FLIR Systems Reaches Production Milestone; Sweden Facility Produces 25
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FLIR Systems Reaches Production Milestone; Sweden Facility Produces 25,000th Commercial Infrared Camera

PORTLAND, Ore., and DANDERYD, Sweden--(BUSINESS WIRE)--April 16, 2004--FLIR Systems, Inc. (NASDAQ: FLIR) today announced the production of the 25,000th infrared camera at its facility in Danderyd, Sweden, just outside Stockholm. The Danderyd facility is the worldwide center for FLIR System's Thermography Division and produces infrared cameras for a wide variety of commercial and industrial applications.

"This is an important milestone for our company and the industry as a whole," said Arne Almerfors, President of FLIR's Thermography Division. "The infrared industry is no longer serving the needs of a select few," said Almerfors. "This milestone signifies the increasingly broad applications of a technology that is becoming a common tool for numerous existing and new applications around the world."

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FLIR Systems produced the first infrared camera for industrial use in 1968 when AGA/Bofors built a camera used to find faults in electrical power lines. "In those days we only produced a few cameras a year," said Almerfors. "Now, with our new affordable E-Series(TM) cameras, we produce thousands of cameras every year."

"It's exciting to see the industry transformation," said Almerfors. "In the 1970s, infrared cameras weighed 50 pounds or more and could only be afforded by the world's leading utilities. Now we sell 1-1/2-lb. cameras to small electrical cooperatives and electrical contractors who accept infrared technology as a standard and critical tool of the trade."

Advances in lower cost detector technology and electronics allow FLIR to promote infrared camera technology to an increasing range of markets. "We are now selling infrared cameras for under $10,000 to building inspectors who are finding it's the fastest way to determine the location of and extent of water damage in buildings," Almerfors said. "We didn't even dream of this in 1968."

"There are opportunities to deploy infrared technology in many new markets," said Almerfors. "FLIR now sells its E-Series(TM) infrared cameras as an attractive alternative to visible light technology in production environments because the infrared images and temperature measurement capability can find production flaws that cannot be detected by visible light cameras. In the past year we have sold cameras to address the potential SARS epidemic. Veterinarians are now using our cameras as a tool to determine whether race horses are too lame to race or train."

Almerfors explained that infrared cameras will become a standard tool for even more applications as FLIR continues to make cameras more affordable and easier to use. "With our recent acquisition of Indigo Systems, FLIR can now produce the infrared sensor that is the primary cost component in our camera systems," said Almerfors. "This capability, combined with our existing skills in optics and large scale camera production, will allow us to develop even lower cost products to address the markets of the future."

Forward-Looking Statements

The statements in this release regarding FLIR's expectation of the number of thermography cameras that may be manufactured and sold in the future, the possible reduction in cost and pricing of these cameras and the expansion of infrared technology into new markets and applications around the world are forward-looking statements. Such statements are based on current expectations, estimates and projections about the FLIR's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the ability of FLIR and Indigo to manufacture and sell infrared cameras at competitive prices, changes in demand for FLIR's or Indigo's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, FLIR's and Indigo's continuing compliance with US export control laws and regulations, constraints on supplies of critical components, excess or shortage of production capacity, actual purchases under agreements, the continuing eligibility of FLIR to act as a federal contractor, the amount and availability of appropriated government procurement funds and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements are subject to the risks inherent in acquisitions of technologies and businesses, including the timing and successful completion of technology and product development through volume production, integration issues, unanticipated costs and expenditures, changing relationships with customers, suppliers and strategic partners, potential contractual, intellectual property or employment issues, accounting treatment and charges, and the risks that the acquisition cannot be completed successfully or that anticipated benefits are not realized. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

Source : FLIR Systems, Inc.

Published on ASDNews: Apr 16, 2004

 

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