This Day On The Street
Continue to site
ADVERTISEMENT
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

Greatbatch, Inc. Reports 2012 Fourth Quarter And Full Year Results

As shown on Table A, total adjusted expenditures for 2012 related to our medical device initiatives, which exclude DVT related expenses, increased by $6.4 million to $28.5 million for 2012 from $22.1 million in 2011. This information is provided in order to enhance the reader’s understanding of our core business, which is being impacted by our medical device initiatives.

The 2012 full-year effective tax rate was 171.3% compared to 31.6% for the same period of 2011. This increase was primarily attributable to approximately $6.2 million of tax charges recorded in connection with our Swiss orthopaedic consolidation. These charges relate to the loss of our Swiss tax holiday, due to our decision to discontinue manufacturing in Switzerland and the establishment of a valuation allowance on our Swiss deferred tax assets, as it is more likely than not that they will not be fully realized. Additionally, our 2012 effective tax rate includes losses from our Swiss operations, the benefit of which are recorded at a lower effective tax rate, thus increasing the overall effective tax rate of the Company, and does not include the benefit of the U.S. R&D tax credit, which expired at the end of 2011. The U.S. R&D tax credit was reinstated in the first quarter of 2013 retroactive to the beginning of 2012. As required under U.S. GAAP, the benefit of both the 2012 and 2013 U.S. R&D tax credit will be recognized in 2013.

GAAP diluted EPS for the fourth quarter and full-year 2012 were a loss of $0.23 and $0.20 per share, respectively, compared to income of $0.24 and $1.40 per share for the respective 2011 periods. Adjusted diluted EPS for the fourth quarter and full-year 2012 were $0.53 and $1.77 per share, respectively, compared to $0.39 and $1.68 per share for the corresponding 2011 periods. Refer to Table B at the end of this release for a reconciliation of GAAP net income (loss) to adjusted net income and the “Use of Non-GAAP Financial Information” section below.

5 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs