Greatbatch, Inc. (NYSE:GB), today announced results for its first
quarter ended April 3, 2015.
|
Three Months
Ended |
|
April 3, |
April 4, |
% |
(Dollars in thousands, except
per share data) |
2015 |
2014 |
Change |
Sales |
$ 161,320 |
$ 174,281 |
(7)% |
Organic Constant Currency Sales Growth |
(7)% |
17% |
|
|
|
|
|
GAAP Operating Income |
$ 9,389 |
$ 22,524 |
(58)% |
GAAP Operating Income as % of Sales |
5.8% |
12.9% |
|
|
|
|
|
Adjusted Operating Income* |
$ 17,244 |
$ 22,310 |
(23)% |
Adjusted Operating Income as % of Sales |
10.7% |
12.8% |
|
|
|
|
|
GAAP Diluted EPS |
$ 0.31 |
$ 0.58 |
(47)% |
Adjusted Diluted EPS* |
$ 0.54 |
$ 0.54 |
—% |
|
|
|
|
Adjusted EBITDA* |
$ 26,422 |
$ 31,562 |
(16)% |
Adjusted EBITDA as a % Sales |
16.4% |
18.1% |
|
|
|
|
|
* Refer to Tables A, B and C at
the end of this release for a reconciliation of adjusted amounts to
GAAP. |
CEO Comments
"Our first quarter results are in-line with our expectations
given the anticipated lower sales volume compared to first quarter
2014, and a $4 million negative currency impact in the quarter,"
said Thomas J. Hook, president and CEO of Greatbatch. "Despite this
slower start to the year, we are confident in our strategy and have
line-of-sight with new customers and new product introductions that
are expected to provide strong performance in the second half of
the year. Our overarching goal as a company is to drive profitable
growth by leveraging our long-term agreements with our customers
for our core products, continuing to expand our margins through
operational excellence, pursuing targeted M&A activities and
advancing our medical device strategy. During the quarter we
continued to move this strategy forward, which included initiating
a proposed tax-free spin-off of Algostim, LLC. We will provide
additional information on this proposed spin-off during our first
quarter earnings conference call."
CFO Comments
"Partially offsetting our lower sales was an 18% constant
currency increase in our orthopaedics product line," said Michael
Dinkins, executive vice president and CFO. "Manufacturing
productivity was also consistent with our expectations given the
effects of the unfavorable mix of products and lower volume. The
integration of CCC Medical Devices capabilities and customers into
our organization continues as planned and was slightly accretive to
earnings during the quarter."
"We are maintaining our 2015 revenue and adjusted diluted EPS
guidance ranges for the year. This guidance includes the impact of
Algostim as if we will continue to run it through the end of the
year. We are excluding deal related costs for the spin-off which is
estimated to be $8 million to $12 million," concluded Dinkins.
First Quarter Results
First quarter 2015 sales of $161.3 million decreased 7% on both
an as-reported and on an organic constant currency basis in
comparison to the prior year period. Sales for the first quarter of
2015 include $3.9 million from CCC Medical Devices, which was
acquired in August 2014, as well as the impact from foreign
currency exchange rate fluctuations, which reduced first quarter
sales by approximately $4 million in comparison to the prior year
primarily due to the strengthening dollar versus the Euro. The
organic constant currency sales decrease in comparison to the prior
year period was primarily the result of a tough comparable versus
the first quarter of 2014, approximately $5 million of impact from
end of life products in our cardiac product line, as well as
continued weakness in our portable medical product line. Partially
offsetting these increases was an 18% constant currency increase in
orthopaedic revenue due to market growth, new customer wins, and
the benefits from our investments in capacity and capabilities at
our Chaumont, France facility.
Gross profit of $52.4 million for the first quarter of 2015
decreased $5.2 million or 9% in comparison to the prior year
period. Similarly, gross profit as a percentage of sales decreased
50 basis points to 32.5% in comparison to the first quarter of
2014. These decreases were primarily a result of the lower sales
volume during the quarter, as well as a higher sales mix of lower
margin products and the impact of contractual price concessions
granted to our customers in exchange for long-term agreements.
