GAAP operating income for the fourth quarter and full year 2011 was $12.5 million and $61.7 million, respectively, compared to $24.5 million and $69.0 million for the respective periods of 2010. During the fourth quarter of 2010, the Company recognized a $9.5 million gain from the settlement of a lawsuit related to its Electrochem subsidiary. Full year 2011 results reflect a $4.2 million gain from the sale of one of the Company’s cost method investments. Adjusted operating income, which excludes these gains, as well as other charges, was $15.7 million and $67.6 million for the 2011 fourth quarter and full year compared to $17.8 million and $64.9 million for the comparable 2010 periods. See Table A at the end of this release for a reconciliation of the differences between GAAP operating income and adjusted operating income and the “Use of Non-GAAP Financial Information” section below.The 2011 fourth quarter and full year effective tax rates were 34.1% and 31.6%, respectively, compared to 32.6% and 32.8% for the same periods of 2010. For 2012, the Company currently expects the GAAP effective tax rate to approximate the statutory rate of 35% due to the expiration of the R&D tax credit at the end of 2011. There is a potential for volatility of the effective tax rate due to several factors, including changes in the mix of pre-tax income and the jurisdictions to which it relates, business acquisitions, settlements with taxing authorities and foreign currency fluctuations.
Greatbatch, Inc. Reports 2011 Fourth Quarter And Full Year Results
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