CIRCOR International Reports Third Quarter 2011 Financial Results

• Revenue Growth of 18% Year Over Year, All Segments Up
• Aerospace Bookings Increase More than 100% Due To Large Multi-Year Order
• EPS at High End of Guidance Range, Excluding Favorable Litigation Settlement

BURLINGTON, Mass.--(BUSINESS WIRE)--CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the industrial, aerospace and energy markets, today announced financial results for the third quarter ended October 2, 2011, highlighted by revenue growth across all business segments. Key performance metrics were in line with Company expectations.

“CIRCOR reported strong revenues and earnings for the third quarter,” said Chairman and Chief Executive Officer Bill Higgins. “Revenues increased 18% year over year with solid demand across all of our segments. Bookings were also up as we won another significant aerospace order, this time a multi-year military landing gear program on a new platform for us.”

“On balance, the demand environment remains positive,” Higgins continued. “We are encouraged by expanding energy markets, rising commercial aerospace build rates and our continuing ability to win key large programs. We remain cautiously optimistic about the flow control segment, however, we recently experienced weakness in LED equipment demand from China. Overall, we are positive about 2012, and we continue to execute our five-year strategy of doubling CIRCOR’s revenues and significantly improving segment margins.”

Consolidated Results

Revenues for the third quarter of 2011 were $210.0 million, an 18% increase from $177.6 million in the third quarter of 2010. CIRCOR reported net income for the third quarter of 2011 of $10.9 million, or $0.63 per diluted share, compared with net income of $10.4 million, or $0.60 per diluted share, for the third quarter of 2010. Third quarter earnings benefitted from a $1.6 million, or $0.06 per diluted share, recovery from a long-standing legal case. Excluding Leslie asbestos and bankruptcy charges, net of tax, adjusted earnings per diluted share for the third quarter of 2011 were $0.62 and for 2010 were $0.69.

Consolidated adjusted operating earnings (which exclude Leslie asbestos and bankruptcy charges) were $15.7 million for the third quarter of 2011 compared with $15.8 million for the third quarter of 2010, a decrease of 1%.

The Company received orders totaling $227.3 million during the third quarter of 2011, an increase of 10% compared with the third quarter of 2010. Backlog as of October 2, 2011 was $440.2 million, up 12% from backlog of $391.6 million at October 3, 2010.

During the third quarter of 2011, the Company used $5.2 million of free cash flow (defined as net cash from operating activities less capital expenditures), which compares to a use of $0.5 million in the third quarter of 2010.

Energy

Energy segment revenues of $103.3 million for the quarter ended October 2, 2011 represent a 28% increase from $80.6 million for the quarter ended October 2, 2010. The increase was primarily due to organic growth of 21% as a result of double digit improvement in all sectors. The remainder of the increase includes 4% growth from the February 2011 Brazilian energy acquisition and a positive foreign currency impact of 3%.

Incoming orders for the third quarter of 2011 were $93.6 million, a decrease of 5% year over year as a result of fewer large international projects, which fluctuate quarter to quarter, and an unusually large $12.5 million pipeline solutions project order we received in the third quarter of 2010. These declines were partially offset by increased demand for North American short-cycle orders and other pipeline solutions. Ending backlog totaled $202.0 million, an increase of 32% year over year.

For the third quarter of 2011, the Energy segment adjusted operating margin of 7.2% was down from 11.1% from the third quarter of 2010 primarily due to the impact of the Brazil energy acquisition, including integration activities, as well as unfavorable pricing for large international projects. Sequentially, the Energy segment margins improved 190 basis points partially due to improvement in our large international projects.

Aerospace

Aerospace segment revenues increased by 15% to $32.7 million for the third quarter of 2011 from $28.3 million in the third quarter of 2010. The increase in revenues was driven by 14% organic growth and a 1% positive foreign currency impact.

Incoming orders for the third quarter of 2011 were $62.8 million, an increase of 101% year over year, primarily due to a $26 million multi-year military landing gear order on a new platform for CIRCOR. Ending backlog totaled $160.4 million, an increase of 5% year over year.

