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x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
Oregon
|
|
93-0708501
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
27700 SW Parkway Avenue,
Wilsonville, Oregon
|
|
97070
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
¨
|
|
|
|
Item 1.
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
||
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
Item 1.
|
Financial Statements
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
332,230
|
|
|
$
|
371,327
|
|
|
$
|
1,018,973
|
|
|
$
|
1,138,850
|
|
Cost of goods sold
|
158,877
|
|
|
169,430
|
|
|
492,865
|
|
|
535,030
|
|
||||
Gross profit
|
173,353
|
|
|
201,897
|
|
|
526,108
|
|
|
603,820
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
29,593
|
|
|
35,188
|
|
|
103,674
|
|
|
112,257
|
|
||||
Selling, general and administrative
|
69,523
|
|
|
81,300
|
|
|
219,181
|
|
|
288,036
|
|
||||
Total operating expenses
|
99,116
|
|
|
116,488
|
|
|
322,855
|
|
|
400,293
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings from operations
|
74,237
|
|
|
85,409
|
|
|
203,253
|
|
|
203,527
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
3,096
|
|
|
1,526
|
|
|
8,930
|
|
|
2,311
|
|
||||
Interest income
|
(268
|
)
|
|
(155
|
)
|
|
(1,073
|
)
|
|
(505
|
)
|
||||
Other expense (income), net
|
2,175
|
|
|
66
|
|
|
1,190
|
|
|
(1,206
|
)
|
||||
Earnings from continuing operations before income taxes
|
69,234
|
|
|
83,972
|
|
|
194,206
|
|
|
202,927
|
|
||||
Income tax provision
|
13,285
|
|
|
19,582
|
|
|
47,027
|
|
|
57,109
|
|
||||
Earnings from continuing operations
|
55,949
|
|
|
64,390
|
|
|
147,179
|
|
|
145,818
|
|
||||
(Loss) earnings from discontinued operations, net of tax
|
(44
|
)
|
|
329
|
|
|
(2,042
|
)
|
|
(475
|
)
|
||||
Net earnings
|
$
|
55,905
|
|
|
$
|
64,719
|
|
|
$
|
145,137
|
|
|
$
|
145,343
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.37
|
|
|
$
|
0.41
|
|
|
$
|
0.96
|
|
|
$
|
0.92
|
|
Discontinued operations
|
(0.00
|
)
|
|
0.00
|
|
|
(0.01
|
)
|
|
(0.00
|
)
|
||||
Basic earnings per share
|
$
|
0.37
|
|
|
$
|
0.41
|
|
|
$
|
0.95
|
|
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.37
|
|
|
$
|
0.40
|
|
|
$
|
0.95
|
|
|
$
|
0.90
|
|
Discontinued operations
|
(0.00
|
)
|
|
0.00
|
|
|
(0.01
|
)
|
|
(0.00
|
)
|
||||
Diluted earnings per share
|
$
|
0.37
|
|
|
$
|
0.40
|
|
|
$
|
0.94
|
|
|
$
|
0.90
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
150,878
|
|
|
158,665
|
|
|
152,820
|
|
|
159,225
|
|
||||
Diluted
|
152,327
|
|
|
160,798
|
|
|
154,758
|
|
|
161,811
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net earnings
|
$
|
55,905
|
|
|
$
|
64,719
|
|
|
$
|
145,137
|
|
|
$
|
145,343
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
22,693
|
|
|
(33,349
|
)
|
|
15,812
|
|
|
(1,549
|
)
|
||||
Comprehensive income
|
$
|
78,598
|
|
|
$
|
31,370
|
|
|
$
|
160,949
|
|
|
$
|
143,794
|
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
424,489
|
|
|
$
|
440,846
|
|
Accounts receivable, net
|
283,669
|
|
|
325,370
|
|
||
Inventories
|
360,767
|
|
|
336,051
|
|
||
Prepaid expenses and other current assets
|
130,244
|
|
|
104,285
|
|
||
Deferred income taxes, net
|
27,013
|
|
|
27,443
|
|
||
Total current assets
|
1,226,182
|
|
|
1,233,995
|
|
||
Property and equipment, net
|
200,850
|
|
|
186,269
|
|
||
Deferred income taxes, net
|
31,832
|
|
|
31,644
|
|
||
Goodwill
|
502,401
|
|
|
498,343
|
|
||
Intangible assets, net
|
145,511
|
|
|
164,440
|
|
||
Other assets
|
39,238
|
|
|
32,338
|
|
||
|
$
|
2,146,014
|
|
|
$
|
2,147,029
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
77,693
|
|
|
$
|
84,190
