Circor International (CIR) 8-K CIRCOR Reports Third-Quarter 2009 Results

EXHIBIT 99.1

PRESS RELEASE

CIRCOR Reports Third-Quarter 2009 Results

• Revenues of $144.3 Million Slightly Exceed Guidance Range in Difficult Market Environment

• EPS of $0.49 Significantly Exceeds Guidance Range as a Result of Lower Asbestos Charges and Other Non-operating Items

• 13% Year-Over-Year Bookings Decline Reflects Continued Weak Global Demand Environment

Burlington, MA – October 28, 2009 –CIRCOR International, Inc. (NYSE: CIR), a provider of valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets, today announced financial results for the third quarter ended September 27, 2009.

Comments on the Third Quarter

According to Chairman and Chief Executive OfficerBill Higgins, “Our third-quarter revenues were slightly above our guidance range. Earnings significantly exceeded our guidance range primarily due to lower-than-expected asbestos charges and other non-operating gains.”

“As expected, bookings reflected the weak global demand environment and came in 13% lower year-over-year,” Higgins said. “Our Energy segment continued to experience a significant decrease in short-cycle bookings due to the substantial decline in rig counts and destocking at distributors. At the same time, our long-cycle international project business experienced an increase in year-over-year bookings due to very low orders booked in the third quarter of 2008. Within our Instrumentation and Thermal Fluid Controls segment we experienced continued weakness, particularly in commercial aerospace, although we did see signs of stabilization in some of our other diverse flow markets.”

“To adjust to this difficult market environment, we continue to focus on our quality of earnings initiatives by reducing our cost structure, driving operational improvements with Lean, and expanding our low-cost operations in emerging markets,” Higgins said. “Excluding acquisitions, we have reduced CIRCOR’s total workforce by approximately 17% year-to-date, and we continue to consolidate facilities.”

“We have a great balance sheet and continue to seek strategic acquisitions,” added Higgins. “We recently acquired Pipeline Engineering, a privately held pipeline products and solutions company based in the United Kingdom. This acquisition will be accretive in the first year and was funded with existing cash.”

Consolidated Results

Revenues for the third quarter of 2009 were $144.3 million, a 31% decrease from $208.7 million generated in the third quarter of 2008. Net income for the third quarter of 2009 declined to $8.4 million, or $0.49 per diluted share, compared with $19.8 million, or $1.16 per diluted share, for the third quarter of 2008. Third-quarter 2009 net income includes $2.0 million in pre-tax asbestos charges compared with $3.8 million in the third quarter of 2008. Third-quarter 2009 net income also includes a benefit of $0.5 million related to an acquisition completed earlier in the year, where the fair value of the acquired assets exceeded the purchase price.

For the nine months ended September 27, 2009, revenues were $484.5 million, a decrease of 18% from $591.9 million for the comparable period in 2008. Net income for the first nine months of 2009 was $26.6 million, or $1.56 per diluted share, a decrease of 48% from $51.1 million, or $3.01 per diluted share, from the first nine months of 2008. Net income for the first nine months of 2009 includes $13.7 million in pre-tax asbestos charges compared with $6.9 million in the year-ago period. Net income for the first nine months of 2009 also includes a pre-tax gain of $1.7 million related to proceeds from the sale of land use rights and the aforementioned benefit associated with the acquisition, recorded as a gain on the “special charges” line.

The Company received orders totaling $143.6 million during the third quarter of 2009, a decrease of 13% compared with the third quarter of 2008 and a 15% sequential decrease compared with the second quarter of 2009.

For the first nine months of 2009, orders totaled $434.8 million with a third-quarter 2009 ending backlog of $297.9 million. This compares to 2008 orders for the first nine months of $599.2 million and a third quarter 2008 ending backlog of $401.6 million, representing a year-over-year decrease of 26%.

During the third quarter of 2009, the Company generated $11.2 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid), and, for the first nine months of 2009, the Company had free cash flow of $21.2 million. This compares to $24.1 million of free cash flow generated in the first nine months of 2008.

