This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Greatbatch, Inc. Reports 2011 Fourth Quarter And Full Year Results

Greatbatch, Inc. (NYSE: GB), today announced results for its fourth quarter and full year ended December 30, 2011:

  • Sales of $141.7 million for the fourth quarter increased 6% over the prior year, driven by 28% Vascular Access and 27% Electrochem organic revenue growth.
  • Full year 2011 sales of $568.8 million increased 7% over the prior year and included 19% Vascular Access, 11% Orthopaedic and 6% Electrochem organic revenue growth.
  • Fourth quarter sales included approximately $3 million of medical device sales ($5 million Full Year) and $2.5 million of revenue from the acquisition of Micro Power Electronics in December 2011.
  • Fourth quarter GAAP and Adjusted Diluted EPS were $0.24 and $0.39 per share, respectively.
  • Full year GAAP and Adjusted Diluted EPS were $1.40 and $1.68 per share, respectively.
  • Cash flow from operations remained strong at $31 million for the fourth quarter and $90 million for the full year 2011.
  Three months ended
(Dollars in thousands, except EPS data) December 30,   December 31,   %   September 30,   %
2011 2010 Change 2011 Change
Sales $ 141,746 $ 133,111 6% $ 131,718 8%
GAAP Operating Income $ 12,542 $ 24,512 -49% $ 12,888 -3%
GAAP Operating Income as % of Sales 8.8% 18.4% 9.8%
Adjusted Operating Income* $ 15,748 $ 17,758 -11% $ 14,714 7%
Adjusted Operating Income as % of Sales 11.1% 13.3% 11.2%
GAAP Diluted EPS $ 0.24 $ 0.59 -59% $ 0.30 -20%
Adjusted Diluted EPS* $ 0.39 $ 0.46 -15% $ 0.41 -5%
  Year ended
(Dollars in thousands, except EPS data) December 30,   December 31,   %
2011 2010 Change
Sales $ 568,822 $ 533,425 7%
GAAP Operating Income $ 61,699 $ 68,994 -11%
GAAP Operating Income as % of Sales 10.8% 12.9%
Adjusted Operating Income* $ 67,602 $ 64,937 4%
Adjusted Operating Income as % of Sales 11.9% 12.2%
GAAP Diluted EPS $ 1.40 $ 1.40 0%
Adjusted Diluted EPS* $ 1.68 $ 1.51 11%
* See Tables A and B at the end of this release for a reconciliation of adjusted amounts to GAAP.

CEO Comments

“Overall, 2011 was a very successful year for Greatbatch,” stated Thomas J. Hook, President & CEO, Greatbatch, Inc. “Our diversified revenue base increased 7% for the year, which included significant growth from our Vascular Access, Orthopaedic and Electrochem product lines, and was achieved despite a contracting CRM market. This sales growth, combined with our strong cash generation and debt reduction, drove an 11% increase in adjusted diluted EPS for the year and continued to fund our medical device initiatives. During 2011, we continued to make significant progress on the development of these devices, and saw the first returns on our investments. Additionally, during 2011 we were able to close on the strategic acquisition of Micro Power Electronics, which provides us with a leadership position within the portable medical market and further diversifies our revenue base. Going forward, we are well positioned to accelerate our growth, as we gain market share in our non-CRM markets, commercialize our medical device projects and benefit from potential acquisitions.”

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs