing Arrangements (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details)
Goodwill And Intangible Assets (Goodwill, By Segment) (Details)
Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details)
Goodwill And Intangible Assets (Tables)
Guarantees And Indemnification Obligations
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details)
Guarantees And Indemnification Obligations (Tables)
Income Taxes
Income Taxes (Details)
Inventories (Components Of Inventory) (Details)
Inventories (Tables)
Retirement Plans
Retirement Plans (Components Of Net Pension Benefit Expense) (Details)
Retirement Plans (Tables)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Segment Information
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 (Tables)
Share-Based Compensation Ceo Inducement Stock Award (Details)
Special Charges Narrative (Details)
Special Charges/Recoveries
Special Charges/Recoveries (Details)
Special Charges/Recoveries (Tables)
Special Charges/Recoveries Charges Incurred To Date (Details)
Subsequent Event
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables)
Ticker: CIR
CIK: 1091883
Form Type: 10-Q Quarterly Report
Accession Number: 0001091883-20-000084
Submitted to the SEC: Mon Jun 01 2020 5:21:04 PM EST
Accepted by the SEC: Mon Jun 01 2020
Period: Sunday, March 29, 2020
Industry: Miscellaneous Fabricated Metal Products

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