Selling, general and administrative ("SG&A") expenses for
the first quarter of 2015 increased $0.9 million or 4% in
comparison to the prior year period. This increase is primarily
attributable to the acquisition of CCC Medical Devices, which added
$0.7 million of SG&A costs, as well as higher general and
administrative expenses, and legal fees, which includes
intellectual property related costs. The impact of these increases
was partially offset by lower performance-based compensation, which
reflects the lower revenue and adjusted operating income during the
quarter.
Net research, development and engineering ("RD&E") costs for
the 2015 first quarter decreased $1.0 million or 7% in comparison
to the prior year period. This decrease in expenses was primarily
due to lower design verification testing ("DVT") costs incurred in
connection with the development of our Algovita Spinal Cord
Stimulation ("SCS") system, as well as lower performance-based
compensation. This reduction in expenses was partially offset by
lower customer cost reimbursements due to the timing of the
achievement of milestones related to development projects, as well
as the expiration of certain government grants in the second half
of 2014.
GAAP operating income for the first quarter of 2015 decreased
58% to $9.4 million. This decrease was primarily due to lower gross
profit and an increase in consolidation and optimization costs,
which are included in other operating expenses, net. Adjusted
operating income, which excludes these consolidation and
optimization costs, decreased $5.1 million, or 23%, to $17.2
million. Refer to Table A at the end of this release for a
reconciliation of adjusted operating income to GAAP operating
income and the "Use of Non-GAAP Financial Information" section
below.
The 2015 first quarter GAAP effective tax rate was 18.5%
compared to 32.4% for the same period of 2014. This decrease was
primarily attributable to $0.8 million of discrete tax items
recorded during the 2015 first quarter, due to the settlement of
tax audits, as well as higher income in lower tax rate
jurisdictions. The 2015 and 2014 first quarter GAAP effective tax
rates do not include the benefit of the Federal R&D tax credit,
but we assume the benefit of this credit when calculating our
adjusted diluted EPS. If enacted, the R&D tax credit would
benefit the current year GAAP provision for income taxes by
approximately $1.6 million or $400 thousand per quarter and would
be recognized in the quarter the legislation is enacted.
GAAP and adjusted diluted EPS for the first quarter of 2015 were
$0.31 and $0.54, respectively, compared to $0.58 and $0.54 for the
first quarter of 2014. Refer to Table B at the end of this release
for a reconciliation of adjusted net income to GAAP net income and
the "Use of Non-GAAP Financial Information" section below.
Cash flows provided by operating activities for the first
quarter of 2015 of $7.3 million increased 5% in comparison to the
first quarter of 2014. This quarter over quarter increase was
primarily due to lower working capital levels partially offset by
lower net income. Our first quarter 2015 capital expenditures were
$15.4 million compared to prior year first quarter capital
expenditures of $6.0 million primarily due to our investments in
capacity and capabilities including transferring our portable
medical product manufacturing to a new facility in Tijuana Mexico.
During the first quarter of 2015, we repaid $2.5 million of our
long-term debt.
Product Line Sales
The following table summarizes the Company's sales by major
product lines (dollars in thousands):
|
Three Months
Ended |
Product Line |
April 3, 2015 |
April 4, 2014 |
Change |
Greatbatch Medical |
|
|
|
Cardiac/Neuromodulation |
$ 76,273 |
$ 86,780 |
(12)% |
Orthopaedic |
38,971 |
36,431 |
7% |
Portable Medical |
13,667 |
19,203 |
(29)% |
Vascular |
10,356 |
13,050 |
(21)% |
Energy, Military,
Environmental |
17,710 |
18,131 |
(2)% |
Total Greatbatch Medical |
156,977 |
173,595 |
(10)% |
QiG |
5,047 |
686 |
636% |
Elimination of Intersegment Sales* |
(704) |
— |
NA |
Total Sales |
$ 161,320 |
$ 174,281 |
(7)% |
|
|
|
|
Organic Constant Currency Sales Growth |
(7)% |
17% |
|
Orthopaedic Organic Constant Currency Sales
Growth |
18% |
20% |
|
Greatbatch Medical Constant Currency Sales
Growth |
(7)% |
17% |
|
QiG Organic Constant Currency Sales
Growth |
71% |
7% |
|
|
|
|
|
* Intersegment sales between
Greatbatch Medical and QiG are eliminated in consolidation and are
included in Greatbatch Medical's cardiac and neuromodulation
product line. |
Product Line Sales Highlights
Cardiac and neuromodulation revenue for the first quarter of
2015 declined 12% in comparison to the prior year first quarter.