|
|
Deferred revenue
|
19,741
|
|
|
24,046
|
|
||
Accrued payroll and related liabilities
|
39,717
|
|
|
49,475
|
|
||
Accrued product warranties
|
13,094
|
|
|
13,370
|
|
||
Advance payments from customers
|
13,681
|
|
|
13,219
|
|
||
Accrued expenses
|
33,249
|
|
|
41,183
|
|
||
Accrued income taxes
|
—
|
|
|
2,161
|
|
||
Other current liabilities
|
4,162
|
|
|
3,886
|
|
||
Total current liabilities
|
201,337
|
|
|
231,530
|
|
||
Long-term debt
|
248,205
|
|
|
247,861
|
|
||
Deferred income taxes
|
17,358
|
|
|
17,237
|
|
||
Accrued income taxes
|
17,052
|
|
|
17,537
|
|
||
Pension and other long-term liabilities
|
59,639
|
|
|
53,835
|
|
||
Commitments and contingencies
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value, 10,000 shares authorized; no shares issued at September 30, 2012, and December 31, 2011
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 500,000 shares authorized, 150,063 and 154,969 shares issued at September 30, 2012, and December 31, 2011, respectively, and additional paid-in capital
|
246,622
|
|
|
352,157
|
|
||
Retained earnings
|
1,351,983
|
|
|
1,238,866
|
|
||
Accumulated other comprehensive earnings
|
3,818
|
|
|
(11,994
|
)
|
||
Total shareholders’ equity
|
1,602,423
|
|
|
1,579,029
|
|
||
|
$
|
2,146,014
|
|
|
$
|
2,147,029
|
|
|
Nine Months Ended
September 30, |
||||||
|
2012
|
|
2011
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
145,137
|
|
|
$
|
145,343
|
|
Income items not affecting cash:
|
|
|
|
||||
Depreciation and amortization
|
44,859
|
|
|
61,208
|
|
||
Deferred income taxes
|
599
|
|
|
(1,904
|
)
|
||
Stock-based compensation plans
|
19,997
|
|
|
19,313
|
|
||
Other non-cash items
|
(6,332
|
)
|
|
3,007
|
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
||||
Decrease in accounts receivable
|
41,476
|
|
|
26,711
|
|
||
Increase in inventories
|
(22,427
|
)
|
|
(34,921
|
)
|
||
Increase in prepaid expenses and other current assets
|
(24,243
|
)
|
|
(40,050
|
)
|
||
Decrease (increase) in other assets
|
4,918
|
|
|
(2,502
|
)
|
||
Decrease in accounts payable
|
(6,720
|
)
|
|
(8,355
|
)
|
||
(Decrease) increase in deferred revenue
|
(4,382
|
)
|
|
3,466
|
|
||
Decrease in accrued payroll and other liabilities
|
(21,438
|
)
|
|
(34,047
|
)
|
||
Decrease in accrued income taxes
|
(4,226
|
)
|
|
(9,267
|
)
|
||
Increase (decrease) in pension and other long-term liabilities
|
5,453
|
|
|
(307
|
)
|
||
Cash provided by operating activities
|
172,671
|
|
|
127,695
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Additions to property and equipment
|
(39,188
|
)
|
|
(31,096
|
)
|
||
Business acquisitions, net of cash acquired
|
—
|
|
|
(27,182
|
)
|
||
Other investments
|
(3,000
|
)
|
|
—
|
|
||
Cash used by investing activities
|
(42,188
|
)
|
|
(58,278
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net proceeds of long-term debt, including current portion
|
—
|
|
|
247,708
|
|
||
Repurchase of common stock
|
(129,010
|
)
|
|
(124,384
|
)
|
||
Dividends paid
|
(32,020
|
)
|
|
(28,686
|
)
|
||
Proceeds from shares issued pursuant to stock-based compensation plans
|
7,117
|
|
|
15,085
|
|
||
Excess tax benefit of stock options exercised
|
1,231
|
|
|
4,468
|
|
||
Other financing activities
|
(139
|
)
|
|
(317
|
)
|
||
Cash (used) provided by financing activities
|
(152,821
|
)
|
|
113,874
|
|
||
Effect of exchange rate changes on cash
|
5,981
|
|
|
(1,929
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(16,357
|
)
|
|
181,362
|
|
||
Cash and cash equivalents, beginning of period
|
440,846
|
|
|
193,137
|
|
||
Cash and cash equivalents, end of period
|
$
|
424,489
|
|
|
$
|
374,499
|
|
Note 1.
