FLIR Systems, Inc. announces that Amit Singhi, Senior Vice President, Finance and Chief Financial Officer, has resigned effective July 31, 2017. Shane Harrison, Senior Vice President, Corporate Development, and Strategy, who joined FLIR in 2010, will work closely with Amit in transition and serve as interim Chief Financial Officer from August 1, 2017. "I would like to thank Amit for his dedication and positive contributions at FLIR," said FLIR President and CEO, Andy Teich. "We respect Amit's personal decision and wish him all the best in his future pursuits." "Although I look forward to residing closer to my family, I have greatly enjoyed my experience at FLIR and believe the company is well positioned for continued success," said Mr. Singhi.
FLIR Systems, Inc. announced that James J. (“Jim”) Cannon has been appointed President and Chief Executive Officer, effective June 19, 2017. Mr. Cannon will succeed Andy Teich, whose retirement after 33 years of service was previously announced on February 14, 2017. Leading FLIR’s Product And Application Portfolios Mr. Cannon’s extensive and varied leadership experience, together with his proven operational expertise and ability to adapt business strategies to meet evolving market needs, makes him ideally suited to lead FLIR and its portfolio of innovative technology-based products and applications. He previously served for more than 16 years in a variety of senior leadership positions at Stanley Black & Decker, Inc., most recently as President of Stanley Security North America & Emerging Markets. Prior to that, Mr. Cannon was President of the company’s Industrial & Automotive Repair (IAR) business unit, first in North America and subsequently in Europe and Latin America, before then serving as President of Stanley Oil & Gas. In addition to his global, cross-functional leadership experience at Stanley Black & Decker, Mr. Cannon served in the U.S. Army for 10 years as an infantryman and armor officer in a wide variety of assignments around the world, including Operations Desert Shield and Desert Storm in Iraq, where he learned to truly appreciate FLIR’s technology and was awarded a Combat Infantryman’s Badge. He later oversaw key security missions as part of the Army’s peace enforcement operations in Bosnia. Driving Company’s Growth “We are delighted to appoint a chief executive of Jim’s caliber,” said Earl R. Lewis, Chairman of the FLIR Board of Directors. “Jim’s proven track record of achieving strong results in both business and the military make him uniquely well qualified to serve as FLIR’s next CEO. Our Board of Directors conducted a thorough search process, in which Jim distinguished himself as a true leader of leaders and demonstrated his experience and adaptability running business units worldwide. We’re confident he is the right person to lead FLIR’s dedicated employees. On behalf of the entire Board, I’m pleased to welcome Jim and am excited to work closely with him as we continue to leverage the unique attributes of the FLIR brand and product portfolio to deliver increased value to our shareholders.” The FLIR brand is synonymous with continuous innovation and delivering value to customers around the world “The opportunity to join this outstanding leadership team and serve alongside over 3,000 talented FLIR employees worldwide as the Company’s next CEO is a great honor,” said Mr. Cannon. “The FLIR brand is synonymous with continuous innovation and delivering value to customers around the world. From my own personal experience having relied on FLIR technology as a combat veteran, I’ve seen firsthand the powerful, life-saving impact the company’s portfolio of solutions can have for our customers. Andy and the FLIR team have done a great job building out FLIR’s technology and business, and I’m excited to build on that success and drive further growth for the benefit of FLIR’s employees, customers, and shareholders.” Skilled Experience As President of Stanley Security North America & Emerging Markets, Mr. Cannon held direct P&L responsibilities across five business units, managed over 5,000 employees, and oversaw the operations of numerous manufacturing plants and distribution centers. In this role, he successfully developed and executed a strategic plan that reduced complexity and cost while driving continued and sustained improvement. In his previous roles as President of Stanley Oil & Gas, President of IAR Europe & Latin America, and President of IAR North America, he demonstrated his operational skills by driving significant organic growth, increased efficiency, and improved profitability at each business unit. Mr. Cannon serves on the board of directors of Lydall, Inc. and holds a Bachelor of Science degree in Business Administration/Marketing from the University of Tennessee in Chattanooga. Mr. Cannon will be based out of the Company’s Wilsonville, Oregon headquarters.
FLIR United VMS 8.0 is a comprehensive, enterprise-level video management solution for managing video security operations FLIR Systems, Inc. launches FLIR United VMS 8.0, the latest version of the company’s flagship video management solution (VMS), and three high-performance security cameras, including the FLIR PT-Series HD (High-Definition) thermal and visible camera system, the FLIR Quasar 4K fixed box camera, and the FLIR Ariel 3MP (3-megapixel) corner camera. All three cameras integrate with FLIR United VMS 8.0 and expand the company’s end-to-end line of security solutions. FLIR United VMS 8.0 FLIR United VMS 8.0 is a comprehensive, enterprise-level video management solution for managing video security operations. FLIR United VMS 8.0 manages large and multi-location video operations, and includes FLIR Latitude software, as well as FLIR Horizon and FLIR Meridian network video recorders. FLIR United VMS 8.0 delivers a more secure system through stronger online security credential requirements. A simplified system installation process and streamlined camera discovery make integration with FLIR products easy. Also, FLIR United VMS 8.0’s open platform design allows for integration with third party technologies and is customisable and scalable for any size deployment, from small retailers to large enterprises to critical infrastructure. FLIR PT-Series HD The FLIR PT-Series HD is a dual-sensor camera system that provides superior, long-range perimeter intrusion detection regardless of lighting and environmental conditions. The high-speed, pan-tilt camera provides quick and accurate threat verification. The FLIR PT-Series HD offers either a cooled or uncooled 640x480 resolution thermal camera with a 1080p HD visible camera. Multiple high-performance thermal lenses are available, including optical zoom lenses up to 14X. The HD visible camera also features a 30X optical zoom lens with autofocus and low light capabilities. The FLIR PT-Series HD integrates with FLIR United VMS 8.0 and other major VMS software providers. "The latest FLIR United VMS offering provides a flexible, end-to-end security management solution that allows customers to easily scale to their security needs" FLIR Quasar 4K Fixed Box Camera The FLIR Quasar 4K fixed box multiple-resolution camera can be programmed to switch from 4K daytime mode to 1080p lowlight-night time mode to provide optimum, continuous performance. Its compact design allows for the use of specialized camera housings, ranging from explosion to extreme weatherproof, and can accommodate a range of lenses from super- wide to telephoto. The Quasar 4K fixed box is ideal for high-traffic areas, such as large venues and transportation hubs. FLIR Ariel 3MP Corner Camera The FLIR Ariel 3MP corner camera features a 3-megapixel visible camera that provides ceiling-to-floor and wall-to-wall viewing. The corner camera also includes a built-in microphone for audio monitoring and discrete night vision illumination for monitoring low light to totally dark locations. FLIR Ariel 3MP also features an impact-resistant, vandal-proof, flush-mount housing, making it ideal for locations such as medical facilities and prisons where the safety of at-risk occupants is essential. “The latest FLIR United VMS offering provides a flexible, end-to-end security management solution that allows customers to easily scale to their security needs,” said FLIR President and CEO, Andy Teich. “With the addition of several new high-performance security cameras, including the FLIR PT-Series HD system ideal for perimeter security, FLIR expands its broad security product offerings and further advances our presence in enterprise security.” All new FLIR security products will be available globally in Q2 2017 through established FLIR security dealers and integrators. Visit FLIR at the ISC West security trade show in Las Vegas, Nevada, April 5-7 in booth # 20060 for demonstrations of these and other FLIR security products.
Point Grey Research business will augment FLIR’s existing OEM cores and components business FLIR Systems, Inc. announced that it has reached a definitive asset purchase agreement to acquire the business of Point Grey Research, Inc., a developer of machine vision cameras for use in industrial, retail, scientific, traffic, mapping, and other advanced imaging applications, for approximately $253 million in cash.Impact Of AcquisitionFounded in 1997 and based in Richmond, British Columbia, Point Grey is a manufacturer of advanced visible imaging cameras and solutions that are used in industrial automation systems, medical diagnostic equipment, people counting systems, intelligent traffic systems, military and defense products, and advanced mapping systems. Point Grey designs, manufactures, and distributes its cameras and related software to a global base of customers that build systems for improving the efficiency, quality, analysis, and safety of a wide range of processes and products.The addition of the Point Grey business will augment FLIR’s existing OEM cores and components business by adding a broad range of visible spectrum machine vision cameras and solutions. Additionally, FLIR’s thermal sensor technology, with its unique ability to remotely measure temperature, see through factory obscurants such as smoke and steam, and accurately detect and characterize human activity in retail settings, will further extend Point Grey’s product range into new application spaces. The business will become FLIR’s Integrated Imaging Solutions line of business operating within the OEM and Emerging segment.Thermal Imaging “Thermal imaging technology provides vision systems customers an alternative imaging spectrum that offers a rich, largely untapped layer of information that can be further leveraged” “We’re excited to add the broad range of innovative products from Point Grey to FLIR as together we have a unique capability to create advanced sensing solutions for the broad machine vision market,” said Andy Teich, President and CEO of FLIR. “Thermal imaging technology provides vision systems customers an alternative imaging spectrum that offers a rich, largely untapped layer of information that can be further leveraged. Point Grey’s global presence and credibility in industrial vision systems provides a strong platform for us to integrate our leading thermal technology. Point Grey is a proven, high-performing business with an impressive set of products, customers, processes, and people, all of which we see as being highly synergistic and strategically significant to FLIR. We welcome the Point Grey employees to FLIR and look forward to creating highly valuable solutions for a wide array of intelligent imaging applications.”The transaction is expected to be completed in the fourth quarter of 2016. FLIR anticipates the business and related transaction costs will be approximately $0.01 dilutive to its 2016 earnings per share and accretive for 2017.
