CFO Comments“Our adjusted operating performance continued to improve during the quarter as we grew our core business, further leveraged our operating infrastructure, and began to optimize our R&D investment,” commented Michael Dinkins, Senior Vice President & CFO. “During the quarter, we also continued to aggressively address the operational issues we are experiencing at our Swiss Orthopaedic facilities. We continue to move forward with our consolidation plans as diligently as possible in order to resolve these issues in a timely and effective manner. As a result of the progress we have made, we now expect that our adjustments to non-GAAP operating income for 2012 will be $40 million to $45 million compared to the $20 million to $30 million estimate provided last quarter. It is important to note that, while we are increasing the 2012 estimate for these costs, the overall estimate to complete our consolidation initiatives remains unchanged and the impact to our operating cash flows will be significantly less than the charges taken. Even though these charges reduce our GAAP operating results in the near term, these initiatives will increase operating leverage and profitability as we move forward.”
Greatbatch, Inc. Reports 2012 Third Quarter Results
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