Circor International (CIR) 8-K CIRCOR International Reports First-Quarter 2012 Financial Results

Exhibit 99.1

PRESS RELEASE

CIRCOR International Reports First-Quarter 2012 Financial Results

Company Exceeds Top- and Bottom-line Guidance Expectations

Revenues Increase 5% and Orders Grow 12% Year-Over-Year

Energy Segment Performance In Line With Plan

Burlington, MA – May 3, 2012 –CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for theenergy,aerospace andindustrial markets, today announced financial results for the first quarter ended April 1, 2012.

“CIRCOR performed well in the first quarter of 2012 as we exceeded our expectations for both top- and bottom-line performance,” said Chairman and Chief Executive Officer Bill Higgins. “Continued strength in the North American short-cycle Energy business and strong Aerospace segment sales helped drive year-over-year revenue growth of 5%. Bookings were up 12% year-over-year with solid gains in almost all areas excluding the market for LED equipment.”

“Earnings per diluted share were $0.49, and Energy segment operating margins were slightly better than anticipated at 8.2% in the first quarter,” said Higgins. “All in all, a good start to the year.”

Consolidated Results

Revenues for the first quarter of 2012 were $214.3 million, a 5% increase from $203.4 million in the first quarter of 2011. Net income for the first quarter of 2012 was $8.6 million, or $0.49 per diluted share, compared with net income of $7.9 million, or $0.45 per diluted share, for the first quarter of 2011. Excluding Leslie asbestos and bankruptcy charges, net of tax, adjusted earnings per diluted share was $0.49 in the first quarter of 2011.

Consolidated adjusted operating earnings, which excludes Leslie asbestos and bankruptcy charges was $13.7 million for the first quarter of 2012 down slightly from $13.8 million in the first quarter of 2011 as favorable volume was offset primarily by expenses related to future growth initiatives.

The Company received orders totaling $248.7 million during the first quarter of 2012, an increase of 12% compared with the first quarter of 2011. The increase was driven primarily by increases in the Energy and Aerospace segments and was partially offset by weakness in Flow Technology’s LED equipment business. Backlog as of April 1, 2012 was $432.3 million, up 3% from backlog of $419.1 million at April 3, 2011.

During the first quarter of 2012, the Company used $7.1 million of free cash flow (defined as net cash from operating activities less capital expenditures) compared with $0.5 million generated in the first quarter of 2011.

Energy

Energy segment revenues of $109.3 million for the quarter ended April 1, 2012 represent a 10% increase from $99.2 million for the quarter ended April 3, 2011. The increase in revenues year-over-year was due to organic growth of 10% and 2% growth from the February 2011 Brazilian energy acquisition, partially offset by a negative foreign currency impact of 2%.

Incoming orders for the first quarter of 2012 were $135.6 million, an increase of 19% year-over-year due to strength in the North American short-cycle business. International project orders, despite being down from the strong first quarter of last year, experienced its strongest quarter since the fourth quarter of 2010. Ending backlog totaled $195.2 million, a decrease of 4% year-over-year.

For the first quarter of 2012, the Energy segment adjusted operating margin of 8.2% was up from 6.4% in the first quarter of 2011, primarily due to the significant volume increase and the associated leverage in the North American short-cycle business as well as improved pricing in large international projects, partially offset by growth investments in Brazil.

Aerospace

Aerospace segment revenues increased by 19% to $38.1 million for the first quarter of 2012 from $32.1 million in the first quarter of 2011. The increase in Aerospace segment revenues is attributable to 20% organic growth, which was slightly offset by a negative foreign currency impact of 1%.

Incoming orders for the first quarter of 2012 were $40.2 million, an increase of 22% year-over-year. Orders increased due to strength in military projects and other programs. Ending backlog totaled $161.1 million, an increase of 19% year-over-year.

The Aerospace segment’s adjusted operating margin was 10.8% for the first quarter of 2012, down from 11.6% for the first quarter of 2011. Adjusted operating margin decreased primarily due to increased large future programs expenses, partially offset by favorable volume and associated leverage.

Flow Technologies

Flow Technologies segment revenues decreased 7% to $66.9 million for the first quarter of 2012 from $72.1 million in the first quarter of 2011. First-quarter 2012 Flow Technologies segment revenues reflected an organic decline of 6% due to lower LED equipment shipments and a negative foreign currency impact of 1%.