The FLIR KF6 represents the firefighting industry's first thermal camera designed for fire engine ladders FLIR Systems announced a range of thermal imaging solutions for firefighters, including the FLIR K33 and FLIR K53 handheld cameras, the FLIR KF6 camera for fire engines, and two FLIR Aerial First Responder Kits featuring the DJI Zenmuse XT powered by FLIR. These new products will be showcased for the first time at the Fire Department Instructors Conference (FDIC) International trade show for firefighters in Indianapolis, Indiana. Along with the recently introduced FLIR K2 entry-level thermal firefighting camera, the new product additions underscore FLIR's commitment to providing high-quality, affordable thermal imaging cameras for broad firefighting applications.FLIR K33 And K53 Handheld CamerasThe FLIR K33 and K53 handheld cameras offer a single button interface and four-inch screen that help make camera operation simple while on the job. Positioned near the middle of FLIR's firefighting camera line-up with an easy-to-use interface and affordable price points, the K33 and K53 will enable more firefighters with thermal imaging capabilities so they can see through smoke, identify hot spots, navigate safely, and locate and rescue victims more easily.The FLIR KF6 represents the firefighting industry's first thermal camera designed for fire engine ladders. By mounting it on a fire engine ladder, the FLIR KF6 allows firefighters to better observe and safely plan how to fight a large building, warehouse, or structure fire. The KF6 also helps firefighters better assess the effectiveness of their extinguishing strategies.FLIR Aerial First Responder Kits The KF6 also helps firefighters better assess the effectiveness of their extinguishing strategies Packaging the DJI Zenmuse XT stabilised thermal camera powered by FLIR with the DJI Inspire 1 drone, the FLIR Aerial First Responder Kits provide first responders added support from the air. Available in both Advanced and Basic packages, these kits allow firefighters to gain a thermal perspective from high above the ground to pinpoint temperature variances signifying potential problems in buildings, to detect the presence of people or animals, and to monitor fire personnel in large fire scenes."With its ability to see through smoke, measure temperature, and locate people in potentially dangerous situations, thermal imaging provides a superpower-like capability for firefighters," said Andy Teich, President and CEO of FLIR Systems. "These product introductions at FDIC and our continuous efforts to reduce the cost of thermal technology will help broaden the range of firefighting solutions and bring us closer to our mission of enabling every firefighter with this life-saving technology."All five new thermal imaging products for firefighters are on display starting today at FDIC, FLIR booth #3921.
Boson offers the widest range of features and lens choices for FLIR's OEM customers FLIR Systems, Inc. announced Boson, its smallest, lightest, and least power-consuming, high-performance uncooled thermal camera for original equipment manufacturers (OEMs). Sized between FLIR's Tau and Lepton camera cores, Boson is the first thermal camera core to incorporate a sophisticated, low-power multi-core vision processor running FLIR XIR expandable infrared video processing architecture.High-Resolution Thermal ImagingBoson features a high sensitivity 12-micron pixel pitch detector that provides high-resolution thermal imaging in a small, low power, lightweight, turnkey package. It also offers several levels of video processing with inputs and processing for other sensors including visible CMOS imaging sensors, global positioning systems (GPSs), and inertial measurement units (IMUs). Additionally, FLIR XIR provides OEM customers with a suite of advanced image processing features including, super resolution algorithms, sophisticated noise reduction filters, local area contrast enhancement, and image blending.Offered in 320 x 256 and 640 x 512 formats with 15 field-of-view options, Boson offers the widest range of features and lens choices for FLIR's OEM customers. Boson also supports common interfaces for displays, storage devices, and data communication. OEMs can also leverage FLIR's Solution Accelerator to develop product solutions for key market verticals including firefighting, automotive, maritime, hunting, UAS, and military.High Performance Sensing"Boson represents a significant advancement in size, weight, power, and cost for small high-performance microbolometer-based cameras," said Andy Teich, President and CEO of FLIR. "As the market demand for affordable and smaller sized camera cores strengthens, we continue to drive technical breakthroughs that enable high performance sensing at lower costs to produce. We're excited to introduce Boson into our family of cores and to offer a broader range of configuration options to OEMs that will help them expedite development and lower their cost-to-market."FLIR will first showcase Boson at the SPIE Defense and Commercial Sensing Conference in Baltimore, Maryland in booth 822. Save
FLIR and DJI announced plans to develop DJI Zenmuse XT stabilised camera featuring FLIR’s thermal imaging technology FLIR Systems, Inc. announced new technology collaboration with drone industry leader DJI Innovations. Under the strategic arrangement, the companies also announced plans to develop their first joint product, the DJI Zenmuse XT stabilized camera featuring FLIR’s thermal imaging technology for DJI’s Inspire 1 and Matrice aerial platforms. Combining DJI’s Zenmuse stabilized micro-gimbal technology, which has become a common platform for demanding aerial cinematography, with FLIR’s popular Tau 2 thermal imaging camera core; the Zenmuse XT will expand the possibilities for commercial drone operators and infrastructure inspectors. Using FLIR thermal imaging on small drones brings new capabilities to dozens of commercial applications, including search and rescue, firefighting, agriculture, wildlife protection, and the inspection of energy infrastructure, bridges, and buildings. The addition of thermal imaging provides users the ability to see in complete darkness, measure temperature remotely, and see through obscurants like smoke, dust, and light fog. Zenmuse XT users will have the unique ability to see minute temperature variances – normally invisible to the naked eye – that can signify potential problems in buildings, detect the presence of people or animals, and monitor the health of mechanical and electrical equipment remotely. Its integration with DJI’s Lightbridge live video downlink system and the DJI GO app will also give drone operators real-time control and recording during flight. “FLIR and DJI today support many of the same commercial applications,” said Andy Teich, President and CEO of FLIR. “FLIR is thrilled to work with DJI to deliver these customers a plug-and-play thermal imaging solution for DJI’s established ecosystem of unmanned aircraft and related apps while expanding our collective opportunities in the rapidly-growing commercial drone market.” DJI’s popular Inspire 1 and Matrice airframes provide industry-leading aerial cinematography and development platforms. The same attributes that set these airframes apart for capturing stunning aerial video – stable flight performance, predictable flight execution, and seamless integration with the popular DJI Go app – also make them ideal thermal imaging platforms. “DJI’s collaboration with FLIR in thermal imaging signals our intent to innovate in sectors where technology can be a game-changer,” said DJI CEO Frank Wang. "The result will be joint, best-in-class solutions that are intuitive and easy to use."
