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Integra LifeSciences Reports Fourth Quarter 2012 Financial Results

(In thousands) 

Twelve Months Ended December 31, 2012
 
Item   Total Amount COGS(a) SG&A(b) Amort.(c) Interest Exp(Inc)(d) Tax(e)
Plainsboro, New Jersey manufacturing facility remediation costs $7,939 $7,939 $— $— $— $—
Global ERP implementation charges 16,384 16,384
Facility optimization charges 10,098 3,720 6,378
Certain employee termination charges 1,356 449 907
Discontinued product lines charges 1,368 1,368
Acquisition-related charges 2,808 2,808
Intangible asset impairment charges 141 141
Convertible debt non-cash interest 8,520 8,520
Intangible asset amortization expense* 24,991 6,455 18,536
Estimated income tax impact from adjustments and other items (27,590) (27,590)
Depreciation expense 27,479          
Stock-based compensation expense 9,051          
 
a)  COGS - Cost of goods sold
b)  SG&A - Selling, general and administrative
c)  Amort. - Intangible asset amortization
d)  Interest Inc (Exp) - Interest income (expense), net
e)  Tax - Income tax expense

* This amount excludes $141 of intangible asset amortization expense included in "intangible asset impairment charges" above. 
Twelve Months Ended December 31, 2011
(In thousands) 
 
Item   Total Amount COGS (a) R&D (b) SG&A (c) Amort. (d) Interest Exp(Inc) (e) Tax (f)
Global ERP implementation charges $17,068 $— $— $17,068 $— $— $—
Facility optimization charges 2,956 2,262 694
European entities restructuring charges 378 378
Discontinued product lines charges 3,926 2,038 1,888
Acquisition-related charges 5,253 3,254 300 1,699
Certain employee termination and related charges 2,705 34 369 2,302
Intangible asset impairment charges 2,648 1,597 1,051
Plainsboro, New Jersey manufacturing facility remediation costs 5,830 5,830
Certain executive compensation charges 13,391 13,391
Convertible debt non-cash interest 10,521 10,521
Financing charges 790 790
Intangible asset amortization expense* 21,979 6,597 15,382
Estimated income tax impact from adjustments and other items (33,244) (33,244)
Depreciation expense 23,657
Stock-based compensation expense 13,514

* This amount excludes $2,648 of intangible asset amortization expense included in "intangible asset impairment charges" above.
a)  COGS - Cost of goods sold
b)  R&D - Research and development
c)  SG&A - Selling, general and administrative
d)  Amort. - Intangible asset amortization
e)  Interest Inc(Exp) - Interest income (expense), net
f)  Tax - Income tax expense
 
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME TO ADJUSTED EBITDA AND ADJUSTED EBITDA EXCLUDING STOCK BASED COMPENSATION
(UNAUDITED)
 
(In thousands)
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
GAAP net income $12,786 $4,560 $41,204 $27,989
Non-GAAP adjustments:        
Depreciation and intangible asset amortization expense 13,489 12,869 52,470 45,636
Other (income) expense, net 603 (378) 721 (757)
Interest (income) expense, net 1,344 7,751 21,032 27,175
Income tax expense (benefit) 3,825 (4,184) 10,825 505
Plainsboro, New Jersey manufacturing facility remediation costs 746 4,082 7,939 5,830
Global ERP implementation charges 4,287 5,236 16,384 17,068
Facility optimization charges 2,617 829 10,098 2,956
Certain employee termination charges 217 1,859 1,356 2,705
Discontinued product lines charges 310 262 1,368 3,926
Intangible asset impairment charges 141 2,648
Acquisition-related charges 485 1,026 2,808 5,253
Changes related to restructuring European entities 378
Certain executive compensation charges 4,912 13,391
Total of non-GAAP adjustments 27,923 34,264 125,142 126,714
Adjusted EBITDA $40,709 $38,824 $166,346 $154,703
Stock-based compensation 2,420 2,996 9,051 13,514
Adjusted EBITDA excluding stock-based compensation $43,129 $41,820 $175,397 $168,217
 
 
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME TO MEASURES OF ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(UNAUDITED)
 
(In thousands, except per share amounts)
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
GAAP net income $12,786 $4,560 $41,204 $27,989
Non-GAAP adjustments:        
Plainsboro, New Jersey manufacturing facility remediation costs 746 4,082 7,939 5,830
Global ERP implementation charges 4,287 5,236 16,384 17,068
Facility optimization charges 2,617 829 10,098 2,956
Intangible asset impairment charges 141 2,648
Certain employee termination charges 217 1,859 1,356 2,705
Discontinued product lines charges 310 262 1,368 3,926
Acquisition-related charges 485 1,026 2,808 5,253
European entity restructuring charges 378
Certain executive compensation charges 4,912 13,391
Financing charges 790
Convertible debt non-cash interest 236 3,472 8,520 10,521
Intangible asset amortization expense 6,132 7,003 24,991 21,979
Estimated income tax impact from adjustments and other items (5,850) (12,643) (27,590) (33,244)
         
Total of non-GAAP adjustments 9,180 16,038 46,015 54,201
Adjusted net income $21,966 $20,598 $87,219 $82,190
Adjusted diluted net income per share $0.78 $0.72 $3.06 $2.79
Weighted average common shares outstanding for diluted net income per share 28,064 28,434 28,516 29,495
 
 
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
CONDENSED BALANCE SHEET DATA
(UNAUDITED)
 
(In thousands)
   
  December 31, December 31,
  2012 2011
     
Cash and cash equivalents $96,938 $100,808
Accounts receivable, net 114,916 118,129
Inventory, net 171,806 171,261
     
Bank line of credit 321,875 179,688
Convertible securities 197,672 352,576
     
Stockholders' equity 517,775 492,638
 
 
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GUIDANCE
 
(In thousands, except per share amounts)
 
  Projected Year Ended
  December 31, 2013
  Low High
GAAP net income $47,440 $52,840
Non-GAAP adjustments:    
Plainsboro, New Jersey manufacturing facility remediation costs 1,630 1,630
Global ERP implementation charges 16,270 16,270
Facility optimization charges 18,340 18,340
Acquisition-related charges 1,400 1,400
Convertible debt non-cash interest 6,220 6,220
Intangible asset amortization expense 19,010 19,010
Estimated income tax impact from adjustments and other items (23,510) (23,510)
Total of non-GAAP adjustments 39,360 39,360
Adjusted net income $86,800 $92,200
GAAP diluted net income per share $1.68 $1.87
Non-GAAP adjustments detailed above (per share) $1.40 $1.40
Adjusted diluted net income per share $3.08 $3.27
Weighted average common shares outstanding for diluted net income per share 28,200 28,200

Items included in GAAP net income guidance and location where each item is expected to be recorded is as follows:

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