Massachusetts | 001-14041 | 04-2882273 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
400 Wood Road | 02184 | |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
HAEMONETICS CORPORATION | ||
(Registrant) | ||
Date: April 28, 2014 | By: | /s/ Christopher Lindop |
Christopher Lindop, Executive Vice President | ||
Business Development and Chief Financial Officer |
Exhibit 99.1 | |||
News Release | |||
FOR RELEASE: | CONTACT: | ||
Date | April 28, 2014 | Gerry Gould, VP-Investor Relations | |
Time | 6:00 am Eastern | Tel. (781) 356-9402 | |
gerry.gould@haemonetics.com | |||
Alt. (781) 356-9613 |
• | Strong constant currency revenue increases in identified growth drivers |
◦ | 11% growth in plasma disposables revenue |
◦ | 21% growth in TEG® diagnostics disposables revenue |
◦ | 20% growth in emerging markets disposables revenue |
• | With key contract extensions, 80% of commercial plasma business under agreement through the third quarter of fiscal 2019 |
• | Next generation TEG platform submitted to FDA |
• | Value Creation and Capture (“VCC”) initiatives progressing on schedule |
◦ | Additional steps identified and expected savings increased |
Haemonetics Corporation Financial Summary | ||||||||||||
(Data in thousands, except per share data) | ||||||||||||
Consolidated Statements of Income for the Fourth Quarter of FY14 and FY13 | ||||||||||||
3/29/2014 | 3/30/2013 | % Inc/(Dec) | ||||||||||
As Reported | As Reported | vs Prior Year | ||||||||||
(unaudited) | ||||||||||||
Net revenues | $ | 241,091 | $ | 249,942 | (3.5 | )% | ||||||
Gross profit | 115,441 | 123,140 | (6.3 | )% | ||||||||
R&D | 13,836 | 17,818 | (22.3 | )% | ||||||||
S,G&A | 88,959 | 87,614 | 1.5 | % | ||||||||
Operating expenses | 102,795 | 105,432 | (2.5 | )% | ||||||||
Operating income | 12,646 | 17,708 | (28.6 | )% | ||||||||
Interest and other expense, net | (2,891 | ) | (3,022 | ) | (4.3 | )% | ||||||
Income before taxes | 9,755 | 14,686 | (33.6 | )% | ||||||||
Tax (benefit)/expense | (429 | ) | 2,125 | |||||||||
Net income | $ | 10,184 | $ | 12,561 | (18.9 | )% | ||||||
Net income per common share assuming dilution | $ | 0.19 | $ | 0.24 | (20.8 | )% | ||||||
Weighted average number of shares: | ||||||||||||
Basic | 51,985 | 51,304 | ||||||||||
Diluted | 52,609 | 52,199 | ||||||||||
Profit Margins: | Inc/(Dec) vs prior year profit margin % | |||||||||||
Gross profit | 47.9 | % | 49.3 | % | (1.4 | )% | ||||||
R&D | 5.7 | % | 7.1 | % | (1.4 | )% | ||||||
S,G&A | 36.9 | % | 35.1 | % | 1.8 | % | ||||||
Operating income | 5.2 | % | 7.1 | % | (1.9 | )% | ||||||
Income before taxes | 4.0 | % | 5.9 | % | (1.9 | )% | ||||||
Net income | 4.2 | % | 5.0 | % | (0.8 | )% |
Haemonetics Corporation Financial Summary | ||||||||||||
(Data in thousands, except per share data) | ||||||||||||
Consolidated Statements of Income for FY14 and FY13 | ||||||||||||
3/29/2014 | 3/30/2013 | % Inc/(Dec) | ||||||||||
As Reported | As Reported | vs Prior Year | ||||||||||
(unaudited) | ||||||||||||
Net revenues | $ | 938,509 | $ | 891,990 | 5.2 | % | ||||||
Gross profit | 468,365 | 428,131 | 9.4 | % | ||||||||
R&D | 54,200 | 48,641 | 11.4 | % | ||||||||
S,G&A | 366,838 | 323,053 | 13.6 | % | ||||||||
Operating expenses | 421,038 | 371,694 | 13.3 | % | ||||||||
Operating income | 47,327 | 56,437 | (16.1 | )% | ||||||||
Interest and other expense, net | (10,926 | ) | (6,540 | ) | 67.1 | % | ||||||
Income before taxes | 36,401 | 49,897 | (27.0 | )% | ||||||||
Tax expense | 1,253 | 11,097 | (88.7 | )% | ||||||||
Net income | $ | 35,148 | $ | 38,800 | (9.4 | )% | ||||||
Net income per common share assuming dilution | $ | 0.67 | $ | 0.74 | (9.5 | )% | ||||||