This decrease reflects the tough comparable versus the first
quarter of 2014, which was a record quarter for cardiac and
neuromodulation revenue, approximately $5 million of impact from
end of life products in our cardiac product line, and the timing of
customer inventory builds and product launches. These headwinds
during the quarter were partially offset by new product
introductions, which increased medical battery sales by $1.8
million in comparison to the prior year. Growth in our
cardiac/neuromodulation product line for the next several quarters
will continue to be negatively impacted by the end of life on these
two legacy products, as well as continued pressure from our
customer's cost reduction initiatives. We expect we will be able to
mitigate these headwinds through growth from new products, as well
as current and projected product development opportunities with our
cardiac/neuromodulation customers.
Orthopaedic sales for the first quarter of 2015 increased 7% on
an as-reported basis and 18% on an organic constant currency basis
in comparison to the prior year first quarter. Foreign currency
exchange rate fluctuations reduced first quarter orthopaedic sales
by approximately $4 million in comparison to the prior year
primarily due to the strengthening dollar versus the Euro. This
increase in orthopaedic revenue is due to market growth, new
customer wins, and the benefits from our investments in capacity
and capabilities at our Chaumont, France facility. Foreign currency
exchange rate fluctuations are expected to be a headwind for the
next several quarters.
Portable medical sales for the first quarter of 2015 declined
29% in comparison to the prior year first quarter. We are
refocusing our product line offerings in the portable medical space
to products that have higher profitability. Correspondingly, we
have discontinued or reduced volumes in certain of our lower margin
products, which is expected to continue to negatively impact our
sales through the first half of 2015. As part of our investment in
capacity and capabilities and to better align our resources, during
the second quarter of 2014, we announced plans to transfer our
portable medical operations into a new facility located in Tijuana,
Mexico. We expect year over-year comparisons to moderate as the
year progresses and expect this product line to resume growth in
the fourth quarter of 2015.
Vascular sales for the first quarter of 2015 declined $2.7
million or 21% in comparison to the prior year first quarter
primarily due to customer inventory management and lower customer
volumes. We expect this trend to continue in the second quarter of
2015 as customers work-off their excess inventory and the tough
comparable versus the prior year.
QiG revenue for the first quarter of 2015 increased $4.4 million
in comparison to the prior year first quarter. Sales for the first
quarter of 2015 include $3.9 million from CCC Medical Devices,
which was acquired in August 2014. On an organic constant currency
basis, QiG revenue for the first quarter of 2015 increased $0.5
million or 71% due to new product launches including a limited
release of our Algovita SCS system in Europe.
Financial
Guidance |
We are estimating the following
for 2015: |
|
|
Sales |
$715 - $730 million |
|
|
GAAP Operating Income as a % of Sales |
10.7% - 11.0% |
Adjusted Operating Income as a % of
Sales |
13.7% - 14.0% |
|
|
Capital Expenditures |
$40 - $50 million |
|
|
GAAP Effective Tax Rate |
~25% |
Adjusted Effective Tax Rate |
~26% |
|
|
GAAP Diluted EPS |
$2.02 - $2.12 |
Adjusted Diluted EPS |
$2.61 - $2.71 |
Diluted Weighted Average Shares |
26,500,000 |
Adjusted operating income for 2015 is expected to consist of
GAAP operating income excluding items such as acquisition,
consolidation, integration, and asset disposition/write-down
charges totaling approximately $22 million. The after tax impact of
these items is estimated to be $14 million or approximately $0.53
per diluted share. Adjusted diluted EPS also includes the benefit
of the Federal R&D tax credit of approximately $0.06 per
diluted share which has not yet been enacted for 2015. This
guidance includes the impact of Algostim as if we will continue to
run it through the end of the year. We have not adjusted our
guidance for deal related costs for the proposed spin-off, which is
estimated to be $8 million to $12 million.
Conference Call
The Company will host a conference call on Thursday, April 30,
2015 at 5:00 p.m. E.T. to discuss these results. The scheduled
conference call will be webcast live and is accessible through the
Company's website at www.greatbatch.com or by dialing 866-953-6860
and the participant passcode is 70596348. An audio replay will also
be available beginning from 9:00 p.m. E.T. on April 30, 2015 until
May 7, 2015. To access the replay, dial 888-286-8010 and enter the
pass code 72045277.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE:GB) provides top-quality technologies to
industries that depend on reliable, long-lasting performance
through its brands Greatbatch Medical, Electrochem and QiG Group.
