FLIR Systems Completes Acquisition of Inframetrics

PORTLAND, Ore., April 2 -- FLIR Systems Inc. has completed its acquisition of Inframetrics Inc. The transaction, which will be accounted for as a pooling of interests, involved the issuance of approximately 2.3 million shares of FLIR common stock to the shareholders of Inframetrics (including shares issuable upon the exercise of options to purchase Inframetrics stock) in exchange for all of Inframetrics' outstanding stock.
On a pro forma basis the combined company's net income for 1998 was $16.8 million, or $1.24 per diluted share based on approximately 13.5 million shares outstanding. Revenue was $209.5 million. For 1997, net income of the combined company was $8.3 million, or $0.97 per diluted share based on approximately 8.5 million common shares outstanding. Revenue for 1997 was $144.9 million, exclusive of the write-offs related to the acquisition of AGEMA.