Weighted average number of shares: | ||||||||||||
Basic | 51,611 | 51,349 | ||||||||||
Diluted | 52,377 | 52,259 | ||||||||||
Profit Margins: | Inc/(Dec) vs prior year profit margin % | |||||||||||
Gross profit | 49.9 | % | 48.0 | % | 1.9 | % | ||||||
R&D | 5.8 | % | 5.5 | % | 0.3 | % | ||||||
S,G&A | 39.1 | % | 36.2 | % | 2.9 | % | ||||||
Operating income | 5.0 | % | 6.3 | % | (1.3 | )% | ||||||
Income before taxes | 3.9 | % | 5.6 | % | (1.7 | )% | ||||||
Net income | 3.7 | % | 4.3 | % | (0.6 | )% |
Revenue Analysis for the Fourth Quarter and FY14 and FY13 | |||||||||||
(Data in thousands) | |||||||||||
Three Months Ended | |||||||||||
3/29/2014 | 3/30/2013 | % Inc/(Dec) | |||||||||
As Reported | As Reported | vs Prior Year | |||||||||
(unaudited) | |||||||||||
Revenues by geography | |||||||||||
United States | $ | 126,160 | $ | 130,119 | (3.0 | )% | |||||
International | 114,931 | 119,823 | (4.1 | )% | |||||||
Net revenues | $ | 241,091 | $ | 249,942 | (3.5 | )% | |||||
Disposable revenues | |||||||||||
Plasma disposables | $ | 74,127 | $ | 68,243 | 8.6 | % | |||||
Blood center disposables | |||||||||||
Platelet | 38,865 | 44,024 | (11.7 | )% | |||||||
Red cell | 12,279 | 13,994 | (12.3 | )% | |||||||
Whole blood | 44,819 | 54,922 | (18.4 | )% | |||||||
95,963 | 112,940 | (15.0 | )% | ||||||||
Hospital disposables | |||||||||||
Surgical | 17,629 | 17,544 | 0.5 | % | |||||||
OrthoPAT | 6,069 | 7,954 | (23.7 | )% | |||||||
Diagnostics | 9,159 | 7,160 | 27.9 | % | |||||||
32,857 | 32,658 | 0.6 | % | ||||||||
Total disposables revenues | 202,947 | 213,841 | (5.1 | )% | |||||||
Software solutions | 18,971 | 18,597 | 2.0 | % | |||||||
Equipment & other | 19,173 | 17,504 | 9.5 | % | |||||||
Net revenues | $ | 241,091 | $ | 249,942 | (3.5 | )% | |||||
Year Ended | |||||||||||
3/29/2014 | 3/30/2013 | % Inc/(Dec) | |||||||||
As Reported | As Reported | vs Prior Year | |||||||||
(unaudited) | |||||||||||
Revenues by geography | |||||||||||
United States | $ | 500,719 | $ | 454,874 | 10.1 | % | |||||
International | 437,790 | 437,116 | 0.2 | % | |||||||
Net revenues | $ | 938,509 | $ | 891,990 | 5.2 | % | |||||
Disposable revenues | |||||||||||
Plasma disposables | $ | 291,895 | $ | 268,900 | 8.6 | % | |||||
Blood center disposables | |||||||||||
Platelet | 156,643 | 169,602 | (7.6 | )% | |||||||
Red cell | 42,378 | 49,733 | (14.8 | )% | |||||||
Whole blood | 190,698 | 138,436 | 37.8 | % | |||||||
389,719 | 357,771 | 8.9 | % | ||||||||
Hospital disposables | |||||||||||
Surgical | 66,876 | 73,508 | (9.0 | )% | |||||||
OrthoPAT | 25,042 | 30,230 | (17.2 | )% | |||||||
Diagnostics | 33,302 | 27,356 | 21.7 | % | |||||||
125,220 | 131,094 | (4.5 | )% | ||||||||
Total disposables revenues | 806,834 | 757,765 | 6.5 | % | |||||||
Software solutions | 70,441 | 69,952 | 0.7 | % | |||||||
Equipment & other | 61,234 | 64,273 | (4.7 | )% | |||||||
Net revenues | $ | 938,509 | $ | 891,990 | 5.2 | % |
Consolidated Balance Sheets | |||||||||
(Data in thousands) | |||||||||
As of | |||||||||
3/29/2014 | 3/30/2013 | ||||||||
(unaudited) | |||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 192,469 | $ | 179,120 | |||||
Accounts receivable, net | 164,961 | 170,111 | |||||||
Inventories, net | 197,661 | 183,784 | |||||||
Other current assets | 74,554 | 63,995 | |||||||
Total current assets | 629,645 | 597,010 | |||||||
Property, plant & equipment, net | 271,437 | 256,953 | |||||||
Other assets | 619,765 | 607,954 | |||||||
Total assets | $ | 1,520,847 | $ | 1,461,917 | |||||
Liabilities & Stockholders' Equity | |||||||||
Short term debt & current maturities | $ | 45,630 | $ | 23,150 | |||||
