FLIR Systems reports fourth-quarter and 2002 financial results

FEBRUARY 6--Net earnings for the fourth quarter, ended December 31, 2002, for FLIR Systems Inc. (Portland, OR; www.FLIR.com) increased 24% to $12.7 million, or $0.71 per diluted share, according to the company. This compares to net earnings for the fourth quarter of 2001 of $10.3 million, or $0.61 per diluted share. Revenue for the 2002 fourth quarter increased 15% to $74.9 million, up from $65.0 million for the fourth quarter of 2001. Revenue from the sale of the company's imaging products increased 19%, while revenue from the sale of the company's thermography products increased 10% as compared to the fourth quarter last year.

For the 12 months ended December 31, 2002, net earnings rose 60% to a record $41.6 million, or $2.33 per diluted share. This compares to net earnings for 2001 of $25.9 million, or $1.62 per diluted share. Revenue for 2002 reached $261.1 million, an increase of 22% from the $214.4 million generated in 2001. Revenue from the sale of the company's imaging products increased 36%, while revenue from the sale of the company's thermography products increased 3% compared to the prior year.

"2002 was an excellent year for FLIR and its shareholders. We managed our assets effectively, controlled expenses, generated cash, and grew revenue and earnings to new records," commented Earl R. Lewis, president and CEO of FLIR. "In addition, we continued to develop state-of-the-art thermal imaging products and entered important new markets."