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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.”

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