Other current liabilities | 172,185 | 156,994 | |||||||
Total current liabilities | 217,815 | 180,144 | |||||||
Long-term debt | 392,057 | 456,944 | |||||||
Other long-term liabilities | 71,361 | 55,647 | |||||||
Stockholders' equity | 839,614 | 769,182 | |||||||
Total liabilities & stockholders' equity | $ | 1,520,847 | $ | 1,461,917 |
Free Cash Flow Reconciliation | |||||||
(Unaudited data in thousands) | |||||||
Three Months Ended | |||||||
3/29/2014 | 3/30/2013 | ||||||
GAAP cash flow from operations | $ | 51,471 | $ | 27,541 | |||
Capital expenditures | (29,927 | ) | (12,503 | ) | |||
Proceeds from sale of property, plant & equipment | 291 | 678 | |||||
Net investment in property, plant & equipment | (29,636 | ) | (11,825 | ) | |||
Free cash flow after restructuring and transformation costs | 21,835 | 15,716 | |||||
Restructuring and transformation costs | 10,187 | 8,322 | |||||
Tax benefit on restructuring and transformation costs | (16,305 | ) | — | ||||
Capital expenditure on VCC initiatives | 12,124 | — | |||||
Free cash flow before restructuring, transformation costs and VCC capital expenditures | $ | 27,841 | $ | 24,038 | |||
Year Ended | |||||||
3/29/2014 | 3/30/2013 | ||||||
GAAP cash flow from operations | $ | 139,524 | $ | 85,073 | |||
Capital expenditures | (73,648 | ) | (62,188 | ) | |||
Proceeds from sale of property, plant & equipment | 488 | 1,968 | |||||
Net investment in property, plant & equipment | (73,160 | ) | (60,220 | ) | |||
Free cash flow after restructuring and transformation costs | 66,364 | 24,853 | |||||
Restructuring and transformation costs | 54,816 | 44,979 | |||||
Tax benefit on restructuring and transformation costs | (16,305 | ) | — | ||||
Capital expenditure on VCC initiatives | 18,044 | — | |||||
Free cash flow before restructuring, transformation costs and VCC capital expenditures | $ | 122,919 | $ | 69,832 |
Haemonetics Corporation Financial Summary | ||||
Reconciliation of Non-GAAP Measures | ||||
Haemonetics has presented supplemental non-GAAP financial measures as part of this earnings release. A reconciliation is provided below that reconciles each non-GAAP financial measure with the most comparable GAAP measure. The presentation of non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the most directly comparable GAAP measures. There are material limitations to the usefulness of non-GAAP measures on a standalone basis, including the lack of comparability to the GAAP financial results of other companies. | ||||
These measures are used by management to monitor the financial performance of the business, make informed business decisions, establish budgets and forecast future results. Performance targets for management are established based upon these non-GAAP measures.In the reconciliations below we have removed restructuring, transformation and other costs from our GAAP expenses. Our restructuring and transformation costs for the periods reported are principally related to: | ||||
- Value Creation & Capture (VCC): employee severance and retention, product line transfer costs, accelerated depreciation and other costs associated with these initiatives, principally our manufacturing network optimization, but also including commercial excellence, productivity and other operating initiatives. - Whole Blood Acquisition: restructuring, integration and other transformation costs, certain cost of goods sold adjustments and transaction costs related to the August 1, 2012 acquisition of Pall's Transfusion Medicine Business. - In Process Research and Development: charges relate to the acquisition of certain technology and manufacturing rights to be used in a next generation device and related costs. | ||||