Incoming orders for this segment were $72.9 million for the first quarter of 2012, a decrease of 3% year-over-year, driven primarily by the soft LED market. Ending backlog totaled $76 million, a decrease of 6% year-over-year, which was also affected by lower LED equipment and navy orders.

This segment’s adjusted operating margin for the first quarter of 2012 decreased to 11.3%, compared with 13.7% in the first quarter of 2011, due to the decline in the LED equipment market and increased spending on this segment’s growth initiatives in the power generation market.

Financial Outlook

CIRCOR currently expects revenues for the second quarter of 2012 in the range of $219 million to $224 million. Earnings are expected to be in the range of $0.44 to $0.54 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, May 3, 2012, 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 (877) 407-5790 or (201) 689-8328. 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 second-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 theenergy,aerospace andindustrial markets. With more than 7,500 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 athttp://investors.circor.com.

Contact:

Frederic M. Burditt

Chief Financial Officer

CIRCOR International

(781) 270-1200

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

UNAUDITED

	Three Months Ended
	April 1, 2012			April 3, 2011
Net revenues	$	214,280		$	203,370
Cost of revenues		155,668			147,142
GROSS PROFIT		58,612			56,228
Selling, general and administrative expenses		44,912			42,455
Leslie asbestos and bankruptcy charges		—			1,001
OPERATING INCOME		13,700			12,772
Other expense (income):
Interest income		(83	)		(43	)
Interest expense		1,164			816
Other expense, net		138			915
Total other expense		1,219			1,688
INCOME BEFORE INCOME TAXES		12,481			11,084
Provision for income taxes		3,896			3,178
NET INCOME	$	8,585		$	7,906
Earnings per common share:
Basic	$	0.50		$	0.46
Diluted	$	0.49		$	0.45
Weighted average common shares outstanding:
Basic		17,315			17,163
Diluted		17,390			17,378

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

UNAUDITED

	Three Months Ended
	April 1, 2012			April 3, 2011
OPERATING ACTIVITIES
Net income	$	8,585		$	7,906
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		4,008			3,575
Amortization		964			1,418
Compensation expense of share-based plans		1,195			1,136
Tax effect of share based compensation		479			(256	)
Loss on disposal of property, plant and equipment		2			2
Changes in operating assets and liabilities, net of effects from business acquisitions:
Trade accounts receivable		3,539			3,734
Inventories		(2,179	)		(2,818	)
Prepaid expenses and other assets		(5,549	)		(6,657	)
Accounts payable, accrued expenses and other liabilities		(14,011	)		(4,822	)
Net cash (used in) provided by operating activities		(2,967	)		3,218
INVESTING ACTIVITIES
Additions to property, plant and equipment		(4,122	)		(2,693	)
Proceeds from the disposal of property, plant and equipment		15			12
Proceeds from the sale of investments		0			(1	)
Business acquisitions, net of cash acquired		0			(20,221	)
Net cash used in investing activities		(4,107	)		(22,903	)
FINANCING ACTIVITIES
Proceeds from borrowings		41,123			60,748
Payments of borrowings		(47,806	)		(34,778	)
Dividends paid		(666	)		(663	)
Proceeds from the exercise of stock options		73			213
Tax effect of share based compensation		(479	)		256
Net cash (used in) provided by financing activities		(7,755	)		25,776
Effect of exchange rate changes on cash and cash equivalents		1,265			1,648
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(13,564	)		7,739
Cash and cash equivalents at beginning of year		54,855			45,752
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	41,291		$	53,491

