FLIR Systems posts positive Q2-03 revenues

JULY 23---FLIR Systems Inc. (Portland, OR;www.FLIR.com) reports that revenues for the second quarter, ended June 30, 2003, increased 18% to $75.2 million from $63.6 million for the second quarter of 2002. Earnings from operations increased 34% to $15.5 million, or 21% of revenues, from $11.6 million, or 18% of revenues, for the second quarter of 2002. Net earnings for this year's second quarter increased 2% to $9.7 million, or $0.27 per diluted share, reflecting a 33% tax rate. This compares to net earnings for the second quarter of 2002 of $9.6 million, also at $0.27 per diluted share, reflecting a 15% tax rate.

For the first half of 2003, revenues increased 19% to $144.3 million from $121.7 million for the same period last year. Earnings from operations for the first six months of 2003 increased 33% to $29.2 million, or 20% of revenues, from $22.0 million, or 18% of revenues, for the first half of 2002. Net earnings for that period increased 4% to $18.9 million, or $0.52 per diluted share. This compares to net earnings of $18.2 million, or $0.51 per diluted share, for the first six months of 2002. All per share amounts have been adjusted to reflect the 2-for-1 stock split that was effective on May 29, 2003.

Thermography-product revenues for the second quarter increased 38% over the second quarter last year, primarily due to higher sales of the company's new E-Series hand-held cameras and favorable currency exchange rates. Imaging product revenues increased 9%, reflecting sales gains for the company's ground-based and maritime Imaging systems.