The Aerospace segment’s adjusted operating margin was 5.6% for the third quarter of 2011, compared with 9.6% for the third quarter of 2010. Third-quarter adjusted operating margins decreased primarily due to investments in our recently acquired Sylmar, California landing gear facility to support our recent landing gear program wins, as well as unfavorable product mix and development costs associated with new program wins, partially offset by favorable volume.

Flow Technologies

Flow Technologies segment revenues increased 8% to $74.0 million for the third quarter of 2011 from $68.6 million in the third quarter of 2010. Third-quarter 2011 revenues reflected organic growth of 6% with strength across most end markets and a favorable foreign currency impact of 2%.

Incoming orders for this segment were $70.8 million for the third quarter of 2011, a decrease of 9% year over year due primarily to softness in LED equipment demand from China, which had been very strong during the past year. Ending backlog totaled $77.8 million, a decrease of 9% year over year as a result of lower LED equipment orders and the delivery of large maritime projects.

This segment’s adjusted operating margin, which excludes the impact of Leslie asbestos and bankruptcy charges, for the third quarter of 2011 grew to 13.6%, compared with 13.1% in the third quarter of 2010.

Business and Financial Outlook

CIRCOR currently expects revenues for the fourth quarter of 2011 in the range of $213 million to $222 million. Earnings are expected to be in the range of $0.53 to $0.63 per diluted share. CIRCOR’s guidance for earnings per share assumes a 30% tax rate and that exchange rates remain at present levels.

Conference Call Information

CIRCOR International will hold a conference call to review its financial results today, November 3, 2011, at 10:00 a.m. ET. Those who wish to listen to the conference call and view the accompanying presentation slides should visit “Webcasts & Presentations” in the “Investors” portion of the CIRCOR website. The live call also can be accessed by dialing [phone] or [phone]. If you are unable to listen to the live call, the webcast will be archived for one year on the Company’s website.

Use of Non-GAAP Financial Measures

Adjusted net income, adjusted earnings per diluted share, adjusted operating margin, and free cash flow are non-GAAP financial measures and are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. CIRCOR believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of CIRCOR. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to CIRCOR’s future performance, including fourth-quarter revenue and earnings guidance. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About CIRCOR International, Inc.

CIRCOR International, Inc. designs, manufactures and markets valves and other highly engineered products for the industrial, aerospace and energy markets. With more than 7,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands. CIRCOR’s culture, built on the CIRCOR Business System, is defined by the Company’s commitment to attracting, developing and retaining the best talent and pursuing continuous improvement in all aspects of its business and operations. The Company’s strategy includes growing organically by investing in new, differentiated products; adding value to component products; and increasing the development of mission-critical subsystems and solutions. CIRCOR also plans to leverage its strong balance sheet to acquire strategically complementary businesses. For more information, visit the Company’s investor relations web site at http://investors.circor.com.

	CIRCOR INTERNATIONAL, INC.
	CONSOLIDATED STATEMENTS OF OPERATIONS
	(in thousands, except per share data)
	UNAUDITED
	Three Months Ended								Nine Months Ended
	October 2, 2011				October 3, 2010				October 2, 2011				October 3, 2010
Net revenues		$	209,961			$	177,577			$	605,239			$	491,851
Cost of revenues			154,774				126,096				439,218				348,109
GROSS PROFIT			55,187				51,481				166,021				143,742
Selling, general and administrative expenses			39,448				35,648				124,083				109,024
Leslie asbestos and bankruptcy (recoveries) charges			(201	)			2,343				676				30,603
OPERATING INCOME			15,940				13,490				41,262				4,115
Other expense (income):
Interest income			(69	)			(69	)			(166	)			(162	)
Interest expense			956				803				3,058				2,036
Other expense (income), net			354				(853	)			1,830				(646	)
Total other expense			1,241				(119	)			4,722				1,228
INCOME BEFORE INCOME TAXES			14,699				13,609				36,540				2,887
Provision (Benefit) for income taxes			3,752				3,210				10,191				(2,005	)
NET INCOME		$	10,947			$	10,399			$	26,349			$	4,892
Earnings per common share:
Basic		$	0.63			$	0.61			$	1.53			$	0.29
Diluted		$	0.63			$	0.60			$	1.51			$	0.28
Weighted average common shares outstanding:
Basic			17,266				17,123				17,226				17,095
Diluted			17,423				17,258				17,412				17,238

CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
	Nine Months Ended
	October 2, 2011				October 3, 2010
OPERATING ACTIVITIES
Net income		$	26,349			$	4,892
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation			11,265				9,509
Amortization			3,293				3,065
Compensation expense of share-based plans			3,007				2,445
Tax effect of share based compensation			(649	)			(114	)
(Gain) loss on disposal of property, plant and equipment			(68	)			248
(Payment) provision for Leslie bankruptcy settlement			(76,625	)			24,974
Changes in operating assets and liabilities, net of
effects from business acquisitions:
Trade accounts receivable			(1,249	)			(20,256	)
Inventories			(43,901	)			(26,090	)
Prepaid expenses and other assets			(9,453	)			5,031
Accounts payable, accrued expenses and other liabilities			17,353				13,406
Net cash (used in) provided by operating activities			(70,678	)			17,110
INVESTING ACTIVITIES
Additions to property, plant and equipment			(11,254	)			(11,400	)
Proceeds from the disposal of property, plant and equipment			84				75
Proceeds from the sale of investments			0				21,427
Business acquisitions, net of cash acquired			(20,221	)			(34,401	)
Net cash used in investing activities			(31,391	)			(24,299	)
FINANCING ACTIVITIES
Proceeds from borrowings			224,455				91,750
Payments of borrowings			(126,269	)			(60,202	)
Debt issuance costs			(2,001	)			0
Dividends paid			(1,987	)			(1,982	)
Proceeds from the exercise of stock options			496				329
Tax effect of share based compensation			649				114
Net cash provided by financing activities			95,343				30,009
Effect of exchange rate changes on cash and cash equivalents			228				(644	)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS			(6,498	)			22,176
Cash and cash equivalents at beginning of year			45,752				46,350
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	39,254			$	68,526

CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
	October 2, 2011			December 31, 2010
ASSETS
Current Assets:
Cash & cash equivalents		$	39,254		$	45,752
Short-term investments			98			101
Trade accounts receivable, less allowance
for doubtful accounts of $898 and $822, respectively			142,369			138,860
Inventories			213,824			167,797
Income taxes refundable			113			1,625
Prepaid expenses and other current assets			14,137			5,749
Deferred income tax asset			17,146			20,111
Insurance receivables			0			38
Assets held for sale			542			542
Total Current Assets			427,483			380,575
Property, Plant and Equipment, net			103,252			95,768
Other Assets:
Goodwill			77,152			63,175
Intangibles, net			59,997			62,322
Deferred income tax asset			13,035			11,829
Other assets			4,540			2,526
Total Assets		$	685,459		$	616,195
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable		$	83,439		$	80,577
Accrued expenses and other current liabilities			65,284			51,248
Accrued compensation and benefits			24,581			22,305
Leslie asbestos and bankruptcy related liabilities			1,200			79,831
Income taxes payable			0			38
Notes payable and current portion of long-term debt			16,679			851
Total Current Liabilities			191,183			234,850
Long-Term Debt, net of current portion			86,818			684
Deferred income taxes			2,292			0
Other Non-Current Liabilities			20,870			23,841
Shareholders' Equity:
Preferred stock, $.01 par value; 1,000,000 shares
authorized; no shares issued and outstanding			0			0
Common stock, $.01 par value; 29,000,000 shares
authorized; and 17,252,650 and 17,112,688 issued and
outstanding, respectively			173			171
Additional paid-in capital			257,309			254,154
Retained earnings			120,773			96,389
Accumulated other comprehensive income			6,041			6,106
Total Shareholders' Equity			384,296			356,820
Total Liabilities and Shareholders' Equity		$	685,459		$	616,195

