FLIR Systems announces first-quarter 2002 financial results

APRIL 24--FLIR Systems Inc. (Portland, OR; www.FLIR.com) has announced that net earnings for the first quarter ended March 31, 2002, increased 124% to $8.7 million.

APRIL 24--FLIR Systems Inc. (Portland, OR; www.FLIR.com) has announced that net earnings for the first quarter ended March 31, 2002, increased 124% to $8.7 million, or $0.49 per diluted share. This compares to net earnings of $3.9 million, or $0.27 per diluted share, for the first quarter of 2001. Revenue increased 15% to $58.1 million from the $50.5 million recorded for the same period last year.

President and CEO Earl R. Lewis said that the increase in revenue for the first quarter of 2002 primarily reflected higher sales of FLIR's ground-based imaging systems. Gross margins were 54%, unchanged from the same period last year.

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