FLIR Systems announces positive first-quarter 2003 financials

APRIL 25--FLIR Systems Inc. (Portland, OR;www.flir.com) says its revenues for the first quarter ended, March 31, 2003, increased 19% to $69.2 million from $58.1 million for the first quarter of 2002. Income before taxes increased 34% to $13.7 million from $10.2 million. Net earnings for this year's first quarter increased 6% to $9.2 million, or $0.51 per diluted share, reflecting a 33% tax rate. This compares to net earnings for the first quarter of 2002 of $8.7 million, or $0.49 per diluted share, reflecting a 15% tax rate.

Thermography-product revenue increased 21% over the first quarter last year, primarily because of higher sales of the company's new E-Series hand-held cameras. Imaging-product revenues increased 18%, reflecting sales gains for both the company's ground-based and airborne imaging systems. Backlog of orders grew to approximately $113 million at March 31, 2003, as compared to $92 million at December 31, 2002.

Cash generated from operations totaled $6.7 million for the first quarter of 2003. The company has no outstanding debt and cash on hand of approximately $48 million.