|
Basis of Presentation
|
Note 2.
|
Stock-based Compensation
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Cost of goods sold
|
$
|
895
|
|
|
$
|
941
|
|
|
$
|
2,516
|
|
|
$
|
2,462
|
|
Research and development
|
1,297
|
|
|
1,152
|
|
|
3,771
|
|
|
3,997
|
|
||||
Selling, general and administrative
|
4,405
|
|
|
3,344
|
|
|
13,710
|
|
|
12,854
|
|
||||
Stock-based compensation expense before income taxes
|
6,597
|
|
|
5,437
|
|
|
19,997
|
|
|
19,313
|
|
||||
Income tax benefit
|
(2,005
|
)
|
|
(1,574
|
)
|
|
(6,067
|
)
|
|
(5,565
|
)
|
||||
Total stock-based compensation expense after income taxes
|
$
|
4,592
|
|
|
$
|
3,863
|
|
|
$
|
13,930
|
|
|
$
|
13,748
|
|
|
September 30,
|
||||||
|
2012
|
|
2011
|
||||
Capitalized in inventory
|
$
|
514
|
|
|
$
|
795
|
|
Note 2.
|
Stock-based Compensation - (Continued)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
Stock option awards:
|
|
|
|
|
|
|
|
||||
Risk-free interest rate
|
—
|
|
|
—
|
|
|
0.4
|
%
|
|
1.0
|
%
|
Expected dividend yield
|
—
|
|
|
—
|
|
|
1.3
|
%
|
|
0.7
|
%
|
Expected term
|
—
|
|
|
—
|
|
|
4.2 years
|
|
|
4.3 years
|
|
Expected volatility
|
—
|
|
|
—
|
|
|
39.7
|
%
|
|
42.3
|
%
|
Employee stock purchase plan:
|
|
|
|
|
|
|
|
||||
Risk-free interest rate
|
—
|
|
|
—
|
|
|
0.2
|
%
|
|
0.1
|
%
|
Expected dividend yield
|
—
|
|
|
—
|
|
|
1.3
|
%
|
|
0.7
|
%
|
Expected term
|
—
|
|
|
—
|
|
|
6 months
|
|
|
6 months
|
|
Expected volatility
|
—
|
|
|
—
|
|
|
27.4
|
%
|
|
21.3
|
%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Stock Option Awards:
|
|
|
|
|
|
|
|
||||||||
Weighted average grant date fair value per share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.43
|
|
|
$
|
11.68
|
|
Total fair value of awards granted
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,104
|
|
|
$
|
4,513
|
|
Total fair value of awards vested
|
$
|
38
|
|
|
$
|
75
|
|
|
$
|
6,023
|
|
|
$
|
8,037
|
|
Total intrinsic value of options exercised
|
$
|
3,278
|
|
|
$
|
2,016
|
|
|
$
|
5,637
|
|
|
$
|
15,169
|
|
Restricted Stock Unit Awards:
|
|
|
|
|
|
|
|
||||||||
Weighted average grant date fair value per share
|
$
|
19.84
|
|
|
$
|
27.43
|
|
|
$
|
17.23
|
|
|
$
|
34.41
|
|
Total fair value of awards granted
|
$
|
121
|
|
|
$
|
169
|
|
|
$
|
30,643
|
|
|
$
|
21,692
|
|
Total fair value of awards vested
|
$
|
174
|
|
|
$
|
165
|
|
|
$
|
12,276
|
|
|
$
|
19,098
|
|
Employee Stock Purchase Plan:
|
|
|
|
|
|
|
|
||||||||
Weighted average grant date fair value per share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.02
|
|
|
$
|
7.36
|
|
Total fair value of shares estimated to be issued
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,106
|
|
|
$
|
1,051
|
|
Note 2.