Fido X2’s guided user interface allows law enforcement to deploy units broadly across officers with minimal formal training FLIR Systems, Inc. recently announced the launch of the Fido® X2, the latest addition to its leading-edge Fido X-Series handheld explosives trace detectors (ETD). Offering high sensitivity at an accessible price, the easy-to-use Fido X2 features FLIR’s proprietary TrueTrace™ technology to quickly and accurately detect a broad range of chemicals used in the manufacture of homemade, commercial, and military explosives. Fido X2 Features At less than 1.5 pounds and featuring a new ergonomic design, the Fido X2 is ultra-lightweight and durable for maximum portability. Intended to be used by state and local law enforcement agencies and first responders at security checkpoints or during high alert stages, the Fido X2 screens vehicles and personal belongings for explosives residue that might indicate contact with explosives or incendiary devices. FLIR's field-proven TrueTrace technology features a proprietary multiplexed luminescence technique for sensing trace levels of explosive chemicals and is uniquely formulated to detect a broad range of explosives. With analysis provided in ten seconds or less, law enforcement officers can quickly and accurately screen for threats to mass transit, sporting arenas, and critical infrastructure with confidence. Fido X2’s Guided User Interface Offers The Fido X2’s guided user interface allows law enforcement to deploy units broadly across officers with minimal formal training. On-screen prompts and simple go/no-go alarms guide users through operation and aids sampling and decision-making. The Fido X2 also features on-device video training that provides real-time help and reduces the cost and logistical burden of recurrent training. “The Fido X2 is the latest FLIR product that strives to ensure public safety, and does so at a price-to-value ratio that is unprecedented,” said Andy Teich, President and CEO of FLIR. “The extraordinary sensitivity of the Fido X2 means that users can detect the most minute explosives residue. Additionally, its focus on ease-of-use will allow it to be deployed broadly across many applications and its low price point will allow our life-saving technology to reach a wider base of customers.” FLIR at IACP FLIR showcased the Fido X2 for the first time at the International Association of Chiefs of Police Show on October 24 – 27 in Chicago, IL, booth #1640 and the Agency of Tomorrow Pavilion, booth #3211.
The Surveillance segment revenue saw an increase of 5% over the prior year, and the Security segment saw an increase of 22% over Q3 last year FLIR Systems, Inc. recently announced financial results for the third quarter ended September 30, 2015. Revenue was $381.9 million, up 2% compared to third quarter 2014 revenue of $375.4 million. On a constant-currency basis, revenue for the third quarter was up 6% compared to the prior year, as foreign currency exchange fluctuations negatively impacted revenue by approximately $14 million. Operating income in the third quarter was $76 million, compared to $70 million in the third quarter of 2014. Operating income was impacted by pre-tax charges related to previously-announced restructuring initiatives of $0.3 million in the third quarter of 2015 and $4.1 million in the third quarter of 2014. Third quarter 2015 net income was $73.1 million, or $0.52 per diluted share, compared with net income of $52.9 million, or $0.37 per diluted share in the third quarter a year ago. Net income for the third quarter of 2015 included a discrete tax benefit of $17.4 million, or approximately $0.12 per diluted share, related to the release of a previously recorded tax reserve. Cash provided by operations in the third quarter of 2015 was $73.6 million, an increase of 123% compared to the prior year. Segment-Wise Financial Results The Surveillance segment contributed $131.6 million of revenue during the third quarter, increasing 5% over the prior year. The Instruments segment had $74.8 million of revenue, down 9% from the prior year, and was negatively impacted by foreign currency exchange fluctuations by approximately $6 million, resulting in a 3% decline on a constant currency basis. FLIR's OEM & Emerging Markets segment recorded revenue of $51.4 million in the third quarter, up 3% over the prior year. Revenue from the Maritime segment was $38.9 million, down 13% from