Instrumentation and Thermal Fluid Controls Products

CIRCOR’s Instrumentation and Thermal Fluid Controls Products segment revenues decreased 14% to $83.1 million from $96.3 million in the third quarter of 2008. Growth from acquisitions of 4% was more than offset by volume declines of 14% and lower foreign exchange rates compared to the U.S. dollar of 3%. Incoming orders for this segment were $88.4 million for the third quarter of 2009, a decrease of 13% from $101.6 million in the third quarter of 2008. Sequentially, this segment’s orders decreased 8%. The sequential decrease in orders in this segment related primarily to a large multi-year military landing gear order booked in the second quarter of 2009 expected to be shipped beginning in 2011. Ending backlog was $183.7 million, an increase of 8% from the third quarter of fiscal 2008 and a 3% increase from the second quarter of fiscal 2009.

This segment’s adjusted operating margin, which excludes the impact of special and asbestos charges, for the third quarter of 2009 was 11.6% compared with 12.3% in the third quarter of 2008, and 11.8% in the second quarter of 2009. The year-over-year and sequential declines were due to lower sales leverage and unfavorable foreign currency adjustments, partially offset by a decrease in material costs and labor expenses.

Energy Products

CIRCOR’s Energy Products segment revenues declined by 46% to $61.2 million for the quarter ended September 27, 2009 compared with a record $112.4 million in the quarter ended September 28, 2008. The year-over-year decrease included volume declines of 44%, as well as unfavorable foreign currency adjustments of 2%.

Incoming orders for the third quarter of 2009 were $55.1 million, a decrease of 12% from $62.7 million in the third quarter of 2008, and a decrease of 24% from $72.9 million in the second quarter of 2009. The sequential decrease was the result of large international project orders booked in the second quarter of 2009 scheduled to ship in 2010. Ending backlog totaled $114.1 million, a 51% decrease compared with $232.0 million at the end of the third quarter of 2008, and a 6% decrease sequentially.

The Energy Products segment’s adjusted operating margin was 10.9% during the third quarter of 2009 compared with 23.2% for the third quarter of 2008 and 12.3% for the second quarter of 2009. The year-over-year decrease was primarily the result of lower volume, unfavorable pricing and product mix, as well as acquisition-related costs, partially offset by lower material costs and labor expenses.

Business and Financial Outlook

“We believe that the ongoing global recession will continue to negatively affect our financial results for the fourth quarter and into 2010,” said Higgins. “In Energy, while there appears to be some stabilization in rig counts, it is difficult to determine whether this will be sustainable and how long it will take for distributors to work through excess inventory. Quoting activity continues on large international project orders, although pricing pressure has increased. Visibility into the Instrumentation and Thermal Fluid Controls Products side of the business is also limited, although we have seen areas of improvement in certain markets.”

“We continue to take aggressive actions to lower our cost structure and enhance our quality of earnings, including plant consolidations and increasing the use of India and China for materials sourcing. We anticipate incurring expenses in a range of $2.0 million to $2.5 million in the fourth quarter relating to certain cost-reduction activities. With a lower cost structure that is aligned with near term demand, we will be well positioned for bottom line improvement as our markets begin to recover. We also plan to leverage our strong balance sheet and cash generating ability to capitalize on acquisition opportunities as they present themselves,” concluded Higgins.

The Company currently expects revenues for the fourth quarter of 2009 in the range of $153 million to $162 million and earnings, excluding special charges, to be in the range of $0.17 to $0.23 per diluted share.

Conference Call Information

CIRCOR’s Chief Executive Officer, Bill Higgins, and Chief Financial Officer, Fred Burditt, will host a conference call live on Thursday, October 29, at 9:00 a.m. ET to discuss the financial results. Those who wish to listen to the conference call and view the accompanying presentation slides should visit “Webcasts & Presentations” in the “Investor Relations” portion of the CIRCOR website. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. If you are unable to listen to the live call, the webcast will be archived 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 both known and 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 prospects for both the Energy and Instrumentation and Thermal Fluid Controls segments; taking aggressive actions to lower its cost structure and enhance quality of earnings, including plant consolidations and increasing the use of India and China for materials sourcing; incurring expenses in a range of $2.0 million to $2.5 million in the fourth quarter; anticipating bottom line improvement as its markets begin to recover; and leveraging its strong balance sheet and cash generating ability to capitalize on acquisition opportunities as they present themselves; expectations regarding the Pipeline Engineering acquisition, and 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, 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. provides valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets. With more than 9,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands. CIRCOR’s strategy includes growing organically by investing in new, differentiated products; adding value to component products; and increasing the development of mission-critical subsystems. The Company also plans to leverage its strong balance sheet to acquire complementary businesses.