|
Stock-based Compensation - (Continued)
|
|
Shares
(in thousands)
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
||||||
Outstanding at December 31, 2011
|
6,570
|
|
|
$
|
20.73
|
|
|
5.0
|
|
|
|
||
Granted
|
638
|
|
|
22.30
|
|
|
|
|
|
||||
Exercised
|
(405
|
)
|
|
7.74
|
|
|
|
|
|
||||
Forfeited
|
(125
|
)
|
|
24.41
|
|
|
|
|
|
||||
Outstanding at September 30, 2012
|
6,678
|
|
|
$
|
21.60
|
|
|
5.0
|
|
|
$
|
15,662
|
|
Exercisable at September 30, 2012
|
5,767
|
|
|
$
|
20.76
|
|
|
4.4
|
|
|
$
|
15,661
|
|
Vested and expected to vest at September 30, 2012
|
6,632
|
|
|
$
|
21.56
|
|
|
5.0
|
|
|
$
|
15,662
|
|
|
Shares
(in thousands)
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
Outstanding at December 31, 2011
|
1,305
|
|
|
$
|
30.89
|
|
Granted
|
1,781
|
|
|
17.23
|
|
|
Vested and distributed
|
(555
|
)
|
|
29.23
|
|
|
Forfeited
|
(119
|
)
|
|
28.71
|
|
|
Outstanding at September 30, 2012
|
2,412
|
|
|
$
|
21.39
|
|
Note 3.
|
Net Earnings Per Share
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Numerator for earnings per share:
|
|
|
|
|
|
|
|
||||||||
Earnings from continuing operations
|
$
|
55,949
|
|
|
$
|
64,390
|
|
|
$
|
147,179
|
|
|
$
|
145,818
|
|
(Loss) earnings from discontinued operations
|
(44
|
)
|
|
329
|
|
|
(2,042
|
)
|
|
(475
|
)
|
||||
Net earnings for basic and diluted earnings per share
|
$
|
55,905
|
|
|
$
|
64,719
|
|
|
$
|
145,137
|
|
|
$
|
145,343
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator for earnings per share:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding
|
150,878
|
|
|
158,665
|
|
|
152,820
|
|
|
159,225
|
|
||||
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method
|
1,449
|
|
|
2,133
|
|
|
1,938
|
|
|
2,586
|
|
||||
Weighted average diluted shares outstanding
|
152,327
|
|
|
160,798
|
|
|
154,758
|
|
|
161,811
|
|
Note 4.
|
Fair Value of Financial Instruments
|
Note 5.
|
Foreign Currency Exchange Rate Risk
|
Note 5.
|
Foreign Currency Exchange Rate Risk - (Continued)
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
Euro
|
$
|
3,645
|
|
|
$
|
19,640
|
|
Swedish kronor
|
3,647
|
|
|
18,091
|
|
||
British pound sterling
|
6,686
|
|
|
3,050
|
|
||
Australian dollar
|
2,361
|
|
|
609
|
|
||
Danish kroner
|
520
|
|
|
174
|
|
||
Japanese yen
|
4,515
|
|
|
3,581
|
|
||
|
$
|
21,374
|
|
|
$
|
45,145
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||||||||||
|
Other Current Assets
|
|
Other Current Liabilities
|
|
Other Current Assets
|
|
Other Current Liabilities
|
||||||||
Foreign exchange contracts
|
$
|
1,147
|
|
|
$
|
383
|
|
|
$
|
245
|
|
|
$
|
640
|
|
Zero-cost collar options
|
—
|
|
|
1,671
|
|
|
—
|
|
|
—
|
|
Note 6.
|
Accounts Receivable
|
Note 7.