the third quarter of 2014, and was negatively impacted by foreign currency exchange fluctuations by approximately $4 million, resulting in a 4% decline on a constant currency basis. Security segment revenue was $59.3 million, an increase of 22% over the third quarter results last year. The Detection segment contributed $25.8 million of revenue, an increase of 7% from the prior year. FLIR's backlog of firm orders for delivery within the next twelve months was approximately $568 million as of September 30, 2015, an increase of $31 million, or 6%, during the quarter and a decrease of $12 million, or 2%, from the third quarter of 2014. Our proven ability to advance our sensing technologies, rapidly develop new products, and address new market opportunities enables our mission of being the 'World's Sixth Sense'", says Andy Teich, President and CEO of FLIR "In the third quarter we saw constant currency revenue growth of 6%, improved our operating profitability, significantly improved our cash flow, and introduced several new market-defining products, however, the global economic environment created a headwind for our overall performance," said Andy Teich, President and CEO of FLIR. "Our proven ability to advance our sensing technologies, rapidly develop new products, and address new market opportunities enables our mission of being the 'World's Sixth Sense.' We have confidence in our ability to create long-term shareholder value given our focus on innovation, product differentiation, and market positioning." Revenue And Earnings Outlook For 2015 Based on financial results for the first nine months of 2015 and the outlook for the remainder of the year, FLIR now expects revenue for the full year 2015 to be in the range of $1.52 billion to $1.57 billion and net earnings, excluding restructuring charges and the third quarter discrete tax benefit described above, to be in the range of $1.55 to $1.60 per diluted share. Including the impact of the third quarter discrete tax benefit and an estimated $12 million after-tax gain in the fourth quarter on an investment, net earnings is expected to be in the range of $1.76 to $1.81 per diluted share. Dividend Declaration FLIR's Board of Directors has declared a quarterly cash dividend of $0.11 per share on FLIR common stock, payable December 4, 2015, to shareholders of record as of close of business on November 20, 2015. Conference Call FLIR has scheduled a conference call at 11:00 a.m. ET (8:00 a.m. PT) to discuss its results for the quarter. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online from a link in the Events section. A replay will be available after 1:00 p.m. ET (10:00 a.m. PT). Summary third quarter and historical financial data may be accessed online from the Financial Info Database link under the Financials & Filings section.
Replacing interim CFO Dave Muessle, Mr. Singhi will oversee FLIR's global finance organization FLIR Systems, Inc. announced that Amit Singhi has joined the Company as Senior Vice President, Finance, and Chief Financial Officer, replacing interim CFO Dave Muessle, who will remain Vice President, Corporate Controller and Principal Accounting Officer. Reporting to CEO Andy Teich, Mr. Singhi will oversee FLIR's global finance organization, with responsibility over financial management, reporting, controls, planning, and strategy. Past Achievements Mr. Singhi most recently led the finance organization of Ford Motor Company's Global Customer Service Division. Previously, Mr. Singhi was CFO of Ford South America which was preceded by several global finance, operational, and R&D positions at Ford and General Motors. He holds an M.B.A. and an M.S. in Electrical Engineering Systems from the University of Michigan, and a Bachelors of Technology in Electrical Engineering from the Indian Institute of Technology. "We are very excited that Amit is joining our team. He is a proven executive with strong skills in financial operations, organizational leadership, international business, and tactical execution for a global industry leader," said Andy Teich, President and CEO of FLIR. "I am confident Amit will make meaningful contributions to FLIR's performance and results while being a key partner in further developing our financial, operational, and product strategies. I also want to thank Dave Muessle for his commitment to the business and his financial leadership during our search for a new CFO."
