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Greatbatch, Inc. Reports 2014 First Quarter Results

Stocks in this article: GB

FRISCO, Texas, April 30, 2014 (GLOBE NEWSWIRE) -- Greatbatch, Inc. (NYSE:GB), today announced results for its first quarter ended April 4, 2014 highlighted by 17% organic constant currency revenue growth; 16% improvement in adjusted operating income; and 23% improvement in adjusted diluted EPS.

  Three Months Ended
  April 4, March 29, % January 3, %
(Dollars in thousands, except per share data)  2014 2013 Change 2014 Change
Sales  $ 174,281  $ 148,265 18%  $ 176,619 (1)%
Organic Constant Currency Sales Growth 17% (4)%   13%  
           
GAAP Operating Income  $ 22,524  $ 14,339 57%  $ 12,863 75%
GAAP Operating Income as % of Sales 12.9% 9.7%   7.3%  
           
Adjusted Operating Income*  $ 22,310  $ 19,311 16%  $ 19,407 15%
Adjusted Operating Income as % of Sales 12.8% 13.0%   11.0%  
           
GAAP Diluted EPS  $ 0.58  $ 0.23 152%  $ 0.38 53%
Adjusted Diluted EPS*  $ 0.54  $ 0.44 23%  $ 0.55 (2)%
           
Adjusted EBITDA*  $ 31,562  $ 28,075 12%  $ 28,715 10%
Adjusted EBITDA as a % Sales 18.1% 18.9%   16.3%  
* Refer to Tables A, B and C at the end of this release for a reconciliation of GAAP to adjusted amounts.

CEO Comments

"We are off to an excellent start in fiscal 2014, as our strong first quarter results put us on track to achieve our full year strategic objective of 5% organic constant currency top-line growth and twice that amount to our bottom-line," stated Thomas J. Hook, president and CEO. "These results reinforce our strategy of enhancing our sales and marketing capabilities while sustaining our research and development efforts to grow our portfolio of intellectual property, which is designed to drive market share gains for our customers and increase value for our shareholders."

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