Wednesday, June 21, 2006

Flir Systems: Seeing Beyond Government Sales

WASHINGTON, D.C. - It's been a frustrating year for shareholders in Flir Systems, the maker of thermography and infrared imaging technology. The stock has lagged the S&P 500 by 22 percentage points and trades 35% below a 12-month high set last August.

The slow spell could be a good time to do some buying. "Flir has an interesting story to tell," says Michael Davies, senior research analyst at Next Generation Equity Research and a bull on the company (his employer does no banking or other work for it).

Part of what makes that story interesting, as Forbes reported last October, is Flir's products and customer roster. The Wilsonville, Ore., company sells gadgets like portable thermal imagers­, which law enforcement or military personnel can use to track targets obscured by darkness, dust, haze or other obscurants. Flir's cameras are the most widely used to monitor the U.S. border.

Full story at