Security segment revenue was $60 million, an increase of 34% over the second quarter results last year FLIR Systems, Inc. recently announced financial results for the second quarter ended June 30, 2015. Revenue was $393 million, up 6% compared to second quarter 2014 revenue of $369.4 million. On a constant-currency basis, revenue for the second quarter was up 12% compared to the prior year, as foreign currency exchange fluctuations negatively impacted revenue by approximately $20 million. Operating income in the second quarter was $70.5 million, compared to $59.4 million in the second quarter of 2014. Operating income was impacted by pretax charges related to previously-announced restructuring initiatives of $0.5 million in the second quarter of 2015 and $3.5 million in the second quarter of 2014. Second quarter 2015 net income was $50.5 million, or $0.36 per diluted share, compared with net income of $44.8 million, or $0.31 per diluted share in the second quarter a year ago. Net income was impacted by after-tax restructuring charges of $0.3 million in the second quarter of 2015 and $2.7 million, or $0.02 per diluted share, in the second quarter of 2014. Cash provided by operations in the second quarter of 2015 was $48.9 million. The Surveillance segment contributed $107.8 million of revenue during the second quarter, down 5% from the prior year. The Instruments segment had $90.3 million of revenue, up 7% versus the prior year, and was negatively impacted by foreign currency exchange fluctuations by approximately $7 million. FLIR's OEM & Emerging Markets segment recorded revenue of $46.3 million in the second quarter, down 9% from the prior year. Revenue from the Maritime segment was $52 million, down 6% from the second quarter of 2014, and was negatively impacted by foreign currency exchange fluctuations by approximately $7 million. Security segment revenue was $60 million, an increase of 34% over the second quarter results last year. The Detection segment contributed $36.5 million of revenue, an increase of 77% from the prior year. "With currency-neutral revenue growth of approximately 7% and EPS growth of 35%, we have been successful in executing on our strategies in the first half of 2015," said Andy Teich, President and CEO of FLIR. "Innovations in many of our commercial markets have driven broader adoption of our thermal and other sensing technologies. FLIR's commercially-developed, military qualified (CDMQ) model continues to be a positive differentiator in our government and military markets while our restructuring initiatives have proven very beneficial from a profitability standpoint. We look forward to continuing this momentum into the second half of 2015." FLIR's backlog of firm orders for delivery within the next twelve months was approximately $536 million as of June 30, 2015, a decrease of $21 million, or 4%, during the quarter and a decrease of $12 million, or 2%, from the second quarter of 2014. Revenue And Earnings Outlook For 2015 Based on financial results for the first half of 2015 and the outlook for the remainder of the year, FLIR continues to expect revenue for the full year 2015 to be in the range of $1.55 billion to $1.6 billion and net earnings, excluding restructuring charges, to be in the range of $1.60 to $1.70 per diluted share. Dividend Declaration FLIR's Board of Directors has declared a quarterly cash dividend of $0.11 per share on FLIR common stock, payable September 4, 2015, to shareholders of record as of close of business on August 21, 2015. Conference Call FLIR has scheduled a conference call at 8:00 a.m. ET (5:00 a.m. PT) to discuss its results for the quarter. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online from a link in the Events & Presentations section of www.FLIR.com/investor. A replay will be available after 11:00 a.m. ET (8:00 a.m. PT) at this same internet address.
FLIR Systems, Inc. recently announced the availability of FLIR® FX, a compact, versatile Wi-Fi-enabled HD camera that integrates unique cloud-based analytics and flexible application-specific mounts. FLIR FX optional accessory mounts facilitate use in an array of applications including in-home monitoring, outdoor security, sports activity, vehicle dash-camera recording, and more. Users have the ability to stream live HD video to a smartphone or tablet with or without an internet connection, record video to a removable Micro-SD card, review events that are recorded utilising motion detection algorithms, communicate with two-way audio, and quickly review hours of video with FLIR’s Cloud-based RapidRecap™ capability. See The Day In A Minute With RapidRecap The FLIR FX app includes the innovative RapidRecap, function, which uniquely displays multiple time- stamped motion events into a single abbreviated video clip. Based on technology historically used in law enforcement for rapid suspect identification, RapidRecap allows users to simultaneously review a day’s worth of video events in seconds and to quickly pinpoint events of interest. Original recordings of interest can then be easily accessed on both iOS and Android devices. Optimize Alerts With Smartzone FLIR’s SmartZone feature allows users to identify specific areas within the camera’s field of view for movement detection, which in turn triggers an instant alert to a user’s mobile device of choice. This allows users to receive only the most relevant alerts. Anytime, Any Place The FLIR FX app intelligently detects the accessory mount type in use, whether it be the indoor, outdoor, sport, or vehicle dash mount, and automatically switches the functionality and app configuration for the best results. These patent-pending mounts make FLIR FX a versatile portable wireless camera for every scenario: INDOOR STAND: Place on a counter or mount on a wall to capture activity in an entire room using the camera’s a 160° field-of-view. Night vision infrared LEDs on the camera provide up to 33 feet (10 meters) of range in dark environments. OUTDOOR HOUSING: The rugged and weatherproof outdoor housing protects FX from the elements and shields it from excess sunlight. Sold both with and without the camera, the outdoor accessory includes additional infrared LEDs to facilitate more powerful night-vision capabilities up to 65 feet (20 meters). OPTIONAL SPORT CASE: A protective acrylic camera housing that facilitates body or helmet mounting and makes the camera waterproof at depths up to 65 feet (20 meters). OPTIONAL DASH-MOUNT: Facilitates mounting the camera to a dashboard or windshield for recording while driving. A built-in accelerometer senses motion and activates a 30-minute loop recording function. The accelerometer also senses shock from potential impacts and automatically stores a before and after recording. With a powerful internal battery and direct Wi-Fi connection capability, the FLIR FX can be installed and used anywhere. HD video footage can be easily recorded to an on-board microSD card or to the FLIR Cloud. Additional features include two-way audio, ambient temperature measurement, humidity monitoring, and the ability to manage multiple cameras at once. “We’re delighted to bring this versatile Wi-Fi camera to the market,” said Andy Teich, President and CEO of FLIR. “The combination of our innovative RapidRecap, SmartZone, and FLIR Cloud features provide users with an unprecedented ability to see, record and review video events, no matter where they are in the world.”