|
Inventories
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
Raw material and subassemblies
|
$
|
231,736
|
|
|
$
|
225,573
|
|
Work-in-progress
|
56,153
|
|
|
55,886
|
|
||
Finished goods
|
72,878
|
|
|
54,592
|
|
||
|
$
|
360,767
|
|
|
$
|
336,051
|
|
Note 8.
|
Property and Equipment
|
Note 9.
|
Goodwill
|
|
Thermal Vision and Measurement
|
|
Raymarine
|
|
Surveillance
|
|
Detection
|
|
Integrated Systems
|
|
Total
|
||||||||||||
Balance, December 31, 2011
|
$
|
251,187
|
|
|
$
|
98,364
|
|
|
$
|
90,501
|
|
|
$
|
38,162
|
|
|
$
|
20,129
|
|
|
$
|
498,343
|
|
Currency translation adjustments
|
1,007
|
|
|
2,745
|
|
|
306
|
|
|
—
|
|
|
—
|
|
|
4,058
|
|
||||||
Balance, September 30, 2012
|
$
|
252,194
|
|
|
$
|
101,109
|
|
|
$
|
90,807
|
|
|
$
|
38,162
|
|
|
$
|
20,129
|
|
|
$
|
502,401
|
|
Note 10.
|
Intangible Assets
|
Note 11.
|
Credit Agreements
|
Note 12.
|
Accrued Product Warranties
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Accrued product warranties, beginning of period
|
$
|
15,322
|
|
|
$
|
19,214
|
|
|
$
|
16,046
|
|
|
$
|
18,686
|
|
Amounts paid for warranty services
|
(2,465
|
)
|
|
(948
|
)
|
|
(6,722
|
)
|
|
(6,128
|
)
|
||||
Warranty provisions for products sold
|
1,689
|
|
|
(388
|
)
|
|
4,823
|
|
|
4,639
|
|
||||
Currency translation adjustments and other
|
646
|
|
|
(448
|
)
|
|
1,045
|
|
|
233
|
|
||||
Accrued product warranties, end of period
|
$
|
15,192
|
|
|
$
|
17,430
|
|
|
$
|
15,192
|
|
|
$
|
17,430
|
|
Current accrued product warranties, end of period
|
|
|
|
|
$
|
13,094
|
|
|
$
|
14,090
|
|
||||
Long-term accrued product warranties, end of period
|
|
|
|
|
$
|
2,098
|
|
|
$
|
3,340
|
|
Note 13.
|
Long-Term Debt
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
Unsecured notes
|
$
|
250,000
|
|
|
$
|
250,000
|
|
Unamortized issuance costs
|
(1,795
|
)
|
|
(2,139
|
)
|
||
|
$
|
248,205
|
|
|
$
|
247,861
|
|
Note 13.
|
Long-Term Debt - (Continued)
|
Note 14.
|
Shareholders’ Equity
|
Common stock and additional paid-in capital, December 31, 2011
|
$
|
352,157
|
|
Income tax benefit of common stock options exercised
|
129
|
|
|
Common stock issued pursuant to stock-based compensation plans, net
|
3,654
|
|
|
Stock-based compensation expense
|
19,692
|
|
|
Repurchase of common stock
|
(129,010
|
)
|
|
Common stock and additional paid in capital, September 30, 2012
|
$
|
246,622
|
|
Note 15.
|
Contingencies
|
Note 16.
|
Income Taxes
|
|
Tax Years:
|
US Federal
|
2009 – 2011
|
State of Oregon
|
2008 – 2011
|
State of Massachusetts
|
2008 – 2011
|
State of California
|
2007 – 2011
|
Sweden
|
2007 – 2011
|
United Kingdom
|
2006 – 2011
|
Belgium
|
2011
|
Note 17.
