IN a press release announcing the deal, FLIR described Lorex as “a pioneer in home security video surveillance systems that can be installed by the user as well as a provider of video surveillance products to security system integrators.”
Lorex provides homes and businesses bundled video surveillance systems and equipment, including connected visible light video cameras, illuminated infrared cameras, DVRs, video monitors, baby monitors, and wearable action sports cameras. Lorex sells in excess of 500,000 cameras each year and FLIR expects that number to rise to more than one million within a couple of years, according to optics.org, a Web portal that covers the optics and photonics industry.
Optics.org reported FLIR intends to implement its technology into the Lorex product line, thereby facilitating a “long-term strategy of establishing a commercial market for low-cost thermal imaging.”
FLIR said its sales of $332 million for the quarter were in line with expectations, but down 11 per cent compared to the same period in 2011. Reduced sales from the company’s government systems segment led the decline.
The company said its backlog of orders for delivery within the next 12 months was approximately $565 million as of September 30, an increase of $67 million during the quarter. Backlog in its government systems division was $392 million, increasing $58 million during the quarter. A backlog in its commercial systems division was $173 million, an increase of $9 million during the quarter.
“Our third-quarter results were as planned. In addition, we were encouraged by the order flow during the quarter and the corresponding increase in our ending backlog,” Earl Lewis, president and CEO of FLIR, said in the press statement.
“We were pleased to see both divisions increase margins over last quarter despite headwinds in many of our markets. Additionally, the anticipated acquisition of Lorex is highly complementary to our long-term commercial strategy and is expected to be accretive to 2013 net earnings.”