The company develops and manufactures critical medical device
technologies for the cardiac, neuromodulation, vascular and
orthopaedic markets; and batteries for high-end niche applications
in the portable medical, energy, military, and environmental
markets. Additional information is available at
www.greatbatch.com.
Use of Non-GAAP Financial Information
In addition to our results reported in accordance with generally
accepted accounting principles ("GAAP"), we provide adjusted
operating income and margin, adjusted net income, adjusted earnings
per diluted share, adjusted EBITDA and organic constant currency
sales growth rates. These adjusted amounts, other than adjusted
EBITDA and organic constant currency sales growth rates, consist of
GAAP amounts adjusted for the following to the extent occurring
during the period: (i) acquisition-related charges, (ii) facility
consolidation, optimization, manufacturing transfer and system
integration charges, (iii) asset write-down and disposition
charges, (iv) charges in connection with corporate realignments or
a reduction in force (v) litigation charges and gains, (vi) the
impact of certain non-cash charges to interest expense, (vii)
unusual or infrequently occurring items, (viii) gain/loss on the
sale of investments, (ix) the income tax (benefit) related to these
adjustments and (x) certain tax items related to the Federal
R&D Tax Credit which are outside the normal benefit received.
Adjusted earnings per diluted share were calculated by dividing
adjusted net income by diluted weighted average shares outstanding.
Adjusted EBITDA consists of adjusted operating income plus GAAP
depreciation and amortization less adjustments included in GAAP
depreciation and amortization already excluded from adjusted
operating income. To calculate organic constant currency sales
growth rates, which exclude the impact of changes in foreign
currency exchange rates, as well as the impact of any acquisitions
or divestitures of product lines on sales growth rates, we convert
current period sales from local currency to U.S. dollars using the
previous periods' foreign currency exchange rates and exclude the
amount of sales acquired/divested during the period from the
current/previous period amounts, respectively. We believe that the
presentation of adjusted operating income and margin, adjusted net
income, adjusted diluted earnings per share, adjusted EBITDA and
organic constant currency sales growth rates provides important
supplemental information to management and investors seeking to
understand the financial and business trends relating to our
financial condition and results of operations.
Forward-Looking Statements
Some of the statements contained in this press release and other
written and oral statements made from time to time by us and our
representatives are not statements of historical or current fact.
As such, they are "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. We
have based these forward-looking statements on our current
expectations, and these statements are subject to known and unknown
risks, uncertainties and assumptions. Forward-looking statements
include statements relating to:
- future sales, expenses and profitability;
- future development and expected growth of our business and
industry;
- our ability to execute our business model and our business
strategy;
- our ability to identify trends within our industries and to
offer products and services that meet the changing needs of those
markets; and
- projected capital expenditures.
You can identify forward-looking statements by terminology such
as "may," "will," "should," "could," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," "predicts," "potential" or
"continue" or "variations" or the negative of these terms or other
comparable terminology. These statements are only predictions.
Actual events or results may differ materially from those stated or
implied by these forward-looking statements. In evaluating these
statements and our prospects, you should carefully consider the
factors set forth below. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary factors and to
others contained throughout this report. We are under no duty to
update any of the forward-looking statements after the date of this
release or to conform these statements to actual results.