	CIRCOR INTERNATIONAL, INC.
	SUMMARY OF ORDERS AND BACKLOG
	(in millions)
	UNAUDITED
		Three Months Ended						Nine Months Ended
		October 2, 2011			October 3, 2010			October 2, 2011			October 3, 2010
ORDERS^1
Energy			$	93.6		$	98.5		$	310.6		$	244.1
Aerospace				62.8			31.3			129.1			93.1
Flow Technologies				70.8			77.3			222.6			210.8
Total orders			$	227.2		$	207.1		$	662.3		$	548.0
		October 2, 2011			October 3, 2010
BACKLOG ^2
Energy			$	202.0		$	153.0
Aerospace				160.4		$	152.8
Flow Technologies				77.8		$	85.8
Total backlog			$	440.2		$	391.6
Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer order backlog amounts denominated in foreign currencies.
Note 2: Backlog includes all unshipped customer orders.

		CIRCOR INTERNATIONAL, INC.
	SUMMARY REPORT BY SEGMENT
	(in thousands, except earnings per share)
	UNAUDITED
		2010																	2011
		1ST QTR				2ND QTR				3RD QTR			4TH QTR			YTD			1ST QTR				2ND QTR				3RD QTR			YTD
NET REVENUES
Energy			$	57,722			$	77,305		$	80,613		$	90,229		$	305,869			$	99,170			$	81,994		$	103,300		$	284,464
Aerospace				27,274				27,811			28,316			35,465			118,866				32,110				36,029			32,681			100,820
Flow Technologies				61,273				62,889			68,648			68,365			261,175				72,090				73,885			73,980			219,955
Total				146,269				168,005			177,577			194,059			685,910				203,370				191,908			209,961			605,239
* ADJUSTED OPERATING MARGIN
Energy				3.5	%			8.3	%		11.1	%		6.7	%		7.7	%			6.4	%			5.3	%		7.2	%		6.4	%
Aerospace				13.2	%			14.6	%		9.6	%		14.1	%		13.0	%			11.6	%			11.2	%		5.6	%		9.5	%
Flow Technologies				10.2	%			10.1	%		13.1	%		12.5	%		11.5	%			13.7	%			12.4	%		13.6	%		13.2	%
Segment operating margin				8.1	%			10.0	%		11.7	%		10.1	%		10.1	%			9.8	%			9.1	%		9.2	%		9.4	%
Corporate expenses				-3.1	%			-3.1	%		-2.7	%		-3.3	%		-3.1	%			-3.0	%			-2.7	%		-1.7	%		-2.5	%
* Adjusted operating margin				5.0	%			6.9	%		8.9	%		6.7	%		7.0	%			6.8	%			6.5	%		7.5	%		6.9	%
Leslie asbestos and bankruptcy charges (recoveries)				-0.4	%			17.2	%		1.3	%		1.1	%		4.8	%			0.5	%			-0.1	%		-0.1	%		0.1	%
Total operating margin				5.4	%			-10.3	%		7.6	%		5.6	%		2.2	%			6.3	%			6.5	%		7.6	%		6.8	%
* ADJUSTED OPERATING INCOME
Energy				2,025				6,424			8,968			6,024			23,441				6,393				4,373			7,441			18,207
