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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 12 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 22, 1999
FLIR SYSTEMS, INC.
(exact name of registrant as specified in its charter)
Oregon 0-21918 93-0708501
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
16505 S.W. 72nd Avenue, Portland, Oregon 97224
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (503)684-3731
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Item 5. OTHER EVENTS
On April 22, 1999, FLIR Systems, Inc. (the "Company") issued a press
release announcing the Company's expectations as to revenue and
earnings for the quarter ended March 31, 1999. The press release is
attached hereto as Exhibit 99.1 and is incorporated in its entirety
herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release issued by FLIR Systems, Inc. on April 22, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on April 23, 1999.
FLIR SYSTEMS, INC.
(Registrant)
/s/ J. Mark Samper
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J. Mark Samper
Vice President and
Chief Financial Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
For more information, contact:
FLIR Systems, Inc.
James A. Fitzhenry
(503) 684-3731
FLIR SYSTEMS REPORTS FIRST QUARTER OUTLOOK
PORTLAND, Ore. - April 22, 1999 - FLIR Systems, Inc. (Nasdaq: FLIR)
announced today that it expects to report 1999 first quarter revenue 12% to 16%
below last year's consolidated first quarter revenue of $40.1 million. These
results include the operations of Inframetrics, Inc., which was acquired in
March of 1999, and prior periods have been restated accordingly. As a result of
this anticipated revenue shortfall, the Company expects to report a loss from
operations for the first quarter ended March 31, 1999 that is expected to exceed
the restated consolidated net loss of $195,000, or $0.02 per share, for the
first quarter of 1998. This loss, which may be as large as $0.18 per share, is
prior to the previously announced charge related to the acquisition. The
Company plans to announce final first quarter results on April 28, 1999.
Ken Stringer, President and Chief Executive Officer of FLIR Systems, said
that operating results for the first quarter, which is traditionally FLIR's
seasonally weakest quarter of the year, were adversely affected by a substantial
decrease in orders from government customers and, to a lesser extent, by
disruptions in the sales channel for commercial customers resulting from the
four-month delay in obtaining Justice Department approval for the Inframetrics
acquisition.
Commenting on the Company's commercial business, Stringer said, "Since the
closing of the Inframetrics transaction we have made substantial progress in
clarifying the distribution issues and we expect the sales impact to be
temporary. Despite essentially flat quarter to quarter comparisons in the
commercial market for the first period, the outlook for the commercial side of
our business remains very favorable."
Stringer continued, "On the government side, most US Government agencies
that purchase our products have experienced difficulties in obtaining release of
1999 procurement funds. Exacerbating these difficulties, the crisis in Kosovo
has impacted defense organizations throughout NATO and caused many to suspend
procurement activities. Our government business also was affected by continued
economic
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uncertainty in several international markets. The combination of these factors
substantially reduced our government sales in the first quarter."
Stringer added, "The long-term outlook for our government business remains
positive. Congress now is considering an emergency supplemental appropriations
bill for Kosovo, while rising oil prices in the Middle East and favorable
currency movements and improving economic indicators in Asia and South America
are just some of the factors that suggest improved conditions in our government
business. As a result, we currently expect our government business to resume
its historical growth trend in the second half of the year."
FLIR Systems, Inc. is a world leader in the design, manufacturing and
marketing of thermal imaging and broadcast camera systems for a wide variety of
commercial and government applications including condition monitoring, research
and development, manufacturing process control, airborne observation and
broadcast, search and rescue, drug interdiction, surveillance and
reconnaissance, navigation safety, border and maritime patrol, environmental
monitoring and ground based security. Visit us on our Web site at
http://www.flir.com.
This release contains statements, including statements regarding the
Company's expectations for revenue and earnings for the first quarter of 1999
and the outlook for the Company's commercial and government business segments
for the remainder of 1999, that are forward-looking statements within the
meaning of the Securities Litigation Reform Act of 1995 which are based on
current expectations, estimates and projections about the Company's business
based, in part, on assumptions made by management. These statements are not
guarantees of future performance and involve risks and uncertainties that are
difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such forward-looking
statements due to numerous factors, including, but not limited to, product
demand, the impact of competitive products and pricing, capacity and supply
constraints, actual purchases under agreements, the amount and availability of
government funding, unexpected difficulties encountered in the integration of
Inframetrics and other risks discussed from time to time in the Company's
Securities and Exchange Commission fillings and reports. In addition, such
statements could be affected by general industry and market conditions and
growth rates, and general domestic and international economic conditions. Such
forward-looking statements speak only as of the date on which they are made and
the Company does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this release. If
the Company does update or correct one or more forward-looking statement,
investors and others should not conclude that the Company will make additional
updates or corrections with respect thereto or with respect to other forward-
looking statements.
