FLIR Systems (NASDAQ: FLIR) made the following results regarding financial results for the third quarter ended Sept. 30, 2010:
“Revenue was $332.5 million, up 16 percent compared to third quarter 2009 revenue of $285.6 million. Operating income in the third quarter was $85.8 million, compared to $89.3 million in the third quarter of 2009. Third-quarter 2010 net income was $63.0 million, or $0.39 per diluted share, compared with net income of $60.0 million, or $0.38 per diluted share in the third quarter a year ago. Cash provided by operations in the third quarter was $85.1 million.
“We are very pleased with our third-quarter results, ” CEO Earl Lewis said. “Operating income was reduced by legal reserves and acquisition-related costs, but these costs were largely offset by a lower tax rate and our resulting margins were very strong. We continue to execute on our strategy and deliver strong operating performance. Our Government Systems division was able to grow backlog in an unclear political environment. The Commercial Systems division continues to grow rapidly while increasing profitability. Our initiatives to diversify our end-markets, reduce costs, innovate, and strengthen our financial position have positioned us very well for continued growth into the future.”