Shane will be responsible for sourcing corporate development opportunities and execution of acquisition strategy FLIR Systems, Inc. recently announced that Tony Trunzo, Senior Vice President, Finance and Chief Financial Officer, has resigned effective March 27, 2015, to pursue other professional opportunities. Dave Muessle, Vice President, Corporate Controller and the Company's Principal Accounting Officer, who joined FLIR in 2000, will work closely with Tony in transition and serve as interim Chief Financial Officer until a permanent Chief Financial Officer is appointed. In addition, the Company announced that Shane Harrison has been promoted to Senior Vice President, Corporate Development and Strategy, effective immediately. Shane will be responsible for sourcing corporate development opportunities and execution of the Company's merger and acquisition strategy, and will report directly to Andy Teich, FLIR's President and Chief Executive Officer. Andy Teich said, "I would like to thank Tony for more than a decade of dedication and outstanding service to FLIR. His leadership and contributions played an important role in the growth of our company during his tenure. We appreciate all that he has done for FLIR and wish Tony all the best in his future pursuits." Mr. Teich added, "I would like to congratulate Shane on his recent promotion. In addition to Shane's involvement in our shareholder communication efforts, he has played an important role in the Company's acquisition activity. I look forward to working with Shane directly, and am excited to see the great work that he produces in this new role.” Mr. Trunzo said, "I have truly enjoyed my years at FLIR, and as I look to pursue new professional opportunities, I know that FLIR is in the very capable hands of a talented management team, and well positioned for continued success."
The contract is for FLIR's integrated chemical, biological, radiological, nuclear, and explosives threat response system FLIR Systems, Inc. announced recently that it has received the first full-rate production orders under a five-year indefinite delivery, indefinite quantity contract from the U.S. Department of Defense to support the Nuclear, Biological, and Chemical Dismounted Reconnaissance Sets, Kits, and Outfits (DR SKO) program. The contract is for FLIR's integrated chemical, biological, radiological, nuclear, and explosives (CBRNE) threat response system and related spares and services. Initial delivery orders totaling $27.1 million were received for systems and support. The DR SKO program, in development since 2008, is a joint-service, Department of Defense initiative centered on CBRNE threat detection systems that will be utilized by the Army, Navy, Air Force, Marines, and Civil Support Teams. The FLIR DR SKO system provides an integrated set of CBRNE detection, identification, sample collection, testing, and personal safety kits that allow personnel to perform site assessment and consequence management missions. "This award is the outcome of our ability to design and produce highly-integrated systems that leverage many different types of sensing and CBRNE technologies," said Andy Teich, President and CEO of FLIR. "These advanced threat detection systems will serve to protect troops and citizens and we are proud to be able to support the U.S. Department of Defense in this endeavor." Production under the contract is expected to be performed out of FLIR's facility in Elkridge, MD, and fulfillment of these delivery orders is expected to occur throughout 2015.
Ever wish your smart phone could see in the dark? Sure you have, and FLIR Systems has just the gadget to make it possible. It’s the FLIR One, the “first personal thermal imaging device for consumers,” introduced earlier this year. Now available for the iPhone, with a version for select Android models coming soon, the product sells for less than $350. It allows its users to “see what the naked eye can’t.” According to the manufacturer, FLIR One “provides a visual image of minute temperature differences, giving users the power to see in the dark, observe invisible heat sources, compare relative temperatures, [and] see through smoke.” FLIR One made a big splash at the Consumer Electronics Show (CES) in January and has been widely featured in the technology media since then. FLIR One is part of the company’s strategy of promoting greater use of thermal imaging in a variety of markets, including security, by increasing overall consumer awareness of the power of the technology. The new camera for the consumer market uses technology that will also be coming soon to a security camera near you, expanding the capabilities of video surveillance and combining the benefits of thermal and visible imaging into a single video stream. FLIR’s Multi-Spectral Dynamic Imaging (MSX) capability – used in the FLIR One and soon to be incorporated into security cameras – involves extracting the details of a visible image and “embossing” them onto a thermal image, says Andy Teich, FLIR CEO. The FLIR One uses both a thermal image sensor and the smart phone’s visible camera; there are two apertures. The compact device combines both of the images using MSX algorithms running in the background to calibrate and perfectly align the two images into one. The smart phone then displays a single video image that is richer in content than either one individually. The resulting thermal image includes some of the visible details – the most important ones at any rate. “[The technology] blends high-fidelity detail from a visible image with thermal for an image this is quite rich in detail,” Teich says. In the security market, for example, the image can combine a thermal image of a car in a parking lot with the ability to read the license plate number, which would be captured by a visible sensor. The “edges” created by color changes in a visible image provide detail that is combined with a thermal image. (FLIR has provided both visible and thermal cameras since its acquisition of Lorex Technology in 2012.) Teich says the MSX technology was developed for the company’s thermography business, which involves the use of hand-held cameras for temperature detection. The FLIR One is the first camera introduced outside the thermography segment. “Ultimately it will find its way into the security business,” says Teich, probably “within the next year.”
