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Greatbatch, Inc. Reports 2012 Second Quarter Results

Stocks in this article: GB

GAAP operating income for the second quarter of 2012 was $11.1 million, compared to $18.3 million for the 2011 second quarter. This decrease was primarily due to an increased level of consolidation and integration activities, the costs of which are excluded from adjusted amounts. Adjusted operating income was $18.6 million, or 11.2% of sales in the second quarter of 2012, compared to $18.4 million, or 12.6% of sales, for the comparable 2011 period. Refer to Table A at the end of this release for a reconciliation of GAAP operating income to adjusted operating income and the “Use of Non-GAAP Financial Information” section below.

The 2012 second quarter GAAP and adjusted effective tax rates were 43.9% and 38.7%, respectively, compared to 33.0% and 33.3%, respectively, for the same periods of 2011. The 2011 effective tax rates include the benefit of the R&D tax credit, which expired at the end of 2011. Additionally, 2012 amounts include losses from our Swiss operations, which are deducted at a lower effective tax rate, thus increasing the overall effective tax rate of the Company. We currently expect our 2012 annual GAAP effective tax rate to be between 40% and 45%, depending on the timing of expenses incurred in connection with the closure of manufacturing operations in Switzerland. On an adjusted basis, which will exclude the impact of these consolidation costs, we expect our effective tax rate to be more in line with the U.S. statutory rate of 35%.

GAAP and adjusted diluted EPS for the second quarter of 2012 were $0.16 and $0.43 per share, respectively, compared to $0.36 and $0.43 per share, respectively, for the second quarter of 2011. Refer to Table B at the end of this release for a reconciliation of GAAP net income and EPS to adjusted net income and EPS and the “Use of Non-GAAP Financial Information” section below.

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