|
Operating Segments and Related Information
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue – External Customers:
|
|
|
|
|
|
|
|
||||||||
Thermal Vision and Measurement
|
$
|
149,540
|
|
|
$
|
160,998
|
|
|
$
|
447,922
|
|
|
$
|
470,799
|
|
Raymarine
|
31,659
|
|
|
35,442
|
|
|
125,443
|
|
|
136,169
|
|
||||
Surveillance
|
115,915
|
|
|
139,827
|
|
|
350,005
|
|
|
431,164
|
|
||||
Detection
|
15,401
|
|
|
21,193
|
|
|
50,467
|
|
|
56,284
|
|
||||
Integrated Systems
|
19,715
|
|
|
13,867
|
|
|
45,136
|
|
|
44,434
|
|
||||
|
$
|
332,230
|
|
|
$
|
371,327
|
|
|
$
|
1,018,973
|
|
|
$
|
1,138,850
|
|
Revenue – Intersegments:
|
|
|
|
|
|
|
|
||||||||
Thermal Vision and Measurement
|
$
|
3,076
|
|
|
$
|
3,799
|
|
|
$
|
12,527
|
|
|
$
|
14,197
|
|
Raymarine
|
—
|
|
|
—
|
|
|
4
|
|
|
7
|
|
||||
Surveillance
|
5,260
|
|
|
5,982
|
|
|
17,246
|
|
|
23,003
|
|
||||
Detection
|
1,027
|
|
|
1,913
|
|
|
1,803
|
|
|
3,391
|
|
||||
Integrated Systems
|
295
|
|
|
—
|
|
|
1,342
|
|
|
1,811
|
|
||||
Eliminations
|
(9,658
|
)
|
|
(11,694
|
)
|
|
(32,922
|
)
|
|
(42,409
|
)
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Earnings (loss) from operations:
|
|
|
|
|
|
|
|
||||||||
Thermal Vision and Measurement
|
$
|
42,916
|
|
|
$
|
47,162
|
|
|
$
|
109,651
|
|
|
$
|
131,447
|
|
Raymarine
|
374
|
|
|
(2,824
|
)
|
|
9,944
|
|
|
11,829
|
|
||||
Surveillance
|
39,243
|
|
|
51,872
|
|
|
114,965
|
|
|
149,672
|
|
||||
Detection
|
1,131
|
|
|
1,997
|
|
|
801
|
|
|
(4,878
|
)
|
||||
Integrated Systems
|
1,333
|
|
|
298
|
|
|
1,267
|
|
|
126
|
|
||||
Other
|
(10,760
|
)
|
|
(13,096
|
)
|
|
(33,375
|
)
|
|
(84,669
|
)
|
||||
|
$
|
74,237
|
|
|
$
|
85,409
|
|
|
$
|
203,253
|
|
|
$
|
203,527
|
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
Segment assets (accounts receivable, net and inventories):
|
|
|
|
||||
Thermal Vision and Measurement
|
$
|
224,448
|
|
|
$
|
233,888
|
|
Raymarine
|
68,945
|
|
|
60,093
|
|
||
Surveillance
|
295,403
|
|
|
316,615
|
|
||
Detection
|
35,687
|
|
|
32,447
|
|
||
Integrated Systems
|
19,953
|
|
|
17,774
|
|
||
Discontinued Operations
|
—
|
|
|
604
|
|
||
|
$
|
644,436
|
|
|
$
|
661,421
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
United States
|
$
|
185,222
|
|
|
$
|
205,579
|
|
|
$
|
536,150
|
|
|
$
|
598,236
|
|
Europe
|
61,507
|
|
|
87,647
|
|
|
231,374
|
|
|
279,341
|
|
||||
Other international
|
85,501
|
|
|
78,101
|
|
|
251,449
|
|
|
261,273
|
|
||||
|
$
|
332,230
|
|
|
$
|
371,327
|
|
|
$
|
1,018,973
|
|
|
$
|
1,138,850
|
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
United States
|
$
|
576,520
|
|
|
$
|
587,592
|
|
Europe
|
301,442
|
|
|
284,171
|
|
||
Other international
|
10,038
|
|
|
9,627
|
|
||
|
$
|
888,000
|
|
|
$
|
881,390
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
US Government
|
$
|
91,714
|
|
|
$
|
118,659
|
|
|
$
|
265,976
|
|
|
$
|
348,944
|
|
Note 18.
|
Discontinued Operations
|
Note 19.
