FULTON, Md., Oct. 27, 2011 /PRNewswire/ -- Colfax Corporation (NYSE: CFX), a global leader in fluid-handling solutions for critical applications, today announced financial results for the third quarter ended September 30, 2011. On a year-over-year basis, highlights for the third quarter and year-to-date period include: Third Quarter of 2011 (all comparisons versus the third quarter of 2010) Net income of $3.7 million (8 cents per share – basic and diluted); adjusted net income (as defined below) of $16.3 million (37 cents per share), an increase of 71.6% Net sales of $170.3 million, an increase of 28.6%; organic sales increase (as defined below) of 10.4% Operating income of $5.4 million; adjusted operating income (as defined below) of $23.9 million, an increase of 53.2% Third quarter orders of $174.8 million, an increase of 40.9%; organic order increase (as defined below) of 28.8% Backlog of $373.4 million at period end
Nine Months Ended September 30, 2011 (all comparisons versus the nine months ended October 1, 2010) Net income of $20.6 million (47 cents per share – basic and diluted); adjusted net income (as defined below) of $40.5 million (91 cents per share), an increase of 73.8% Net sales of $515.6 million, an increase of 37.4%; organic sales increase (as defined below) of 14.0% Operating income of $33.5 million; adjusted operating income (as defined below) of $62.8 million, an increase of 59.8% Year-to-date 2011 orders of $529.4 million, an increase of 32.6%; organic order increase (as defined below) of 13.3%
Adjusted net income, adjusted net income per share, adjusted operating income, organic sales growth and organic order growth are not financial measures calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP"). See below for a description of the measures' usefulness and a reconciliation of these measures to their most directly comparable GAAP financial measures. Clay Kiefaber, President and Chief Executive Officer, stated, "We are pleased to announce strong results for the third quarter. Sales growth was driven by broad-based strength in all of our end markets. Order growth exceeded our expectations as growth was robust in all of our end markets on both a total and organic basis. We continue to progress with our restructuring, focused on building a leaner, customer-centric organization that optimizes the potential of a unified Colfax team and expect to begin to realize the cost-savings from our strategic priority projects during 2012. The proposed acquisition of Charter International plc, which was announced during the quarter, will be a transformational acquisition for Colfax that will increase our scale, add a new growth platform and create a truly global industry leader. We are also excited about the balance it provides to our portfolio, which will have revenues approximately evenly distributed between fore- and aftermarket, emerging and developed economies, and short- and long-cycle businesses. "During the third quarter, we also welcomed Steve Wittig to the organization as SVP of the Colfax Business System and Supply Chain Strategy. Steve is a critical addition to the leadership team and will lead our efforts in enhancing our CBS effectiveness and ensuring that our future leaders have the appropriate skill set to achieve sustained levels of excellence. He will also be responsible for taking our global supply chain strategy to the next level."