Although it is not possible to create a comprehensive list of
all factors that may cause actual results to differ from the
results expressed or implied by our forward-looking statements or
that may affect our future results, some of these factors include
the following: our dependence upon a limited number of customers;
customer ordering patterns; product obsolescence; our inability to
market current or future products; pricing pressure from customers;
our ability to timely and successfully implement cost reduction and
plant consolidation initiatives; our reliance on third party
suppliers for raw materials, products and subcomponents;
fluctuating operating results; our inability to maintain high
quality standards for our products; challenges to our intellectual
property rights; product liability claims; product field actions or
recalls; our inability to successfully consummate and integrate
acquisitions and to realize synergies and to operate these acquired
businesses in accordance with expectations; our unsuccessful
expansion into new markets; our failure to develop new products
including system and device products; the timing, progress and
ultimate success of pending regulatory actions and approvals,
including with respect to our Algovita SCS; risks associated with
the proposed spin-off of Algostim, LLC including our ability to
execute the spin-off successfully, the timing and taxable nature of
the spin-off, and the performance of Algostim, LLC post spin-off;
our inability to obtain licenses to key technology; regulatory
changes, including Health Care Reform, or consolidation in the
healthcare industry; global economic factors including currency
exchange rates and interest rates; the resolution of various legal
actions brought against the Company; and other risks and
uncertainties that arise from time to time and are described in
Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K
and in other periodic filings with the Securities and Exchange
Commission. The Company assumes no obligation to update
forward-looking statements in this press release whether to reflect
changed assumptions, the occurrence of unanticipated events or
changes in future operating results, financial conditions or
prospects, or otherwise.
|
Table A: Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Greatbatch
Medical |
QiG |
Unallocated |
Total |
|
April 3, |
April 4, |
April 3, |
April 4, |
April 3, |
April 4, |
April 3, |
April 4, |
(dollars in thousands) |
2015 |
2014 |
2015 |
2014 |
2015 |
2014 |
2015 |
2014 |
Sales |
$ 156,977 |
$ 173,595 |
$ 5,047 |
$ 686 |
$ (704) |
$ — |
$ 161,320 |
$ 174,281 |
|
|
|
|
|
|
|
|
|
Operating income (loss) as reported |
$ 21,753 |
$ 35,128 |
$ (5,450) |
$ (5,913) |
$ (6,914) |
$ (6,691) |
$ 9,389 |
$ 22,524 |
Adjustments: |
|
|
|
|
|
|
|
|
Consolidation and optimization
(income) expenses |
6,771 |
(927) |
157 |
27 |
— |
685 |
6,928 |
(215) |
Acquisition and integration
(income) expenses |
— |
— |
44 |
(430) |
22 |
2 |
66 |
(428) |
Asset dispositions, severance
and other |
116 |
428 |
232 |
— |
513 |
1 |
861 |
429 |
Adjusted operating income
(loss) |
$ 28,640 |
$ 34,629 |
$ (5,017) |
$ (6,316) |
$ (6,379) |
$ (6,003) |
$ 17,244 |
$ 22,310 |
Adjusted operating margin |
18.2% |
19.9% |
N/A |
N/A |
N/A |
N/A |
10.7% |
12.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table B: Net Income and
Diluted EPS Reconciliation |
|
|
|
|
|
|
Three Months
Ended |
|
April 3, |
April 4, |
|
2015 |
2014 |
|
|
Per |
|
Per |
|
Net |
Diluted |
Net |
Diluted |
(in thousands except per share
amounts) |
Income |
Share |
Income |
Share |
Net income as reported |
$ 8,008 |
$ 0.31 |
$ 14,922 |
$ 0.58 |
Adjustments: |
|
|
|
|
Consolidation and optimization
(income) expenses(a) |
5,387 |
0.21 |
(964) |
(0.04) |
Acquisition and integration
(income) expenses(a) |
46 |
— |
(278) |
(0.01) |
Asset dispositions, severance
and other(a) |
585 |
0.02 |
279 |
0.01 |
(Gain) loss on cost and equity
method investments, net(a)(b) |
(324) |
(0.01) |
(534) |
(0.02) |
R&D Tax Credit(c) |
400 |