Contact:

Frederic M. Burditt

Chief Financial Officer

CIRCOR International

(781) 270-1200

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

UNAUDITED

	Three Months Ended						Nine Months Ended
	September 27, 2009			September 28, 2008			September 27, 2009			September 28, 2008
Net revenues	$	144,327		$	208,680		$	484,509		$	591,860
Cost of revenues		102,462			141,369			338,123			402,752
GROSS PROFIT		41,865			67,311			146,386			189,108
Selling, general and administrative expenses		29,787			34,489			98,127			106,041
Asbestos charges		1,977			3,808			13,682			6,893
Special charges (recoveries)		(543	)		—			(1,678	)		160
OPERATING INCOME		10,644			29,014			36,255			76,014
Other (income) expense:
Interest income		(77	)		(447	)		(391	)		(954	)
Interest expense		471			265			857			894
Other (income) expense, net		(959	)		11			(1,409	)		660
Total other (income) expense		(565	)		(171	)		(943	)		600
INCOME BEFORE INCOME TAXES		11,209			29,185			37,198			75,414
Provision for income taxes		2,804			9,412			10,601			24,321
NET INCOME	$	8,405		$	19,773		$	26,597		$	51,093
Earnings per common share:
Basic	$	0.49		$	1.17		$	1.56		$	3.04
Diluted	$	0.49		$	1.16		$	1.56		$	3.01
Weighted average common shares outstanding:
Basic		17,023			16,853			17,003			16,789
Diluted		17,116			17,068			17,050			17,000

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

UNAUDITED

��	Nine Months Ended
	September 27, 2009			September 28, 2008
OPERATING ACTIVITIES
Net income	$	26,597		$	51,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		9,620			8,852
Amortization		1,956			2,012
Compensation expense of stock-based plans		2,351			3,428
Tax effect of share based compensation		412			(2,510	)
Loss on sale of assets held for sale		—			1
Gain on disposal of property, plant and equipment		(60	)		(93	)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Trade accounts receivable		30,690			(36,689	)
Inventories		40,836			(3,233	)
Prepaid expenses and other assets		8,546			(1,794	)
Accounts payable, accrued expenses and other liabilities		(91,717	)		15,091
Net cash provided by operating activities		29,231			36,158
INVESTING ACTIVITIES
Additions to property, plant and equipment		(6,106	)		(10,162	)
Proceeds from disposal of property, plant and equipment		95			202
Proceeds from sale of assets held for sale		—			311
Purchase of ST investments		(278,916	)		(155,786	)
Proceeds from sale of ST investments		312,918			134,044
Business acquisitions, net of cash acquired		(10,428	)		(7,263	)
Net cash (used in) provided by investing activities		17,563			(38,654	)
FINANCING ACTIVITIES
Proceeds from debt borrowings		57,372			86,495
Payments of debt		(64,703	)		(86,358	)
Debt Issuance Costs		(2,814	)		—
Dividends paid		(1,930	)		(1,888	)
Proceeds from the exercise of stock options		37			2,342
Tax effect of share based compensation		(412	)		2,510
Net cash (used in) provided by financing activities		(12,450	)		3,101
Effect of exchange rate changes on cash and cash equivalents		1,891			(90	)
INCREASE IN CASH AND CASH EQUIVALENTS		36,235			515
Cash and cash equivalents at beginning of year		47,473			34,662
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	83,708		$	35,177