Aerospace				3,607				4,067			2,726			5,002			15,402				3,727				4,021			1,846			9,594
Flow Technologies				6,276				6,367			8,997			8,512			30,152				9,854				9,133			10,037			29,024
Segment operating income				11,908				16,858			20,691			19,538			68,995				19,974				17,527			19,324			56,825
Corporate expenses				(4,607	)			(5,274	)		(4,859	)		(6,494	)		(21,234	)			(6,201	)			(5,100	)		(3,585	)		(14,886	)
* Adjusted operating income				7,301				11,584			15,832			13,044			47,761				13,773				12,427			15,739			41,939
Leslie asbestos and bankruptcy charges (recoveries)				(648	)			28,908			2,343			2,173			32,776				1,001				(124	)		(201	)		676
Total operating income				7,949				(17,325	)		13,490			10,871			14,986				12,772				12,550			15,940			41,262
INTEREST EXPENSE, NET				(554	)			(586	)		(734	)		(641	)		(2,515	)			(773	)			(1,232	)		(887	)		(2,892	)
OTHER (EXPENSE) INCOME, NET				51				(258	)		853			(608	)		38				(915	)			(560	)		(354	)		(1,830	)
PRETAX INCOME (LOSS)				7,446				(18,169	)		13,609			9,622			12,508				11,084				10,758			14,699			36,540
(PROVISION) BENEFIT FOR INCOME TAXES				(1,713	)			6,928			(3,210	)		(1,890	)		115				(3,178	)			(3,261	)		(3,752	)		(10,191	)
EFFECTIVE TAX RATE				23.0	%			38.1	%		23.6	%		19.6	%		-0.9	%			28.7	%			30.3	%		25.5	%		27.9	%
NET INCOME (LOSS)			$	5,733			$	(11,241	)	$	10,399		$	7,732		$	12,624			$	7,906			$	7,497		$	10,947		$	26,349
Weighted Average Common Shares Outstanding (Diluted)				17,193				17,108			17,258			17,378			17,297				17,378				17,434			17,423			17,412
EARNINGS PER COMMON SHARE (Diluted)			$	0.33			$	(0.66	)	$	0.60		$	0.44		$	0.73			$	0.45			$	0.43		$	0.63		$	1.51
EBIT			$	8,000			$	(17,583	)	$	14,343		$	10,263		$	15,024			$	11,857			$	11,990		$	15,586		$	39,434
Depreciation				3,228				3,115			3,166			3,566			13,075				3,575				3,921			3,770			11,265
Amortization of intangibles				979				964			1,122			1,236			4,301				1,418				778			1,097			3,293
EBITDA			$	12,207			$	(13,504	)	$	18,631		$	15,065		$	32,400			$	16,850			$	16,689		$	20,453		$	53,992
EBITDA AS A PERCENT OF SALES				8.3	%			-8.0	%		10.5	%		7.8	%		4.7	%			8.3	%			8.7	%		9.7	%		8.9	%
CAPITAL EXPENDITURES			$	3,606			$	4,580		$	3,213		$	3,513		$	14,913			$	2,693			$	4,770		$	3,792		$	11,256
* Adjusted Operating Income & Margin excludes Leslie asbestos and bankruptcy charges.

