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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Cash flows from operations for the fourth quarter and full year 2011 were $31 million and $90 million, respectively, compared to $5 million and $77 million, respectively, for the comparable 2010 periods. Cash flows from operations for the fourth quarter of 2010 included the payment of the Electrochem litigation settlement of $25 million ($16.3 million net of tax). During 2011, the Company repaid $40 million of its long-term debt and borrowed an additional $45 million under its revolving credit facility in order to partially fund the Micro Power acquisition.

CFO Comments

“Overall, we are very pleased with our 2011 results,” commented Thomas J. Mazza, Senior Vice President & CFO. “Despite the challenges that our markets and the macroeconomic environment presented, we were able to exceed our revenue and adjusted earnings per share targets set at the beginning of the year. Our efficient operations continue to generate significant cash flow which allows us to execute on our strategic initiatives. These strategic initiatives will continue to drive our growth in the future.”

Product Line Sales              
The following table summarizes the Company’s sales by major product lines (dollars in thousands):
 
2011 2010 % 2011 % 2011 2010 %
Product Line 4th Qtr. 4th Qtr. Chg. 3rd Qtr. Chg. Year Year Chg.
Greatbatch Medical
CRM/Neuromodulation $ 77,198 $ 78,382 -2% $ 70,731 9% $ 303,690 $ 303,521 0%
Vascular Access 12,459 9,768 28% 11,396 9% 45,098 38,000 19%
Orthopaedic   31,635   30,773 3%   31,131 2%   140,277   118,748 18%
Total 121,292 118,923 2% 113,258 7% 489,065 460,269 6%
Electrochem   20,454   14,188 44%   18,460 11%   79,757   73,156 9%
Total sales $ 141,746 $ 133,111 6% $ 131,718 8% $ 568,822 $ 533,425 7%

Greatbatch Medical

In comparison to the prior year, CRM and Neuromodulation sales for the fourth quarter of 2011 decreased 2% but were consistent for the full year period. During the first half of 2011, CRM revenue included the benefit of customer inventory builds and product launches, which did not recur in the second half of 2011. Additionally, CRM and Neuromodulation sales continue to be impacted by pricing pressures and a slowdown in the underlying market. As a result of these headwinds, we expect CRM and Neuromodulation revenue for 2012 to be lower in the first half of 2012 but begin to rebound in the second half of the year as the CRM market stabilizes.

5 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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