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

UNAUDITED

	April 1, 2012		December 31, 2011
ASSETS
Current Assets:
Cash & cash equivalents	$	41,291	$	54,855
Short-term investments		101		99
Trade accounts receivable, less allowance for doubtful accounts of $1,152 and $1,127, respectively		154,930		156,075
Inventories		208,125		203,777
Prepaid expenses and other current assets		17,067		12,376
Deferred income tax asset		16,578		16,320
Assets held for sale		542		542
Total Current Assets		438,634		444,044
Property, Plant and Equipment, net		105,973		104,434
Other Assets:
Goodwill		78,676		77,829
Intangibles, net		58,188		58,442
Deferred income tax asset		28,054		27,949
Other assets		11,008		9,825
Total Assets	$	720,533	$	722,523
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	87,420	$	92,493
Accrued expenses and other current liabilities		61,332		63,386
Accrued compensation and benefits		23,457		24,328
Leslie asbestos and bankruptcy related liabilities		1,000		1,000
Income taxes payable		4,310		5,553
Notes payable and current portion of long-term debt		3,159		8,796
Total Current Liabilities		180,678		195,556
Long-Term Debt, net of current portion		95,496		96,327
Deferred income taxes		11,480		11,284
Other Non-Current Liabilities		33,861		35,271
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 17,392,225 and 17,268,212 issued and outstanding, respectively		174		173
Additional paid-in capital		259,538		258,209
Retained earnings		138,296		130,373
Accumulated other comprehensive income (loss)		1,010		(4,670	)
Total Shareholders’ Equity		399,018		384,085
Total Liabilities and Shareholders’ Equity	$	720,533	$	722,523

CIRCOR INTERNATIONAL, INC.

SUMMARY OF ORDERS AND BACKLOG

(in millions)

UNAUDITED

	Three Months Ended
	April 1, 2012		April 3, 2011
ORDERS 1
Energy	$	135.6	$	113.7
Aerospace		40.2		32.8
Flow Technologies		72.9		75.0
Total orders	$	248.7	$	221.5
	April 1, 2012		April 3, 2011
BACKLOG2
Energy	$	195.2	$	203.1
Aerospace		161.1		135.3
Flow Technologies		76.0		80.7
Total backlog	$	432.3	$	419.1

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.

	2011															2012
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			YTD			1ST QTR
NET REVENUES
Energy	$	99,170		$	81,994		$	103,300		$	110,228		$	394,692		$	109,264
Aerospace		32,110			36,029			32,681			36,017			136,837			38,085
Flow Technologies		72,090			73,885			73,980			70,865			290,820			66,931
Total		203,370			191,908			209,961			217,110			822,349			214,280
* ADJUSTED OPERATING MARGIN
Energy		6.4	%		5.3	%		7.2	%		8.4	%		7.0	%		8.2	%
Aerospace		11.6	%		11.2	%		5.6	%		8.6	%		9.3	%		10.8	%
Flow Technologies		13.7	%		12.4	%		13.6	%		12.9	%		13.1	%		11.3	%
Segment operating margin		9.8	%		9.1	%		9.2	%		9.9	%		9.5	%		9.6	%
Corporate expenses		-3.0	%		-2.7	%		-1.7	%		-3.0	%		-2.6	%		-3.2	%
* Adjusted operating margin		6.8	%		6.5	%		7.5	%		6.9	%		6.9	%		6.4	%
Leslie asbestos and bankruptcy charges (recoveries)		0.5	%		-0.1	%		-0.1	%		0.0	%		0.1	%		0.0	%
Total operating margin		6.3	%		6.5	%		7.6	%		6.9	%		6.8	%		6.4	%
* ADJUSTED OPERATING INCOME
Energy		6,393			4,373			7,441			9,225			27,432			8,928
Aerospace		3,727			4,021			1,846			3,081			12,675			4,124
Flow Technologies		9,854			9,133			10,037			9,171			38,195			7,587
Segment operating income		19,974			17,527			19,324			21,477			78,302			20,639
Corporate expenses		(6,201	)		(5,100	)		(3,585	)		(6,441	)		(21,327	)		(6,939	)
* Adjusted operating income		13,773			12,427			15,739			15,036			56,975			13,700
Leslie asbestos and bankruptcy charges (recoveries)		1,001			(124	)		(201	)		—			676			—
Total operating income		12,772			12,550			15,940			15,036			56,298			13,700
INTEREST EXPENSE, NET		(773	)		(1,232	)		(887	)		(1,039	)		(3,930	)		(1,081	)
OTHER EXPENSE, NET		(915	)		(560	)		(354	)		(342	)		(2,171	)		(138	)
PRETAX INCOME		11,084			10,758			14,699			13,655			50,196			12,481
PROVISION FOR INCOME TAXES		(3,178	)		(3,261	)		(3,752	)		(3,370	)		(13,562	)		(3,896	)
EFFECTIVE TAX RATE		28.7	%		30.3	%		25.5	%		24.7	%		27.0	%		31.2	%
NET INCOME	$	7,906		$	7,497		$	10,947		$	10,285		$	36,634		$	8,585
Weighted Average Common Shares Outstanding (Diluted)		17,378			17,434			17,423			17,435			17,417			17,390
EARNINGS PER COMMON SHARE (Diluted)	$	0.45		$	0.43		$	0.63		$	0.59		$	2.10		$	0.49
EBIT	$	11,857		$	11,990		$	15,586		$	14,694		$	54,127		$	13,562
Depreciation		3,575			3,921			3,770			3,820			15,085			4,008
Amortization of intangibles		1,418			778			1,097			1,058			4,351			964
EBITDA	$	16,850		$	16,689		$	20,453		$	19,572		$	73,563		$	18,534
EBITDA AS A PERCENT OF SALES		8.3	%		8.7	%		9.7	%		9.0	%		8.9	%		8.6	%
CAPITAL EXPENDITURES	$	2,693		$	4,770		$	3,792		$	6,647		$	17,901		$	4,122

