CIRCOR INTERNATIONAL INC

CIK:0001091883|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Income Statement [Abstract]
Net revenues	$ 208,809	$ 191,376	$ 411,906	$ 377,031
Cost of revenues	140,224	133,171	269,255	263,543
Gross profit	68,585	58,205	142,651	113,488
Selling, general and administrative expenses	53,846	52,057	108,511	110,127
Total special and restructuring charges (recoveries), net	5,195	(5,730)	6,680	3,272
Operating income	9,544	11,878	27,460	89
Other expense (income):
Interest expense, net	14,957	10,203	29,485	19,659
Other (income), net	(1,130)	(1,638)	(916)	(2,924)
Total other expense, net	13,827	8,565	28,569	16,735
(Loss) income before income taxes	(4,283)	3,313	(1,109)	(16,646)
Provision for (benefit from) income taxes	4,288	(647)	7,869	875
Net (Loss) income	$ (8,571)	$ 3,960	$ (8,978)	$ (17,521)
Basic (loss) income per common share:
Net loss per share - basic (in USD per share)	$ (0.42)	$ 0.19	$ (0.44)	$ (0.86)
Diluted (loss) income per common share:
Net loss per share - diluted (in USD per share)	$ (0.42)	$ 0.19	$ (0.44)	$ (0.86)
Weighted-average common shares
Weighted-average common shares - basic (in shares)	20,392	20,361	20,380	20,336
Weighted-average common shares - diluted (in shares)	20,392	20,428	20,380	20,336

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022
OPERATING ACTIVITIES
Net loss	$ (8,978)	$ (17,521)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9,769	10,056
Amortization	15,941	18,580
Change in provision for bad debt expense	(403)	(221)
Write down of inventory	1,938	1,181
Compensation expense for share-based plans	2,323	375
Loss on debt extinguishment	0	4,977
Amortization of debt issuance costs	1,951	1,649
(Gain) on sale of real estate	0	(22,008)
Other impairment charges	0	8,011
Loss on deconsolidation charges	0	4,675
Changes in operating assets and liabilities:
Trade accounts receivable	266	3,283
Inventories	(28,112)	(20,548)
Prepaid expenses and other assets	(7,552)	(16,947)
Accounts payable, accrued expenses and other liabilities	1,036	4,941
Net cash used in operating activities	(11,821)	(19,517)
INVESTING ACTIVITIES
Additions to property, plant and equipment	(11,054)	(9,133)
Proceeds from the sale of property, plant and equipment	39	80
Proceeds from sale of real estate	0	26,433
Supplier funding (Note 2)	3,386	0
Proceeds from beneficial interest of factored receivables	2,197	2,336
Net cash (used in) provided by investing activities	(5,432)	19,716
FINANCING ACTIVITIES
Proceeds from long-term debt	100,050	124,016
Payments of long-term debt	(87,400)	(105,616)
Net change in short-term borrowings	0	(1,573)
Withholding tax payments on net share settlements on equity awards	(472)	(1,187)
Payment of debt issuance costs	0	(16,701)
Net cash provided by (used in) financing activities	12,178	(1,061)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	487	(3,848)
(DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(4,588)	(4,710)
Cash, cash equivalents, and restricted cash at beginning of period	66,724	61,374
Cash, cash equivalents, and restricted cash at end of period	$ 62,136	$ 56,664

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 58,637	$ 64,275
Trade accounts receivable, net	112,763	109,754
Inventories	166,955	139,786
Prepaid expenses and other current assets	124,379	117,766
Total Current Assets	462,734	431,581
PROPERTY, PLANT AND EQUIPMENT, NET	141,540	141,141
OTHER ASSETS:
Goodwill	119,739	119,847
Intangibles, net	241,131	256,338
Lease right-of-use assets, net	41,005	42,491
Deferred income taxes	508	512
Other assets	20,089	20,777
TOTAL ASSETS	1,026,746	1,012,687
CURRENT LIABILITIES:
Accounts payable	76,872	78,778
Accrued expenses and other current liabilities	96,971	84,510
Accrued compensation and benefits	28,413	30,817
Total Current Liabilities	202,256	194,105
LONG-TERM DEBT	510,851	496,534
DEFERRED INCOME TAXES	18,305	18,238
PENSION LIABILITY, NET	87,445	85,968
LONG-TERM LEASE LIABILITIES	37,011	38,480
OTHER NON-CURRENT LIABILITIES	17,830	20,316
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding at July 2, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,764,256 and 21,736,911 issued at July 2, 2023 and December 31, 2022, respectively	218	218
Additional paid-in capital	457,952	456,102
Accumulated deficit	(187,671)	(178,693)
Common treasury stock, at cost (1,372,488 shares at July 2, 2023 and December 31, 2022)	(74,472)	(74,472)
Accumulated other comprehensive loss, net of tax	(42,979)	(44,109)
Total Shareholders’ Equity	153,048	159,046
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,026,746	$ 1,012,687