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 2012 Second Quarter Results

Greatbatch, Inc. (NYSE: GB), today announced results for its second quarter ended June 29, 2012:

  • Sales increased 14% over the prior year to a record $166.5 million, and included the following:
    • $21.3 million of revenue contributed from the acquisition of Micro Power Electronics, Inc.;
    • 16% Vascular Access growth driven by commercialization of medical devices;
    • 3% increase in CRM/Neuromodulation revenue, ahead of our expectations;
    • 13% decline in Orthopaedics revenue (-5% constant currency) due to lower customer product launches, pricing pressures and poor execution at our Swiss facilities;
    • Organic constant currency growth of 1%.
  • Second quarter GAAP diluted EPS decreased 56% versus the prior year primarily due to higher consolidation and optimization activities. On an adjusted basis, diluted EPS was $0.43 per share, consistent with the prior year.
  • Similar to GAAP diluted EPS, GAAP operating income decreased 39% in comparison to the prior year. Adjusted operating income increased 1% over the prior year as higher gross profits were offset by increased RD&E investment in the development of medical devices.
  • Cash flows from operations were $24 million for the second quarter which enabled the Company to pay down an additional $8 million of long-term debt.
 
Three Months Ended
(Dollars in thousands, except per share data) June 29,   July 1,   %   March 30,   %
  2012   2011 Change   2012 Change
Sales $ 166,548 $ 146,524 14% $ 159,103 5%
 
GAAP Operating Income $ 11,091 $ 18,303 -39% $ 11,198 -1%
GAAP Operating Income as % of Sales 6.7% 12.5% 7.0%
 
Adjusted Operating Income* $ 18,589 $ 18,417 1% $ 15,515 20%
Adjusted Operating Income as % of Sales 11.2% 12.6% 9.8%
 
GAAP Diluted EPS $ 0.16 $ 0.36 -56% $ 0.19 -16%
Adjusted Diluted EPS* $ 0.43 $ 0.43 0% $ 0.37 16%
 
* Refer to Tables A and B at the end of this release for a reconciliation of GAAP to adjusted amounts.
 




1 of 10

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 16,919.59 +80.85 0.48%
S&P 500 1,981.60 +9.86 0.50%
NASDAQ 4,527.5140 +19.2020 0.43%

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