FLIR Systems, Inc. (NASDAQ: FLIR) the world leader in the design, manufacture and marketing of thermal imaging infrared cameras, has announced positive financial results for the first quarter ended March 31, 2010.

Revenue was USD 287.3 million, up 6 percent compared to first quarter 2009 revenue of USD 272.0 million. Operating income for the quarter was USD 84.3 million, up 1 percent from USD 83.4 million in the first quarter of 2009.

Net income for the quarter was USD 55.9 million, or USD 0.35 per diluted share, compared with net income of USD 54.3 million, or USD 0.35 per diluted share, in the first quarter a year ago. Cash provided by operations during the quarter was USD 82.2 million.

Revenue from the Company's Government Systems division decreased 2 percent from the first quarter of 2009, to USD 158.3 million. Revenue from the Company's Commercial Systems division increased 17 percent over the first quarter of 2009, to USD 129.0 million.

HM-Series handheld shock-resistant thermal imaging camera

Within the Commercial Systems' division, revenue from Commercial Vision Systems increased 16 percent over the first quarter of last year, to USD 53.4 million, reflecting strong growth across multiple product lines. Revenue from Thermography increased 18 percent from the first quarter of last year, to USD 75.6 million, reflecting strong growth in the United States and Asia-Pacific regions.

The backlog of firm orders for delivery within the next twelve months was approximately USD 543 million at March 31, 2010, a decrease of USD 20 million during the quarter. Backlog in the Government System's division was USD 418 million, down USD 15 million during the quarter. Backlog in the Commercial Vision Systems division was USD 101 million, down USD 2 million during the quarter. Backlog in the Thermography division was USD 24 million, down USD 3 million during the quarter.

Revenue and Earnings Outlook for 2010

Based on its financial results for the first quarter of 2010, and the outlook for the remainder of the year, management today is reaffirming its outlook for revenue and earnings per share for the full year 2010.

Management currently expects revenue for 2010 to be in the range of USD 1.2 billion to USD 1.3 billion, an increase of approximately 9 percent compared with 2009, and net earnings to be in the range of USD 1.48 to USD 1.53 per diluted share, an increase of approximately 4 percent compared with 2009.

CEO Earl Lewis

"I am very pleased with our first quarter performance. Our commercial businesses had solid growth year-over-year and Government Systems was little changed, as expected. Gross margins and operating margins remained at near-record levels. Cash flow from operations of USD 82 million was also excellent," stated Earl Lewis, President and CEO of FLIR.

"We are seeing a good recovery in our commercial businesses, and expect them to grow nicely for the remainder of 2010 and beyond. The Government Systems division is on track to meet our expectations as we expand our sales footprint and marketing activities to position us for long term growth. As a company, we continue to focus on efficient operations, broad distribution, high quality products, and leadership in promising growth markets", Lewis added.

About FLIR Systems

FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring and ground-based security.

In addition, FLIR Systems markets a full range of thermal imaging cameras for the most demanding marine applications. FLIR's thermal imaging cameras are rapidly finding their way to pleasure craft and yachts, commercial vessels, work boats, fishing boats, cruise ships and many other types of vessels.