FLIR Systems announces record 3rd-quarter financial results, new thermal-imaging camera line

OCTOBER 17-- FLIR Systems Inc. (Portland, OR; www.flir.com) has declared that net earnings for the third quarter ended September 30, 2002 increased 73% to a third quarter record $10.7 million, or $0.60 per diluted share.

Oct 17th, 2002

OCTOBER 17-- FLIR Systems Inc. (Portland, OR; www.flir.com) has declared that net earnings for the third quarter ended September 30, 2002 increased 73% to a third quarter record $10.7 million, or $0.60 per diluted share. These figures compare to net earnings for the third quarter of 2001 of $6.2 million, or $0.38 per diluted share. Revenues increased 36% to a third quarter record $64.5 million from $47.5 million for the same period last year.

For the first nine months of 2002, net earnings increased 84% to $28.9 million, or $1.62 per diluted share, from $15.7 million, or $1.01 per diluted share, for the nine months of 2001. Revenues for the nine-month period increased 25% to $186.2 million from $149.4 million for the same period last year.

The increase in revenues for the third quarter of 2002 reflected higher sales of FLIR's imaging products, particularly its airborne and ground-based imaging systems, which increased 48% over the same period last year, and an increase in sales of its thermography products, which increased 19% over the same period last year. Gross margins were 53% compared to 55% for the same period last year. Earnings from operations increased 44% to $12.8 million, or 20% of revenues, for the 2002 third quarter compared to $8.9 million, or 19% of revenues, for the third quarter of 2001.

President and chief executive officer Earl R. Lewis concluded, "Based on FLIR's performance during the first nine months of the year and our strong backlog, we are increasing our earnings guidance for 2002 to approximately $2.30 per diluted share. We expect revenues for the year to be approximately $260 million."

The company also has introduced a new line of thermal imaging cameras for the US and international security markets. The ThermoVision Security camera uses FLIR's infrared technology for safety, security, and surveillance applications. It provides clear images in total darkness and through fog, dust, and smoke.

These cameras can be integrated into new and existing video security networks. The small, weatherproof cameras connect in the same manner as conventional CCD cameras and provide the same video output. They are available with a range of lens choices suitable for indoor, close-range applications to medium-range outdoor applications. Applications for the new product include industrial perimeter security, high value asset protection, warehouse surveillance, and security for bridges, dams, and harbors.

FLIR has received a multi-unit order for the new camera line for a security and safety application at a US National Laboratory. Deliveries of the new product will commence this quarter.

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