Restructuring and transformation costs also include costs related to activities launched prior to the VCC initiative designed to align our cost structure with strategic and operational priorities. Costs incurred under these programs are reflected in "Productivity and operational initiatives" within the tables below. | ||||
Beginning in fiscal 2014, we are reporting adjusted earnings before deal amortization, in addition to restructuring and transformation costs. Fiscal 2013 adjusted results have been conformed for this presentation. | ||||
We believe this information is useful to investors because it allows for an evaluation of the Company with a focus on the performance of our core operations. | ||||
Reconciliation of Non-GAAP Measures for the Fourth Quarter of FY14 and FY13 | ||||||||
(Unaudited data in thousands) | ||||||||
Three Months Ended | ||||||||
3/29/2014 | 3/30/2013 | |||||||
Non-GAAP gross profit | ||||||||
GAAP gross profit | $ | 115,441 | $ | 123,140 | ||||
Restructuring and transformation costs | 2,183 | 1,088 | ||||||
Non-GAAP gross profit | $ | 117,624 | $ | 124,228 | ||||
Non-GAAP R&D | ||||||||
GAAP R&D | $ | 13,836 | $ | 17,818 | ||||
Restructuring and transformation costs | (1,548 | ) | (5,218 | ) | ||||
Non-GAAP R&D | $ | 12,288 | $ | 12,600 | ||||
Non-GAAP S,G&A | ||||||||
GAAP S,G&A | $ | 88,959 | $ | 87,614 | ||||
Restructuring and transformation costs | (10,851 | ) | (10,963 | ) | ||||
Deal amortization | (7,008 | ) | (5,858 | ) | ||||
Non-GAAP S,G&A | $ | 71,100 | $ | 70,793 | ||||
Non-GAAP operating expenses | ||||||||
GAAP operating expenses | $ | 102,795 | $ | 105,432 | ||||
Restructuring and transformation costs | (12,399 | ) | (16,181 | ) | ||||
Deal amortization | (7,008 | ) | (5,858 | ) | ||||
Non-GAAP operating expenses | $ | 83,388 | $ | 83,393 | ||||
Non-GAAP operating income | ||||||||
GAAP operating income | $ | 12,646 | $ | 17,708 | ||||
Restructuring and transformation costs | 14,582 | 17,269 | ||||||
Deal amortization | 7,008 | 5,858 | ||||||
Non-GAAP operating income | $ | 34,236 | $ | 40,835 | ||||
Non-GAAP interest and other expense, net | ||||||||
GAAP interest and other expense, net | $ | (2,891 | ) | $ | (3,022 | ) | ||
Restructuring and transformation costs | 279 | — | ||||||
Non-GAAP operating income | $ | (2,612 | ) | $ | (3,022 | ) | ||
Non-GAAP income before taxes | ||||||||
GAAP income before taxes | $ | 9,755 | $ | 14,686 | ||||
Restructuring and transformation costs | 14,861 | 17,269 | ||||||
Deal amortization | 7,008 | 5,858 | ||||||
Non-GAAP income before taxes | $ | 31,624 | $ | 37,813 | ||||
Non-GAAP net income | ||||||||
GAAP net income | $ | 10,184 | $ | 12,561 | ||||
Restructuring and transformation costs | 14,861 | 17,269 | ||||||
Deal amortization | 7,008 | 5,858 | ||||||
Tax benefit associated with non-GAAP adjustments | (7,851 | ) | (6,459 | ) | ||||
Non-GAAP net income | $ | 24,202 | $ | 29,229 | ||||
Non-GAAP net income per common share assuming dilution | ||||||||
GAAP net income per common share assuming dilution | $ | 0.19 | $ | 0.24 | ||||
Non-GAAP items after tax per common share assuming dilution | 0.27 | 0.32 | ||||||
Non-GAAP net income per common share assuming dilution | $ | 0.46 | $ | 0.56 |
Presented below are additional Constant Currency performance measures. We measure different components of our business at constant currency. We believe this information is useful for investors because it allows for an evaluation of the Company without the effect of changes in foreign exchange rates. These results convert our local foreign currency operating results to the US Dollar at constant exchange rates of 0.833 Euro to 1.00 US Dollar and 110 Yen to 1.00 US Dollar. They also exclude the results of our foreign currency hedging program described in Note 7 to our consolidated financial statements in our Form 10-K. | ||||||||