Thermal cameras provide images that reliably show the presence of people in any lighting situation FLIR Systems broke a historic threshold in thermal camera pricing when it announced a thermal camera for $499 at the ISC West show in April. Before that announcement, the lowest-price thermal camera was $2,000, which was itself much lower than the $10,000 price just a few years ago in 2005. The price decrease resulted from FLIR’s R&D efforts specifically aimed at lowering the cost of its Lepton thermal camera core. FLIR uses that core in its own cameras – including the $499 model – and it will also be used by other thermal imaging suppliers in the market. Andy Teich, FLIR’s CEO, says having multiple suppliers selling thermal cameras in the space builds awareness and overall credibility for the technology. FLIR has about a 50 percent market share as a supplier of uncooled thermal camera cores and is the largest producer by at least a factor of two over the nearest competition. If you take defense contractors out of the mix, the market share number is even higher. In all, the commercial security space makes up about 20 percent of FLIR’s business. “The two biggest barriers [to greater thermal camera usage] are price and awareness,” says Teich. “The price side is very visible, but awareness is more subtle.” FLIR is involved in a range of awareness-building activities, promoting the use of thermal imaging in training classes, at trade show, in white papers, and using RVs traveling across the United States.“It’s a lot of grass-roots stuff,” says Teich. “We’re paving roads. It’s hard work and expensive." FLIR operates according to the mantra “infrared everywhere” and promotes use of infrared imaging not just in security but in a range of markets, from building inspection cameras to radiation detectors to automobiles. Teich sees a time when every consumer security camera will have a thermal image element in it, complementing the capabilities of the visible light sensor. A key element of “infrared everywhere” is widespread thermal camera usage (and the resulting greater awareness) in the consumer space. Mass availability of lower-cost thermal imaging products in the consumer market provides a basis for greater usage in other markets, including commercial security applications. If consumers better understand the value proposition of thermal, it paves the way for usage at all levels of the market. Teich says “a bigger base builds a bigger top.” See larger picture Thermal does a good job of sensing animals, or people or water, all of which show up well because of temperature differences Given the lower pricing, Teich lists three specific “mainstream” security markets where thermal imaging can have the greatest impact: Outdoor perimeter security. False alarms have historically been a big problem for video motion detection and video analytics applications deployed outdoors at a facility’s perimeter. Rain, snow and other obscurants can make it difficult to get a usable data feed for video analytics from visible cameras, which also cannot see in the darkness. Infrared illuminators are essentially useless in rain or snow. In contrast, lower-cost thermal cameras provide true 24/7 capabilities, and thermal images are not plagued by variables that can cause excessive false alarms in systems that use visible light. See larger picture Thermal images are not plagued by variables causing excessive false alarms in systems that use visible light Indoor applications. Light variations are also a problem indoors, but thermal cameras provide images that reliably show the presence of people in any lighting situation. Temperature-sensing aspects of thermal imaging also make it easy detect a water leak or pre-emergent fire. Building systems. Thermal imaging makes it easy to count the number of people in a room no matter what the lighting conditions, which can provide a valuable data feed into HVAC systems or lighting controls. Use of thermal imaging eliminates a lot of the variables that have discouraged greater usage of video analytics, such as light level changes, shadows, and things rustling in the breeze. Thermal data feeds provide a much better platform for effective use of video analytics, making video analytics “truly useful and reliable,” says Teich. Extraneous elements do not show up on a thermal image, which is based on differences in temperature among elements in a scene. Thermal imaging also makes it easy to separate things like people (which have a different temperature) from a background. Thermal does a good job of sensing animals, or people or water, all of which show up well because of temperature differences. Teich predicts that thermal cameras will be commonplace both at the consumer level and at the industrial level in the next five years.
Merrill will be tasked with developing and leading FLIR's global marketing and brand building efforts FLIR Systems, Inc. recently announced that Travis Merrill will join the Company in the newly-created position of Senior Vice President and Chief Marketing Officer. Reporting to CEO Andy Teich, Merrill will be tasked with developing and leading FLIR's global marketing and brand building efforts. Mr. Merrill served most recently as Vice President of Marketing for Samsung Electronics America, where he led the GALAXY Tab marketing initiatives from 2011 to 2014. Previously, he held various strategy and marketing roles for Samsung in Korea and in the U.S., as well as various leadership positions at Covad Communications and at U.S. West (now CenturyLink). Mr. Merrill received his BA magna cum laude from Wabash College, an MS in Telecommunications from the University of Colorado Boulder, and an MBA from Harvard Business School. "We are delighted to welcome Travis to our team. With the recent introduction of the FLIR One iPhone thermal camera accessory and the low-cost Lepton thermal micro-camera core, we expect FLIR's customer base and market breadth to expand rapidly into markets where effective brand-building and world class marketing will create significant value. Travis brings tremendous experience in these critical areas and we look forward to having him as a part of the management team," said Andy Teich, President and CEO of FLIR.
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