greatbatch inc (GB) Key Developments
Greatbatch, Inc. Announces Passing of Kevin Melia as Chairman, Audit Committee
Jun 19 14
Greatbatch, Inc. announced passing of Kevin Melia as Chairman of the Audit Committee, Kevin epitomized the principles of independence and transparency. His experience and financial acumen was only rivaled by his passion and dedication.
Greatbatch, Inc. Announces a Plan to Enhance its Vascular and Portable Medical Manufacturing Operations
May 28 14
Greatbatch, Inc. announced a plan to enhance its vascular and portable medical manufacturing operations as part of the Company's overall strategic objective to achieve profitable growth. Under this plan, functions currently performed at the Company's facility in Plymouth, Minnesota to manufacture catheters and introducers would transfer into the Company's existing facility in Tijuana, Mexico by the first half of 2016. Furthermore, functions currently performed at the Company's facilities in Beaverton, Oregon and Raynham, Massachusetts to manufacture products for the portable medical market will transfer to a new facility in Tijuana, Mexico by the end of 2015. Products currently manufactured at the Beaverton facility which do not serve the portable medical market are planned to transfer to the Company's Raynham facility.
Greatbatch, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended April 4, 2014; Provides Earnings Guidance for 2014 and Remainder of 2014
Apr 30 14
Greatbatch, Inc. announced unaudited consolidated earnings results for the first quarter ended April 4, 2014. For the quarter, the company's sales were $174,281,000 compared to $148,265,000 a year ago. Operating income was $22,524,000 compared to $14,339,000 a year ago. Income before provision for income taxes was $22,061,000 compared to $7,066,000 a year ago. Net income was $14,922,000 or $0.58 per diluted share compared to $5,663,000 or $0.23 per diluted share a year ago. The increase in sales was primarily due to the easier comparisons with the prior year first quarter, as well as sales force driving core business growth. First quarter 2013 results were impacted by the shutdown of Swiss Orthopaedic facility, which has now been fully transitioned to other Greatbatch facilities, as well as the timing of customer orders. Adjusted operating income was $22,310,000 compared to $19,311,000 a year ago. Adjusted diluted EPS was $0.54 against $0.44 a year ago. Adjusted EBITDA was $31,562,000 compared to $28,075,000 a year ago. GAAP operating income for the first quarter of 2014 was increased compared to previous year's same perido GAAP operating income primarily due to increased sales and lower consolidation and optimization costs, partially offset by higher SG&A and RD&E expenses. Cash flow from operations totaled $7 million against the prior year usage of $7.6 million, driven by strong operating performance and improved asset management, principally inventory.
For 2014, the company expected sales will be in the range of $685 million to $705 million, capital expenditures will be in the range of $25 million to $35 million, GAAP/adjusted effective tax rate will be in the range of 34% to 35%, GAAP diluted EPS will be in the range of $1.94 to $1.99 and adjusted GAAP diluted EPS will be in the range of $2.25 to $2.35. Adjusted operating income for 2014 is expected to consist of GAAP operating income excluding items such as acquisition, consolidation, integration and asset disposition/write-down charges totaling approximately $12 million to $15 million. The current expected GAAP effective tax rate for 2014 does not include the benefit of the U.S. R&D tax credit, which expired at the end of 2013. If reinstated, 2014 GAAP effective tax rate could be lowered to 32% to 33%.
The company expect adjusted effective tax rate, and interest expense for the remainder of the year will be in-line with the first quarter 2014.
Greatbatch, Inc., Annual General Meeting, May 16, 2014
Apr 14 14
Greatbatch, Inc., Annual General Meeting, May 16, 2014., at 09:00 Central Daylight. Location: Company’s global headquarters. Agenda: To elect nine directors for a term of one year and until their successors have been elected and qualified; to approve an amendment to the Greatbatch, Inc. 2011 stock incentive plan to increase the number of shares available for issuance; to ratify the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for Greatbatch, Inc. for fiscal year 2014; to approve, on an advisory basis, the compensation of named executive officers; and to consider and act upon other matters that may properly come before the Annual Meeting and any adjournments thereof.
Greatbatch, Inc. Presents at 11th Annual Craig-Hallum Institutional Investor Conference, May-28-2014
Apr 2 14
Greatbatch, Inc. Presents at 11th Annual Craig-Hallum Institutional Investor Conference, May-28-2014 . Venue: Minneapolis Marriott City Center Hotel, 30 South Seventh Street, Minneapolis, MN 55402, United States.