Three Months Ended | ||||||||
3/29/2014 | 3/30/2013 | |||||||
Non-GAAP revenues | ||||||||
GAAP revenue | $ | 241,091 | $ | 249,942 | ||||
Foreign currency effects | (9,773 | ) | (13,250 | ) | ||||
Non-GAAP revenue - constant currency | $ | 231,318 | $ | 236,692 | ||||
Non-GAAP net income | ||||||||
Non-GAAP net income, adjusted for restructuring and transformation costs and deal amortization | $ | 24,202 | $ | 29,229 | ||||
Foreign currency effects | (5,349 | ) | (7,105 | ) | ||||
Income tax associated with foreign currency effects | 1,256 | 1,613 | ||||||
Non-GAAP net income - constant currency | $ | 20,109 | $ | 23,737 | ||||
Non-GAAP net income per common share assuming dilution | ||||||||
Non-GAAP net income per common share assuming dilution, adjusted for restructuring and transformation costs and deal amortization | $ | 0.46 | $ | 0.56 | ||||
Foreign currency effects after tax per common share assuming dilution | (0.08 | ) | (0.11 | ) | ||||
Non-GAAP net income per common share assuming dilution - constant currency | $ | 0.38 | $ | 0.45 |
Reconciliation of Non-GAAP Measures for FY14 and FY13 | ||||||||
(Unaudited data in thousands) | ||||||||
Year Ended | ||||||||
3/29/2014 | 3/30/2013 | |||||||
Non-GAAP gross profit | ||||||||
GAAP gross profit | $ | 468,365 | $ | 428,131 | ||||
Restructuring and transformation costs | 10,376 | 22,333 | ||||||
Non-GAAP gross profit | $ | 478,741 | $ | 450,464 | ||||
Non-GAAP R&D | ||||||||
GAAP R&D | $ | 54,200 | $ | 48,641 | ||||
Restructuring and transformation costs | (8,855 | ) | (8,345 | ) | ||||
Non-GAAP R&D | $ | 45,345 | $ | 40,296 | ||||
Non-GAAP S,G&A | ||||||||
GAAP S,G&A | $ | 366,838 | $ | 323,053 | ||||
Restructuring and transformation costs | (64,625 | ) | (41,780 | ) | ||||
Deal amortization | (28,056 | ) | (20,816 | ) | ||||
Non-GAAP S,G&A | $ | 274,157 | $ | 260,457 | ||||
Non-GAAP operating expenses | ||||||||
GAAP operating expenses | $ | 421,038 | $ | 371,694 | ||||
Restructuring and transformation costs | (73,480 | ) | (50,124 | ) | ||||
Deal amortization | (28,056 | ) | (20,816 | ) | ||||
Non-GAAP operating expenses | $ | 319,502 | $ | 300,754 | ||||
Non-GAAP operating income | ||||||||
GAAP operating income | $ | 47,327 | $ | 56,437 | ||||
Restructuring and transformation costs | 83,856 | 72,457 | ||||||
Deal amortization | 28,056 | 20,816 | ||||||
Non-GAAP operating income | $ | 159,239 | $ | 149,710 | ||||
Non-GAAP interest and other expense, net | ||||||||
GAAP interest and other expense, net | $ | (10,926 | ) | $ | (6,540 | ) | ||
Restructuring and transformation costs | 895 | — | ||||||
Non-GAAP operating income | $ | (10,031 | ) | $ | (6,540 | ) | ||
Non-GAAP income before taxes | ||||||||
GAAP income before taxes | $ | 36,401 | $ | 49,897 | ||||
Restructuring and transformation costs | 84,751 | 72,457 | ||||||
Deal amortization | 28,056 | 20,816 | ||||||
Non-GAAP income before taxes | $ | 149,208 | $ | 143,170 | ||||
Non-GAAP net income | ||||||||
GAAP net income | $ | 35,148 | $ | 38,800 | ||||
Restructuring and transformation costs | 84,751 | 72,457 | ||||||
Deal amortization | 28,056 | 20,816 | ||||||
Tax benefit associated with non-GAAP adjustments | (33,512 | ) | (27,845 | ) | ||||
Non-GAAP net income | $ | 114,443 | $ | 104,228 | ||||
Non-GAAP net income per common share assuming dilution | ||||||||
