Net income for the fourth quarter of 2012 included the after-tax effects of $2.5 million of non-cash stock-based compensation expense, $1.7 million of charges associated with distributor conversions and non-competes, $2.1 million of non-cash interest expense related to the 2017 Convertible Notes, an unrealized loss of $3.5 million related to mark-to-market adjustments on derivatives, $1.8 million of due diligence and transaction costs, a $2.4 million increase to management’s estimate of the Company’s probable insurance recovery for previously recognized costs associated with product liability claims, and a $15 million gain on the sale of intellectual property. Net income for the fourth quarter of 2011 included the after-tax effects of $2.8 million of charges associated with the 2011 cost restructuring plan, $3.4 million of expenses associated with the Company’s DPA, and $2.4 million of non-cash stock-based compensation expense.The Company’s fourth quarter 2012 net income, as adjusted for the above items, decreased to $1.8 million in 2012 from $6.7 million in 2011, while diluted earnings per share, as adjusted, decreased to $0.05 in the fourth quarter of 2012 from $0.17 in the fourth quarter of 2011. Including stock-based expense, diluted earnings per share, as adjusted, totaled $0.01 in the fourth quarter of 2012. The attached financial tables include a reconciliation of U.S. GAAP to “as adjusted” results.
Wright Medical Group, Inc. Reports 2012 Fourth Quarter And Full-Year Financial Results And Provides 2013 Guidance
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