Flir focus on rationalising business

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Flir Systems has announced financial results for the fourth quarter, ended 31 December 2012.

Revenue was $386.4 million, down five per cent compared to that of the fourth quarter of 2011, which was $405.2 million. Operating income in the fourth quarter was $100.1 million, compared to $109.7 million in the fourth quarter of 2011.

Fourth quarter 2012 net income was $77.3 million, or $0.52 per diluted share, compared with net income of $76.1 million, or $0.48 per diluted share in the fourth quarter a year ago.

Cash provided by operations in the fourth quarter was $112.9 million. During the quarter, the company repurchased 4.5 million shares of its common stock at an average price of $18.84 per share.

'The fourth quarter was an encouraging end to a 2012 that was focused on rationalising our businesses to enhance operating leverage and prepare us well for 2013,' said Earl Lewis, president and CEO.

He added: 'We saw higher bookings in the fourth quarter versus the prior year, helping us end 2012 with over $60 million more in order backlog than 2011.

'We also reached record operating cash flow for the year, which allowed us to acquire two very strategically significant businesses and return a significant amount of capital to our shareholders through repurchasing 10.5 million of our shares and distributing $42 million in dividends.'

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