Defence cuts hit Flir, but commercial division up 15 per cent

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Flir's Government Systems division Q4 2013 revenue has shown a drop of 10 per cent from the same period in 2012, to $155.7 million, because of reduced US defence spending. Revenue from its Commercial Systems division, however, increased 15 per cent to $244.6 million.

Overall, the company was up 4 per cent to $400.3 million for the quarter compared to the same period in 2012. Revenue for the whole of 2013 was $1,496.4 million, up 6 per cent compared to 2012.

‘Our financial results were impacted by slowed activity from domestic defence customers and our planned spending and restructuring charges; however, we recorded a record level of cash flow in 2013,’ said Andy Teich, president and CEO of Flir. 

Within the Government Systems division, revenue from the Surveillance segment was $124.7 million, a decrease of 9 per cent from Q4 2012.

Operating income for 2013 was $240.7 million compared to $303.3 million in 2012. Net income for 2013 was $177 million, or $1.22 per diluted share, compared with 2012 net income of $222.4 million, or $1.45 per diluted share. Cash provided by operations reached a record high $355 million during the year, growing 24 per cent over 2012.

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