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FLIR SYSTEMS REPORTS RECORD THIRD QUARTER RESULTS; REVENUE INCREASES 30.3 PERCENT; NET INCOME UP 52.1 PERCENT

 PORTLAND, Ore., Oct. 26 /PRNewswire/ -- FLIR Systems Inc. (NASDAQ: FLIR), today announced revenues for its third quarter ended Sept. 30, 1993 of $9.8 million, an increase of 30.3 percent over the $7.6 million in revenues generated by FLIR in the third quarter of 1992, and net earnings of $1 million (20 cents per share), an increase of 52.1 percent over the $660,000 (17 cents per share) earned by FLIR in the third quarter of 1992.
 Revenues for the first nine months of 1993 were a record $26.8 million, a 28.5 percent increase over the $20.8 million in revenues generated by FLIR in the first nine months of 1992. Net earnings for the first nine months of 1993 were a record $1.8 million (42 cents per share), an increase of 64.3 percent over the $1.1 million (29 cents per share) earned by FLIR in the first nine months of 1992.
 FLIR also reported that revenues in the third quarter of 1993 from the sale of its industrial infrared imaging systems increased a record 83 percent compared to the third quarter of 1992, and increased 40 percent compared to the second quarter of 1993. This record increase in revenues from sales of its industrial infrared imaging systems was due to the introduction of the IQ 812 and increased sales of the Prism Camera, a hand-held, high performance lightweight portable thermal imager, and the IQ 325.
 Revenues in the third quarter of 1993 from the sale of FLIR Systems night vision systems and sensors also increased by 21 percent compared to the third quarter of 1992, primarily due to increased sales of its SAFIRE night vision system.
 "We are very pleased with our third quarter results, and particularly with the sales of our industrial thermal imaging systems," said FLIR Systems President Robert P. Daltry. "We successfully introduced our newest product, the IQ 812, on schedule and we continue to see increased sales of our Prism Camera. The sales of night vision systems remain strong and new growth opportunities are developing for this significant product area."
 "Our third quarter performance is consistent with our business plan," commented Daltry, "and reflects the continued success of our strategy to expand our presence and gain market share in the growing industrial market and to strengthen our leadership in the night vision market, particularly in the public safety segment."
 FLIR Systems Inc. designs, manufactures and markets thermal imaging systems worldwide for a wide variety of applications in the night vision and industrial markets. Night vision applications include public safety (law enforcement and drug interdiction; search and rescue; border and maritime patrol; and environmental protection) and defense (surveillance, reconnaissance and navigation assistance). Industrial applications include predictive and preventive maintenance; non-destructive testing and evaluation; research and development; and manufacturing process control and monitoring. FLIR Systems' corporate headquarters are located at 16505 S.W. 72nd Avenue, Portland, OR 97224; Telephone, 503-684-3731; Facsimile, 503-684-5452; Telex, 510-101-0797.
 FLIR SYSTEMS, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (Unaudited, in thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, 1993 1992 1993 1992
 Revenues:
 Night vision systems
 and sensors $ 7,782 $6,430 $ 21,993 $ 16,605
 Industrial imaging
 systems 2,059 1,125 4,784 4,229
 9,841 7,555 26,777 20,834
 Cost of goods sold 4,841 3,514 13,077 10,743
 Research and development 1,672 1,322 5,015 3,514
 Selling and other
 operating costs 2,231 1,945 6,554 5,219
 8,744 6,781 24,646 19,476
 Earnings from
 operations 1,097 774 2,131 1,358
 Interest income 68 -- 68 --
 Interest expense and other (37) (53) (129) (135)
 Earnings before
 income taxes 1,128 721 2,070 1,223
 Provision for income
 taxes 124 61 230 103
 Net earnings $ 1,004 $ 660 $ 1,840 $ 1,120
 Net earnings per share $ 0.20 $ 0.17 $ 0.42 $ 0.29
 Weighted average number
 of common shares and
 equivalents outstanding 4,946 3,904 4,379 3,904
 FLIR SYSTEMS, INC.
 CONSOLIDATED BALANCE SHEET
 (Unaudited, in thousands, except share amounts)
 ASSETS
 Sept. 30, Dec. 31,
 1993 1992
 Current assets:
 Cash $ 7,001 $ 2,322
 Accounts receivable 12,333 7,826
 Inventories 14,873 12,948
 Prepaid expenses 459 122
 Total current assets 34,666 23,218
 Property and equipment 2,283 2,089
 Other assets 648 567
 $ 37,597 $ 25,874
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities
 Accounts payable $ 2,506 $ 2,433
 Accounts payable to related
 parties 244 226
 Accrued payroll and related
 expenses 1,406 1,434
 Accrued commissions 800 482
 Accrued warranty reserve 532 378
 Current portion of long-term debt 230 200
 Total current liabilities 5,718 5,153
 Long-term debt 1,019 1,099
 Shareholders' equity:
 Preferred stock, $0.01 par value,
 10,000,000 shares authorized; no
 shares and 2,237,578 shares
 issued at Sept. 30, 1993 and
 Dec. 31, 1992, respectively,
 (liquidating preference
 aggregating $7,832 and convertible
 into 895,031 common shares at
 Dec. 31, 1992) -- 22
 Common stock, $0.01 par value,
 30,000,000 shares authorized,
 4,607,8657 shares issued at
 Sept. 30, 1993, and no par value,
 2,762,103 shares issued at
 Dec. 31, 1992 46 16,728
 Additional paid in capital 33,965 7,863
 Accumulated deficit (3,151) (4,991)
 Total shareholders' equity 30,860 19,622
 $ 37,397 $ 25,874
 -0- 10/26/93
 /CONTACT: James A. Fitzhenry of FLIR Systems, 503-684-3731/
 (FLIR)


CO: FLIR Systems Inc. ST: Oregon IN: SU: ERN

RB -- SE002 -- 6688 10/26/93 07:51 EDT
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Date:Oct 26, 1993
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