* 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

	2011															2012
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			YTD			1ST QTR
FREE CASH FLOW [NET CASH FLOW FROM OPERATINGACTIVITIES LESS CAPITAL EXPENDITURES]	$	525		$	(77,244	)	$	(5,214	)	$	15,199		$	(66,734	)	$	(7,089	)
ADD:
Capital Expenditures		2,693			4,770			3,792			6,647			17,902			4,122
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	3,218		$	(72,474	)	$	(1,422	)	$	21,846		$	(48,832	)	$	(2,967	)
NET DEBT (CASH) [TOTAL DEBT LESS CASH & CASHEQUIVALENTS LESS INVESTMENTS]	$	(22,554	)	$	56,828		$	64,145		$	50,169		$	50,169		$	57,263
ADD:
Cash & cash equivalents		53,491			48,302			39,254			54,855			54,855			41,291
Investments		99			107			98			99			99			101
TOTAL DEBT	$	31,036		$	105,237		$	103,497		$	105,123		$	105,123		$	98,655
DEBT AS % OF EQUITY		8	%		27	%		27	%		27	%		27	%		25	%
TOTAL DEBT		31,036			105,237			103,497			105,123			105,123			98,655
TOTAL SHAREHOLDERS’ EQUITY		374,706			385,833			384,296			384,085			384,085			399,018
EBIT [NET INCOME LESS INCOME TAXES LESSINTEREST EXPENSE, NET]	$	11,857		$	11,990		$	15,586		$	14,694		$	54,127		$	13,562
LESS:
Interest expense, net		(773	)		(1,232	)		(887	)		(1,039	)		(3,930	)		(1,081	)
Provision for income taxes		(3,178	)		(3,261	)		(3,752	)		(3,370	)		(13,561	)		(3,896	)
NET INCOME	$	7,906		$	7,497		$	10,947		$	10,285		$	36,635		$	8,585
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET, LESS DEPRECIATION LESS AMORTIZATION LESS INCOME TAXES]	$	16,850		$	16,689		$	20,453		$	19,572		$	73,563		$	18,534
LESS:
Interest expense, net		(773	)		(1,232	)		(887	)		(1,039	)		(3,931	)		(1,081	)
Depreciation		(3,575	)		(3,921	)		(3,770	)		(3,820	)		(15,085	)		(4,008	)
Amortization		(1,418	)		(778	)		(1,097	)		(1,058	)		(4,351	)		(964	)
Provision for income taxes		(3,178	)		(3,261	)		(3,752	)		(3,370	)		(13,561	)		(3,896	)
NET INCOME	$	7,906		$	7,497		$	10,947		$	10,285		$	36,635		$	8,585
ADJUSTED INCOME [NET INCOME EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX]	$	8,557		$	7,416		$	10,816		$	10,285		$	37,074		$	8,585
LESS:
Leslie asbestos and bankruptcy charges (recoveries), net of tax		651			(81	)		(131	)		—			439			—
NET INCOME	$	7,906		$	7,497		$	10,947		$	10,285		$	36,635		$	8,585
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX]	$	0.49		$	0.43		$	0.62		$	0.59		$	2.13		$	0.49
LESS:
Leslie asbestos and bankruptcy charges (recoveries), net of tax impact on EPS		0.04			(0.00	)		(0.01	)		—			0.03			—
EARNINGS PER COMMON SHARE (Diluted)	$	0.45		$	0.43		$	0.63		$	0.59		$	2.10		$	0.49