|
Subsequent Events
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue
|
$
|
149.5
|
|
|
$
|
161.0
|
|
|
$
|
447.9
|
|
|
$
|
470.8
|
|
Earnings from operations
|
42.9
|
|
|
47.2
|
|
|
109.7
|
|
|
131.4
|
|
||||
Operating margin
|
28.7
|
%
|
|
29.3
|
%
|
|
24.5
|
%
|
|
27.9
|
%
|
||||
Backlog, end of period
|
|
|
|
|
167
|
|
|
166
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue
|
$
|
31.7
|
|
|
$
|
35.4
|
|
|
$
|
125.4
|
|
|
$
|
136.2
|
|
Earnings (loss) from operations
|
0.4
|
|
|
(2.8
|
)
|
|
9.9
|
|
|
11.8
|
|
||||
Operating margin
|
1.2
|
%
|
|
(8.0
|
)%
|
|
7.9
|
%
|
|
8.7
|
%
|
||||
Backlog, end of period
|
|
|
|
|
6
|
|
|
7
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue
|
$
|
115.9
|
|
|
$
|
139.8
|
|
|
$
|
350.0
|
|
|
$
|
431.2
|
|
Earnings from operations
|
39.2
|
|
|
51.9
|
|
|
115.0
|
|
|
149.7
|
|
||||
Operating margin
|
33.9
|
%
|
|
37.1
|
%
|
|
32.8
|
%
|
|
34.7
|
%
|
||||
Backlog, end of period
|
|
|
|
|
289
|
|
|
294
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue
|
$
|
15.4
|
|
|
$
|
21.2
|
|
|
$
|
50.5
|
|
|
$
|
56.3
|
|
Earnings (loss) from operations
|
1.1
|
|
|
2.0
|
|
|
0.8
|
|
|
(4.9
|
)
|
||||
Operating margin
|
7.3
|
%
|
|
9.4
|
%
|
|
1.6
|
%
|
|
(8.7
|
)%
|
||||
Backlog, end of period
|
|
|
|
|
24
|
|
|
35
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue
|
$
|
19.7
|
|
|
$
|
13.9
|
|
|
$
|
45.1
|
|
|
$
|
44.4
|
|
Earnings from operations
|
1.3
|
|
|
0.3
|
|
|
1.3
|
|
|
0.1
|
|
||||
Operating margin
|
6.8
|
%
|
|
2.1
|
%
|
|
2.8
|
%
|
|
0.3
|
%
|
||||
Backlog, end of period
|
|
|
|
|
79
|
|
|
45
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
Total Number
of Shares
Purchased
(1)
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
|
|
Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
|
|||||
July 1 to July 31, 2012
|
745,800
|
|
|
$
|
19.26
|
|
|
745,800
|
|
|
|
|
August 1 to August 31, 2012
|
750,000
|
|
|
$
|
20.75
|
|
|
750,000
|
|
|
|
|
September 1 to September 30, 2012
|
449,000
|
|
|
$
|
19.78
|
|
|
449,000
|
|
|
|
|
Total
|
1,944,800
|
|
|
$
|
19.96
|
|
|
1,944,800
|
|
|
7,919,955
|
|
(1)
|
All shares were purchased in open market transactions.
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Number
|
|
Description
|
|
|
|
10.1
|
|
Executive Employment Agreement between FLIR Systems, Inc. and Earl R. Lewis dated as of November 5, 2012.
(1)
|
|
|
|
31.1
|
|
Principal Executive Officer Certification Pursuant to Sarbanes-Oxley Act of 2002, Section 302.
|
|
|
|
31.2
|
|
Principal Financial Officer Certification Pursuant to Sarbanes-Oxley Act of 2002, Section 302.
|
|
|
|
32.1
|
|
Principal Executive Officer Certification Pursuant to Sarbanes-Oxley Act of 2002, Section 906.
|
|
|
|
32.2
|
|
Principal Financial Officer Certification Pursuant to Sarbanes-Oxley Act of 2002, Section 906.
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
FLIR SYSTEMS, INC.
|
|
|
|
Date November 5, 2012
|
|
/s/ A
NTHONY
L. T
RUNZO
|
|
|
Anthony L. Trunzo
|
|
|
Sr. Vice President, Finance and Chief Financial Officer
|
|
|
(Duly Authorized and Principal Financial Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
MGM Resorts International | MGM |
MGM Resorts International | MGM |
Caesars Entertainment, Inc. | CZR |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|