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Greatbatch, Inc. Reports 2014 Second Quarter Results

Stocks in this article: GB

FRISCO, Texas, July 31, 2014 (GLOBE NEWSWIRE) -- Greatbatch, Inc. (NYSE:GB), today announced results for its second quarter ended July 4, 2014 highlighted by 14% and 23% growth in GAAP operating income and GAAP diluted EPS, respectively and 7% improvement in both adjusted operating income and adjusted diluted EPS.

  Three Months Ended
  July 4, June 28, % April 4, %
(Dollars in thousands, except per share data)  2014 2013 Change 2014 Change
Sales  $ 172,081  $ 171,331 —%  $ 174,281 (1)%
Organic Constant Currency Sales Growth —% 6%   17%  
GAAP Operating Income  $ 19,539  $ 17,135 14%  $ 22,524 (13)%
GAAP Operating Income as % of Sales 11.4% 10.0%   12.9%  
Adjusted Operating Income*  $ 23,800  $ 22,192 7%  $ 22,310 7%
Adjusted Operating Income as % of Sales 13.8% 13.0%   12.8%  
GAAP Diluted EPS  $ 0.48  $ 0.39 23%  $ 0.58 (17)%
Adjusted Diluted EPS*  $ 0.60  $ 0.56 7%  $ 0.54 11%
Adjusted EBITDA*  $ 33,109  $ 31,281 6%  $ 31,562 5%
Adjusted EBITDA as a % Sales 19.2% 18.3%   18.1%  
* Refer to Tables A, B and C at the end of this release for a reconciliation of GAAP to adjusted amounts.

CEO Comments

"As we continue to invest and execute our global strategy, we are seeing results in line with our year to date expectations," stated Thomas J. Hook, president and CEO. "As expected, our key growth drivers, Orthopaedics and Vascular, continue to deliver double digit growth, and although the second quarter 2014 total revenue was flat when compared with the prior year second quarter, on a year to date basis, organic constant currency growth is 8%. For the 2014 second quarter, adjusted operating income improved by 7% to $23.8 million and adjusted diluted EPS totaled $0.60 demonstrating our commitment to improved profitability."

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