Greatbatch, Inc. Reports 2013 Fourth Quarter And Full Year Results

Greatbatch, Inc. (NYSE:GB), today announced results for its fourth quarter and full-year ended January 3, 2014 highlighted by 5% constant currency organic revenue growth for the full year 2013; 12% year over year improvement in adjusted operating income; and 19% improvement in adjusted diluted EPS over 2012.
    Year Ended  
(Dollars in thousands, except per share data) January 3,     December 28,     %
2014 2012 Change
Sales $ 663,945 $ 646,177 3%
Organic Constant Currency Sales Growth 5 %

0

%
 
GAAP Operating Income $ 61,339 $ 25,821 138%
GAAP Operating Income as % of Sales 9.2 % 4.0 %

 
Adjusted Operating Income* $ 82,922 $ 73,889 12%
Adjusted Operating Income as % of Sales 12.5 % 11.4 %
 
GAAP Diluted EPS $ 1.43 $ (0.20 ) N/A
Adjusted Diluted EPS* $ 2.10 $ 1.77 19%
 
Adjusted EBITDA* $ 118,888 $ 112,345 6%
Adjusted EBITDA as a % Sales 17.9 % 17.4 %
 
   
Three Months Ended
(Dollars in thousands, except per share data) January 3,     December 28,     %   September 27,   %
2014 2012 Change 2013 Change
Sales $ 176,619 $ 159,186 11% $ 167,730 5%
Organic Constant Currency Sales Growth 13 % (2 )% 5 %
 
GAAP Operating Income $ 12,863 $ 1,405 NA $ 17,002 (24)%
GAAP Operating Income as % of Sales 7.3 % 0.9 % 10.1 %
 
Adjusted Operating Income* $ 19,407 $ 21,121 (8)% $ 22,012 (12)%
Adjusted Operating Income as % of Sales 11.0 % 13.3 % 13.1 %
 
GAAP Diluted EPS $ 0.38 $ (0.23 ) NA $ 0.44 (14)%
Adjusted Diluted EPS* $ 0.55 $ 0.53 4% $ 0.57 (4)%
 
Adjusted EBITDA* $ 28,715 $ 30,508 (6)% $ 30,817 (7)%
Adjusted EBITDA as a % Sales 16.3 % 19.2 % 18.4 %
 

* Refer to Tables A, B and C at the end of this release for a reconciliation of GAAP to adjusted amounts.
 

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