CIRCOR Announces Selected Preliminary Financial Information for Fourth-Quarter and Full-Year 2021; Announces Receipt of NYSE Continued Listing Notice
BURLINGTON, Mass., April 06, 2022–(Small business WIRE)–CIRCOR Intercontinental, Inc. (NYSE: CIR) (“CIRCOR” or “the Firm”), one of the world’s top suppliers of mission essential stream command solutions and companies for the Industrial and Aerospace & Defense (A&D) markets, currently declared picked preliminary monetary details for the fourth quarter and calendar year finished December 31, 2021, as as opposed to the same durations in 2020. The picked preliminary monetary information for the quarterly durations and year close durations has not been reviewed or audited, respectively, by the Company’s impartial registered community accounting business.
The picked preliminary unreviewed and unaudited economical information and facts established forth underneath is based upon the Company’s estimates pending the completion of the forensic overview of the accounting irregularities very first claimed less than a Latest Report on Kind 8-K dated March 14, 2022 and updated on a Present Report on Kind 8-K dated April 1, 2022.
As additional explained in the aforementioned Recent Experiences, on March 14, 2022, the Company announced that it experienced discovered accounting irregularities in its Pipeline Engineering business device and that the Audit Committee of the Company’s Board of Administrators experienced engaged exterior advisors to perform a overview into the irregularities. At this time the Enterprise expects to finish the evaluate in the coming weeks, at which time the Company will continue making ready its Yearly Report on Kind 10-K for the fiscal 12 months finished December 31, 2021 (the “Yearly Report”) for submitting. As also beforehand stated on Kind 12b-25 dated March 14, 2022, the Enterprise expects to restate its consolidated money statements for 2019 via 2021. The Firm also declared on April 1, 2022, that in addition to the formerly introduced critique of strategic alternatives, the Organization is actively discovering an exit of its loss-creating Pipeline Engineering business. Sure selected preliminary economical facts provided in this push release excludes the Pipeline Engineering company device.
The economic facts offered is preliminary and will not be closing till the Firm files its audited monetary statements in its Yearly Report.
Chosen Preliminary, Unaudited, Unreviewed Fiscal Info for 2021 Fourth Quarter and 2021 Fiscal Yr
For the fourth quarter finished December 31, 2021, Consolidated Revenues amounted to $203.4 million in comparison to $206.1 million for the comparative time period in 2020. Consolidated Revenues for the total-12 months 2021 amounted to $756.5 million when compared to $767.1 million for comprehensive-12 months 2020. These amounts are web of preliminary changes in the quantity of $8.7 million for the complete-calendar year 2021, $6.2 million for total-12 months 2020 and $2.2 million for the fourth quarter of 2020 ensuing from the in-course of action forensic critique of the accounting irregularities at the Pipeline Engineering small business and restatement process.
Consolidated Revenues excluding Pipeline Engineering profits for fourth quarter 2021 and 2020, amounted to $198. million and $203.1 million, respectively. This reduce of 3% was pushed by a 12% reduce in A&D section earnings as a result of decrease Protection OEM shipments, partially offset by an raise in commercial revenue. Industrial phase profits enhanced 3%, pushed by general industrial and aftermarket progress. Even more, Consolidated Revenues excluding Pipeline Engineering earnings for the yr finished 2021 and 2020, amounted to $742.1 million and $752.2 million, respectively. This reduce of 1% was driven by a 6% minimize in A&D segment income, partially offset by a 1% raise in Industrial phase profits.
Orders excluding the Company’s Pipeline Engineering organization were being $212.8 million for the fourth quarter of 2021 in contrast to $164.6 million for the fourth quarter of 2020. This 29% maximize was pushed by a 58% enhance in the A&D segment as a consequence of industrial aerospace strength and a massive Protection OEM order. Industrial orders enhanced 18% driven by strength in our downstream and industrial marine close markets. Orders excluding Pipeline Engineering were being $826.2 million for entire-year 2021 when compared to $718.5 million for comprehensive-12 months 2020. This 15% enhance was owing to a 23% maximize in the Industrial section and a a lot less than 1% raise in the A&D segment.
