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Defense Made the Day for FLIR
FLIR Systems (NasdaqGS:FLIR) reported on May 1, 2009 the first quarter revenues of $272 representing 15% increase over Q1/08. Operating income increased by over 50% with net income of $54.3 million, compared with net income of $36.5 million a year ago. Cash provided by operations during the quarter was $74.3 million.
Much of the revenue growth was contributed by the Company's Government Systems division (43% increase) derived primarily from airborne applications. The Company's backlog of firm orders for delivery within the next twelve months decreased in this quarter by $46 million to a total of $617 million. Oddly enough, much of the decrease was reported by the division that generated the highest growth in the quarter - Government System's Division which reduced its backlog to $504 million, down $48 million during the quarter.
FLIR has reaffirmed its outlook for revenues and earnings for the full year of 2009, expecting sales increase of 14% over 2008 to a total of $1.2 – $1.25 billion, with proportional (12%) growth in earnings.