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

UNAUDITED

	September 27, 2009		December 31, 2008
ASSETS
Current Assets:
Cash & cash equivalents	$	83,708	$	47,473
Short-term investments		3,023		34,872
Trade accounts receivable, less allowance for doubtful accounts of $ 2,035 and $1,968, respectively		113,800		134,731
Inventories		150,276		183,291
Prepaid expenses and other current assets		6,696		3,825
Deferred income taxes		14,712		12,396
Insurance receivable		6,485		6,081
Assets held for sale		543		1,015
Total Current Assets		379,243		423,684
Property, Plant and Equipment, net		87,696		82,843
Other Assets:
Goodwill		32,976		32,092
Intangibles, net		46,885		42,123
Non-current insurance receivable		—		4,684
Other assets		4,674		2,597
Total Assets	$	551,474	$	588,023
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	50,636	$	94,421
Accrued expenses and other current liabilities		42,997		69,948
Accrued compensation and benefits		18,603		22,604
Asbestos liability		11,605		9,310
Income taxes payable		5,337		9,873
Notes payable and current portion of long-term debt		131		622
Total Current Liabilities		129,309		206,778
Long-Term Debt, net of current portion		9,519		12,528
Deferred Income Taxes		6,551		3,496
Long-Term Asbestos Liability		12,070		9,935
Other Non-Current Liabilities		22,297		21,664
Shareholders’ Equity:
Preferred stock, $.01 par value; 1,000,000 shares authorized; no shares issued and outstanding		—		—
Common stock, $.01 par value; 29,000,000 shares authorized; and 16,974,920 and 16,898,497 issued and outstanding, respectively		170		169
Additional paid-in capital		244,573		247,196
Retained earnings		107,177		83,106
Accumulated other comprehensive income		19,808		3,151
Total Shareholders’ Equity		371,728		333,622
Total Liabilities and Shareholders’ Equity	$	551,474	$	588,023

CIRCOR INTERNATIONAL, INC.

SUMMARY OF ORDERS AND BACKLOG

(in thousands)

UNAUDITED

	Three Months Ended				Nine Months Ended
	September 27, 2009		September 28, 2008		September 27, 2009		September 28, 2008
ORDERS
Instrumentation & Thermal Fluid Controls	$	88,449	$	101,593	$	260,974	$	313,760
Energy Products		55,103		62,689		173,809		285,426
Total orders	$	143,552	$	164,282	$	434,783	$	599,186
	September 27, 2009		September 28, 2008
BACKLOG
Instrumentation & Thermal Fluid Controls	$	183,733	$	169,554
Energy Products		114,139		232,022
Total backlog	$	297,872	$	401,576

Note: Backlog includes all unshipped customer orders.

CIRCOR INTERNATIONAL, INC.

SUMMARY REPORT BY SEGMENT

(in thousands, except earnings per share)