	CIRCOR INTERNATIONAL, INC.
	RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
	GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
	(in thousands)
	UNAUDITED
		2010																2011
		1ST QTR				2ND QTR			3RD QTR			4TH QTR			YTD			1ST QTR			2ND QTR			3RD QTR			YTD
FREE CASH FLOW [NET CASH FLOW FROM OPERATING
ACTIVITIES LESS CAPITAL EXPENDITURES]			$	(6,380	)	$	12,587		$	(496	)	$	18,729		$	24,439		$	525		$	(77,244	)	$	(5,214	)	$	(81,933	)
ADD:
Capital Expenditures				3,606			4,580			3,213			3,513			14,913			2,693			4,770			3,792			11,255
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			$	(2,774	)	$	17,167		$	2,717		$	22,242		$	39,352		$	3,218		$	(72,474	)	$	(1,422	)	$	(70,678	)
NET DEBT (CASH) [TOTAL DEBT LESS CASH & CASH
EQUIVALENTS LESS INVESTMENTS]			$	(52,713	)	$	(55,976	)	$	(26,225	)	$	(44,318	)	$	(44,318	)	$	(22,553	)	$	56,828		$	64,145		$	64,145
ADD:
Cash & cash equivalents				37,812			60,857			68,526			45,752			45,752			53,491			48,302			39,254			39,254
Investments				22,412			94			97			101			101			98			107			98			98
TOTAL DEBT			$	7,511		$	4,975		$	42,398		$	1,535		$	1,535		$	31,036		$	105,237		$	103,497		$	103,497
DEBT AS % OF EQUITY				2	%		2	%		12	%		0	%		0	%		8	%		27	%		27	%		27	%
TOTAL DEBT				7,511			4,975			42,398			1,535			1,535			31,036			105,237			103,497			103,497
TOTAL SHAREHOLDERS' EQUITY				349,244			324,128			351,719			356,820			356,820			374,706			385,833			384,296			384,296
EBIT [NET INCOME LESS INCOME TAXES LESS
INTEREST EXPENSE, NET]			$	8,000		$	(17,583	)	$	14,343		$	10,263		$	15,023		$	11,857		$	11,990		$	15,586		$	39,433
LESS:
Interest expense, net				(554	)		(586	)		(734	)		(641	)		(2,515	)		(773	)		(1,232	)		(887	)		(2,892	)
(Provision) benefit for income taxes				(1,713	)		6,928			(3,210	)		(1,890	)		115			(3,178	)		(3,261	)		(3,752	)		(10,191	)
NET INCOME			$	5,733		$	(11,241	)	$	10,399		$	7,732		$	12,624		$	7,906		$	7,497		$	10,947		$	26,349
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET,
LESS DEPRECIATION LESS AMORTIZATION LESS INCOME
TAXES]			$	12,207		$	(13,504	)	$	18,631		$	15,065		$	32,399		$	16,850		$	16,689		$	20,453		$	53,992
LESS:
Interest expense, net				(554	)		(586	)		(734	)		(641	)		(2,515	)		(773	)		(1,232	)		(887	)		(2,892	)
Depreciation				(3,228	)		(3,115	)		(3,166	)		(3,566	)		(13,075	)		(3,575	)		(3,921	)		(3,770	)		(11,266	)
Amortization				(979	)		(964	)		(1,122	)		(1,236	)		(4,301	)		(1,418	)		(778	)		(1,097	)		(3,293	)
(Provision) benefit for income taxes				(1,713	)		6,928			(3,210	)		(1,890	)		115			(3,178	)		(3,261	)		(3,752	)		(10,191	)
NET INCOME			$	5,733		$	(11,241	)	$	10,399		$	7,732		$	12,624		$	7,906		$	7,497		$	10,947		$	26,349
ADJUSTED INCOME [NET INCOME EXCLUDING
LESLIE ASBESTOS AND BANKRUPTCY
CHARGES, NET OF TAX]			$	5,312		$	7,549		$	11,922		$	9,144		$	33,928		$	8,557		$	7,416		$	10,816		$	26,788
LESS:
Leslie asbestos and bankruptcy charges
(recoveries), net of tax				(421	)		18,790			1,523			1,412			21,304			651			(81	)		(131	)		439
NET INCOME			$	5,733		$	(11,241	)	$	10,399		$	7,732		$	12,624		$	7,906		$	7,497		$	10,947		$	26,349
ADJUSTED WEIGHTED AVERAGE SHARES
				N/A			17,109			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Adjustment for anti-dilutive conversion of shares				0			153			0			0			0			0			0			0			0
Weighted average common shares outstanding (diluted)				17,193			17,262			17,258			17,378			17,297			17,378			17,434			17,423			17,412
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING
LESLIE ASBESTOS AND BANKRUPTCY
CHARGES, NET OF TAX]			$	0.31		$	0.44		$	0.69		$	0.53		$	1.97		$	0.49		$	0.43		$	0.62		$	1.54
LESS:
Leslie asbestos and bankruptcy charges
(recoveries), net of tax impact on EPS				(0.02	)		1.10			0.09			0.08			1.24			0.04			(0.00	)		(0.01	)		0.03
EARNINGS PER COMMON SHARE (Diluted)			$	0.33		$	(0.66	)	$	0.60		$	0.44		$	0.73		$	0.45		$	0.43		$	0.63		$	1.51

	CIRCOR INTERNATIONAL, INC.
	RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY
	USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
	UNAUDITED
		4th QTR 2011
		Low		High
EXPECTED ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING
SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND
BANKRUPTCY CHARGES, NET OF TAX]		$	0.53	$	0.63
LESS:
Expected special charges (recoveries), net of tax
impact on EPS		$	-	$	-
Expected impairment charges, net of tax impact
on EPS		$	-	$	-
Expected Leslie asbestos and bankruptcy charges,
net of tax impact on EPS		$	-	$	-
EXPECTED EARNINGS PER COMMON SHARE (Diluted)		$	0.53	$	0.63