Use of Non-GAAP Economic Measures
In this press release, the Enterprise utilizes Consolidated Revenues excluding Pipeline Engineering as a non-GAAP monetary measure. Consolidated Revenues excluding Pipeline Engineering is calculated by subtracting the revenues generated by the Pipeline Engineering business enterprise, amounting to $14.4 million, $14.9 million, $5.4 million, and $3. million for comprehensive-year 2021, complete-year 2020, the fourth quarter of 2021, and the fourth quarter of 2020, respectively, from the Company’s consolidated revenues created all through the noted periods. Non-GAAP economic measures are used by administration in our economic and working conclusion making due to the fact we imagine they reflect our ongoing small business and facilitate period-to-time period comparisons. We feel that these non-GAAP financial actions present valuable details to buyers and many others in comprehension and assessing CIRCOR’s current functioning effectiveness and long term prospective customers in the similar method as management does if they so select. These non-GAAP financial actions also enable traders and some others to evaluate CIRCOR’s present-day financial outcomes with CIRCOR’s past financial outcomes in a reliable method.
Recognize of Delisting
On April 1, 2022, the Firm, as expected, obtained a see from the New York Inventory Exchange (“NYSE”) indicating that the Corporation is not in compliance with Segment 802.01E of the NYSE Shown Firm Handbook as a final result of its failure to timely file its Yearly Report with the Securities and Exchange Fee (the “SEC”).
As needed by the NYSE, the Company will timely notify the NYSE that it intends to overcome the deficiency and return to compliance with the NYSE continued listing requirement. Underneath NYSE guidelines, the Organization has six months from March 31, 2022, to file the Once-a-year Report with the SEC. The Firm can get back compliance with the NYSE listing benchmarks at any time prior to that date by submitting its Yearly Report.
The detect has no quick impact on the listing or trading of the Company’s typical inventory. On the other hand, if the Business fails to regain compliance with the NYSE continued listing regular in the six-thirty day period timeframe, it could be subject matter to delisting from the NYSE.
The Firm proceeds to dedicate major sources to finishing its evaluation and planning for the submitting of its Once-a-year Report, and expects to file the Annual Report perfectly within the 6-month timeframe.
About CIRCOR International, Inc.
CIRCOR Intercontinental is one of the world’s main companies of mission important stream management solutions and companies for the Industrial and Aerospace & Protection marketplaces. The Business has a solution portfolio of current market-major brands serving its customers’ most demanding applications. CIRCOR marketplaces its options instantly and by means of a variety of gross sales partners to more than 14,000 customers in about 100 countries. The Business has a international presence with roughly 3,100 personnel and is headquartered in Burlington, Massachusetts. For far more information and facts, go to the Company’s trader relations site at http://investors.circor.com.
Cautionary Observe Regarding Forward-Wanting Statements
This press launch has “forward-looking statements” within just the this means of the risk-free harbor provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. Real effects may vary materially from the anticipations the Firm describes in its ahead-hunting statements. Substantial reliance should not be put on forward-looking statements for the reason that they contain not known threats, uncertainties and other things, which are, in some situations, past the control of CIRCOR. Important factors that could lead to actual effects to vary materially from anticipations include, but are not confined to findings and conclusions of the Audit Committee’s overview the Company’s anticipations about materiality or significance the performance of the Company’s interior control in excess of economic reporting and disclosure controls and strategies the opportunity for a material weak point in the Company’s inner controls more than monetary reporting or other potential weaknesses of which the Corporation is not now informed or which have not been detected the threat that the completion and submitting of the Annual Report will just take more time than expected supplemental information and facts that may perhaps crop up through the preparation of the Company’s economic statements the timing of the Firm regaining compliance with the NYSE’s continued listing benchmarks the timing and final result, if any, of the Company’s strategic alternate options assessment and its probable exit from the Pipeline Engineering company unit the effect on the Firm of the problem in Russia and Ukraine and the hazards thorough from time to time in the Company’s periodic reviews filed with the SEC. Prior to generating any investment decision choices about CIRCOR, the Corporation strongly advises you to examine the part entitled “Hazard Variables” in its most recent annual report on Type 10-K and subsequent studies on Forms 10-Q, which can be accessed below the “Buyers” backlink of the Company’s web page at www.circor.com. The Enterprise undertakes no obligation to publicly update or revise any forward-hunting statement, whether or not as a outcome of new info, future gatherings or otherwise.
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