UNAUDITED

	2008															2009
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			YTD			1ST QTR			2ND QTR			3RD QTR			YTD
NET REVENUES
Instrumentation & Thermal Fluid Controls (TFC)	$	88,450		$	98,867		$	96,298		$	94,499		$	378,114		$	86,340		$	87,721		$	83,142		$	257,203
Energy Products		88,125			107,738			112,382			107,457			415,702			89,307			76,814			61,185			227,306
Total		176,575			206,605			208,680			201,956			793,816			175,647			164,535			144,327			484,509
ADJUSTED OPERATING MARGIN
Instrumentation & TFC (excl. special & asbestos charges)		12.5	%		12.6	%		12.3	%		11.2	%		12.1	%		12.9	%		11.8	%		11.6	%		12.1	%
Energy Products (excl. special charges)		16.2	%		20.4	%		23.2	%		20.1	%		20.2	%		18.1	%		12.3	%		10.9	%		14.2	%
Segment operating income (excl. special & asbestos charges)		14.4	%		16.6	%		18.1	%		15.9	%		16.3	%		15.5	%		12.1	%		11.3	%		13.1	%
Corporate expenses (excl. special & asbestos charges)		-2.6	%		-2.4	%		-2.4	%		-3.0	%		-2.6	%		-3.1	%		-3.4	%		-3.0	%		-3.1	%
Adjusted Operating Income		11.7	%		14.3	%		15.7	%		12.9	%		13.7	%		12.5	%		8.7	%		8.4	%		10.0	%
Asbestos charges (attributable to Instrumentation & TFC)		-0.6	%		-1.0	%		-1.8	%		-0.7	%		-1.0	%		-4.7	%		-2.1	%		-1.4	%		-2.8	%
Special (charges) recoveries		-0.1	%		0.0	%		0.0	%		-70.0	%		-17.8	%		0.6	%		0.0	%		0.4	%		0.3	%
Total operating margin		11.0	%		13.3	%		13.9	%		-57.8	%		-5.1	%		8.4	%		6.6	%		7.4	%		7.5	%
ADJUSTED OPERATING INCOME
Instrumentation & TFC (excl. special & asbestos charges)		11,069			12,451			11,803			10,558			45,881			11,116			10,389			9,658			31,163
Energy Products (excl. special charges)		14,303			21,938			26,023			21,556			83,820			16,169			9,461			6,696			32,326
Segment operating income (excl. special & asbestos charges)		25,372			34,389			37,826			32,114			129,701			27,285			19,850			16,354			63,489
Corporate expenses (excl. special & asbestos charges)		(4,628	)		(4,890	)		(5,001	)		(6,042	)		(20,561	)		(5,365	)		(5,589	)		(4,276	)		(15,230	)
Adjusted Operating Income		20,744			29,499			32,825			26,072			109,140			21,920			14,261			12,078			48,259
Asbestos charges (attributable to Instrumentation & TFC)		(1,075	)		(2,009	)		(3,810	)		(1,417	)		(8,311	)		(8,263	)		(3,442	)		(1,977	)		(13,682	)
Special (charges) recoveries		(160	)		—			—			(141,297	)		(141,457	)		1,135			—			543			1,678
Total operating income		19,509			27,490			29,015			(116,642	)		(40,628	)		14,792			10,819			10,644			36,255
INTEREST (EXPENSE) INCOME, NET		(145	)		23			182			120			180			(32	)		(41	)		(394	)		(467	)
OTHER (EXPENSE) INCOME, NET		(401	)		(248	)		(11	)		390			(270	)		183			267			959			1,409
PRETAX INCOME		18,963			27,265			29,186			(116,132	)		(40,718	)		14,943			11,045			11,209			37,197
PROVISION FOR INCOME TAXES		(6,068	)		(8,840	)		(9,413	)		6,024			(18,297	)		(4,483	)		(3,313	)		(2,804	)		(10,600	)
EFFECTIVE TAX RATE		32.0	%		32.4	%		32.3	%		5.2	%		-44.9	%		30.0	%		30.0	%		25.0	%		28.5	%
NET INCOME	$	12,895		$	18,425		$	19,773		$	(110,108	)	$	(59,015	)	$	10,460		$	7,732		$	8,405		$	26,597
Weighted Average Common Shares Outstanding (Diluted)		16,872			17,053			17,068			16,897			16,817			17,014			17,066			17,116			17,050
EARNINGS PER COMMON SHARE (Diluted)	$	0.76		$	1.08		$	1.16		$	(6.52	)	$	(3.51	)	$	0.61		$	0.45		$	0.49		$	1.56
EBIT	$	19,108		$	27,242		$	29,004		$	(116,252	)	$	(40,898	)	$	14,975		$	11,086		$	11,603		$	37,664
Depreciation		2,874			2,977			3,001			2,696			11,548			2,839			3,245			3,536			9,620
Amortization of intangibles		656			676			680			613			2,625			622			627			707			1,956
EBITDA	$	22,638		$	30,895		$	32,685		$	(112,943	)	$	(26,725	)	$	18,436		$	14,958		$	15,846		$	49,240
EBITDA AS A PERCENT OF SALES		12.8	%		15.0	%		15.7	%		-55.9	%		-3.4	%		10.5	%		9.1	%		11.0	%		10.2	%
CAPITAL EXPENDITURES	$	2,851		$	3,433		$	3,878		$	4,810		$	14,972		$	2,576		$	1,925		$	1,605		$	6,106

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED

GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS

(in thousands)