0.02 |
400 |
0.02 |
Adjusted net income and diluted
EPS(d) |
$ 14,102 |
$ 0.54 |
$ 13,825 |
$ 0.54 |
Adjusted diluted weighted
average shares |
26,219 |
|
25,694 |
|
|
|
|
|
|
(a) Net of tax amounts
computed using a 35% U.S., Mexico, and France statutory tax rate, a
25% Uruguay statutory tax rate and a 0% tax rate for Swiss
adjustments. |
(b) Pre-tax amount is a
gain of $0.5 million and $0.8 million for the 2015 and 2014
periods, respectively. |
(c) The Federal R&D tax
credit has not yet been extended for 2015. The 2014 Federal R&D
tax credit was enacted in the fourth quarter of 2014. Amounts
assume that the tax credit was effective at the beginning of the
year for 2015 and 2014. |
(d) The per share data in
this table has been rounded to the nearest $0.01 and therefore may
not sum to the total. |
|
|
|
|
|
|
|
|
Table C: Adjusted EBITDA
Reconciliation |
|
|
|
|
Three Months
Ended |
|
April 3, |
April 4, |
(dollars in thousands) |
2015 |
2014 |
Sales |
$ 161,320 |
$ 174,281 |
|
|
|
Adjusted operating income* |
$ 17,244 |
$ 22,310 |
|
|
|
Add: Depreciation and amortization |
9,178 |
9,252 |
Adjusted EBITDA |
$ 26,422 |
$ 31,562 |
Adjusted EBITDA as a % of sales |
16.4% |
18.1% |
|
|
|
* Refer to Table A for a
reconciliation of adjusted amounts to GAAP. |
|
|
|
|
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS - Unaudited |
(in thousands
except per share data) |
|
|
|
|
Three Months
Ended |
|
April 3, |
April 4, |
|
2015 |
2014 |
Sales |
$ 161,320 |
$ 174,281 |
Cost of sales |
108,922 |
116,685 |
Gross profit |
52,398 |
57,596 |
Operating expenses: |
|
|
Selling, general and
administrative expenses |
22,609 |
21,755 |
Research, development and
engineering costs, net |
12,545 |
13,531 |
Other operating expenses,
net |
7,855 |
(214) |
Total operating expenses |
43,009 |
35,072 |
Operating income |
9,389 |
22,524 |
Interest expense |
1,120 |
1,084 |
Other income, net |
(1,551) |
(621) |
Income before provision for
income taxes |
9,820 |
22,061 |
Provision for income taxes |
1,812 |
7,139 |
Net income |
$ 8,008 |
$ 14,922 |
|
|
|
Earnings per share: |
|
|
Basic |
$ 0.32 |
$ 0.61 |
Diluted |
$ 0.31 |
$ 0.58 |
|
|
|
Weighted average shares outstanding: |
|
|
Basic |
25,264 |
24,614 |
Diluted |
26,219 |
25,694 |
|
|
|
|
|
|
CONDENSED CONSOLIDATED
BALANCE SHEETS - Unaudited |
(in
thousands) |
|
|
|
|
As
of |
|
April 3, |
January 2, |
ASSETS |
2015 |
2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 67,019 |
$ 76,824 |
Accounts receivable, net |
110,429 |
124,953 |
Inventories |
137,989 |
129,242 |
Refundable income taxes |
4,109 |
1,716 |
Deferred income taxes |
6,035 |
6,168 |
Prepaid expenses and other
current assets |
10,733 |
11,780 |
Total current assets |
336,314 |
350,683 |
Property, plant and equipment, net |
151,350 |
144,925 |
Amortizing intangible assets, net |
61,950 |
65,337 |
Indefinite-lived intangible assets |
20,288 |
20,288 |
Goodwill |
354,061 |
354,393 |
Deferred income taxes |
2,704 |
2,626 |
Other assets |
20,053 |
17,757 |
Total assets |
$ 946,720 |
$ 956,009 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Current portion of long-term
debt |
$ 12,500 |
$ 11,250 |
Accounts payable |
43,074 |
46,436 |
Income taxes payable |
428 |
2,003 |
Deferred income taxes |
588 |
588 |
Accrued expenses |
30,861 |
48,384 |
Total current liabilities |
87,451 |
108,661 |
Long-term debt |
172,500 |
176,250 |
Deferred income taxes |
52,356 |
53,195 |
Other long-term liabilities |
5,946 |
4,541 |
Total liabilities |
318,253 |
342,647 |
Stockholders' equity: |
|
|
Preferred stock |
— |
— |
Common stock |
25 |
25 |
Additional paid-in capital |
376,744 |
366,073 |
Treasury stock |
(2,456) |
(1,307) |
Retained earnings |
247,456 |
239,448 |
Accumulated other comprehensive
income |
6,698 |
9,123 |
Total stockholders' equity |
628,467 |
613,362 |
Total liabilities and
stockholders' equity |
$ 946,720 |
$ 956,009 |
|
|
|
CONTACT: Betsy Cowell
VP Finance and Treasurer
Greatbatch, Inc.
214.618.4982
ecowell@greatbatch.com
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