UNAUDITED

	2008															2009
	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 LESS DIVIDENDS PAID]	$	(5,366	)	$	31,536		$	(2,062	)	$	23,216		$	47,324		$	(7,928	)	$	17,882		$	11,241		$	21,195
ADD: Capital expenditures		2,851			3,433			3,878			4,810			14,972			2,576			1,925			1,605			6,106
Dividends paid		626			631			631			634			2,522			657			637			636			1,930
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(1,889	)	$	35,600		$	2,447		$	28,660		$	64,818		$	(4,695	)	$	20,444		$	13,482		$	29,231
NET (CASH) DEBT [TOTAL DEBT LESS CASH & CASH EQUIVALENTS LESS INVESTMENTS]	$	(21,709	)	$	(46,796	)	$	(42,029	)	$	(69,195	)	$	(69,195	)	$	(49,519	)	$	(69,331	)	$	(77,081	)	$	(77,081	)
ADD:
Cash & cash equivalents		42,690			38,835			35,177			47,473			47,473			36,113			33,038			83,708			83,708
Investments		4,036			31,590			29,376			34,872			34,872			36,991			48,344			3,023			3,023
TOTAL DEBT	$	25,017		$	23,629		$	22,524		$	13,150		$	13,150		$	23,585		$	12,051		$	9,650		$	9,650
DEBT AS % OF EQUITY		6	%		5	%		5	%		4	%		4	%		7	%		3	%		3	%		3	%
TOTAL DEBT		25,017			23,629			22,524			13,150			13,150			23,585			12,051			9,650			9,650
TOTAL SHAREHOLDERS’ EQUITY		446,379			465,958			470,888			333,622			333,622			341,860			357,596			371,728			371,728
EBIT [NET INCOME LESS INTEREST EXPENSE, NET]	$	19,108		$	27,242		$	29,004		$	(116,252	)	$	(40,898	)	$	14,975		$	11,086		$	11,603		$	37,664
LESS:
Interest expense, net		(145	)		23			182			120			180			(32	)		(41	)		(394	)		(467	)
Provision for income taxes		(6,068	)		(8,840	)		(9,413	)		6,024			(18,297	)		(4,483	)		(3,313	)		(2,804	)		(10,600	)
NET INCOME	$	12,895		$	18,425		$	19,773		$	(110,108	)	$	(59,015	)	$	10,460		$	7,732		$	8,405		$	26,597
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS TAXES]	$	22,638		$	30,895		$	32,685		$	(112,943	)	$	(26,725	)	$	18,436		$	14,958		$	15,846		$	49,240
LESS:
Interest expense, net		(145	)		23			182			120			180			(32	)		(41	)		(394	)		(467	)
Depreciation		(2,874	)		(2,977	)		(3,001	)		(2,696	)		(11,548	)		(2,839	)		(3,245	)		(3,536	)		(9,620	)
Amortization		(656	)		(676	)		(680	)		(613	)		(2,625	)		(622	)		(627	)		(707	)		(1,956	)
Provision for income taxes		(6,068	)		(8,840	)		(9,413	)		6,024			(18,297	)		(4,483	)		(3,313	)		(2,804	)		(10,600	)
NET INCOME	$	12,895		$	18,425		$	19,773		$	(110,108	)	$	(59,015	)	$	10,460		$	7,732		$	8,405		$	26,597
ADJUSTED INCOME, EXCLUDING SPECIAL CHARGES, NET OF TAX	$	13,004		$	18,425		$	19,773		$	19,026		$	70,228		$	9,666		$	7,732		$	8,000		$	25,398
LESS:
Special (charges) recoveries, net of tax		(109	)		—			—			(129,134	)		(129,243	)		794			—			405			1,199
NET INCOME	$	12,895		$	18,425		$	19,773		$	(110,108	)	$	(59,015	)	$	10,460		$	7,732		$	8,405		$	26,597
ADJUSTED WEIGHTED AVERAGE SHARES		16,872			17,053			17,068			17,010			17,005			17,014			17,066			17,116			17,050
Adjustment for anti-dilutive conversion of shares		—			—			—			113			188			—			—			—
Weighted average common shares outstanding (diluted)		16,872			17,053			17,068			16,897			16,817			17,014			17,066			17,116			17,050
ADJUSTED EARNINGS PER SHARE EXCLUDING SPECIAL CHARGES, NET OF TAX	$	0.77		$	1.08		$	1.16		$	1.12		$	4.13		$	0.57		$	0.45		$	0.47		$	1.49
LESS: Special (charges) recoveries, net of tax impact on EPS	$	(0.01	)	$	—		$	—		$	(7.64	)	$	(7.64	)	$	0.05		$	—		$	0.02		$	0.07
EARNINGS PER COMMON SHARE (Diluted)	$	0.76		$	1.08		$	1.16		$	(6.52	)	$	(3.51	)	$	0.61		$	0.45		$	0.49		$	1.56