GAAP net income per common share assuming dilution | $ | 0.67 | $ | 0.74 | ||||
Non-GAAP items after tax per common share assuming dilution | 1.52 | 1.25 | ||||||
Non-GAAP net income per common share assuming dilution | $ | 2.19 | $ | 1.99 |
Presented below are additional Constant Currency performance measures. We measure different components of our business at constant currency. We believe this information is useful for investors because it allows for an evaluation of the Company without the effect of changes in foreign exchange rates. These results convert our local foreign currency operating results to the US Dollar at constant exchange rates of 0.833 Euro to 1.00 US Dollar and 110 Yen to 1.00 US Dollar. They also exclude the results of our foreign currency hedging program described in Note 7 to our consolidated financial statements in our Form 10-K. | ||||||||
Year Ended | ||||||||
3/29/2014 | 3/30/2013 | |||||||
Non-GAAP revenues | ||||||||
GAAP revenue | $ | 938,509 | $ | 891,990 | ||||
Foreign currency effects | (42,429 | ) | (57,670 | ) | ||||
Non-GAAP revenue - constant currency | $ | 896,080 | $ | 834,320 | ||||
Non-GAAP net income | ||||||||
Non-GAAP net income, adjusted for restructuring and transformation costs and deal amortization | $ | 114,443 | $ | 104,228 | ||||
Foreign currency effects | (21,140 | ) | (26,693 | ) | ||||
Income tax associated with foreign currency effects | 4,926 | 7,261 | ||||||
Non-GAAP net income - constant currency | $ | 98,229 | $ | 84,796 | ||||
Non-GAAP net income per common share assuming dilution | ||||||||
Non-GAAP net income per common share assuming dilution, adjusted for restructuring and transformation costs and deal amortization | $ | 2.19 | $ | 1.99 | ||||
Foreign currency effects after tax per common share assuming dilution | (0.31 | ) | (0.37 | ) | ||||
Non-GAAP net income per common share assuming dilution - constant currency | $ | 1.88 | $ | 1.62 |
Restructuring, Transformation and Other Costs | ||||||||
(Unaudited data in thousands) | ||||||||
GAAP results include the following items which are excluded from adjusted results. | ||||||||
Three Months Ended | ||||||||
3/29/2014 | 3/30/2013 | |||||||
Manufacturing and network optimization | $ | 6,328 | $ | — | ||||
Commercial excellence initiatives | 2,494 | — | ||||||
Productivity and operational initiatives | 1,196 | 3,669 | ||||||
Accelerated depreciation, asset write-down and other non-cash items | 1,766 | 3,845 | ||||||
Whole blood acquisition and integration | 1,266 | 9,756 | ||||||
In process research and development and related costs | 1,217 | — | ||||||
Market-based stock compensation | 594 | — | ||||||
Total restructuring, transformation and other costs | $ | 14,861 | $ | 17,270 | ||||
Year Ended | ||||||||
3/29/2014 | 3/30/2013 | |||||||
Manufacturing and network optimization | $ | 45,554 | $ | — | ||||
Commercial excellence initiatives | 7,939 | — | ||||||
Productivity and operational initiatives | 2,529 | 8,121 | ||||||
Accelerated depreciation, asset write-down and other non-cash items | 8,355 | 4,247 | ||||||
Whole blood acquisition and integration | 12,233 | 60,089 | ||||||
In process research and development and related costs | 6,346 | — | ||||||
Market-based stock compensation | 1,795 | — | ||||||
Total restructuring, transformation and other costs | $ | 84,751 | $ | 72,457 | ||||
Deal Amortization | ||||||||
(Unaudited data in thousands) | ||||||||
GAAP results include the following items which are excluded from adjusted results. | ||||||||
Three Months Ended | ||||||||
3/29/2014 | 3/30/2013 | |||||||
Deal amortization | $ | 7,008 | $ | 5,858 | ||||
Year Ended | ||||||||
3/29/2014 | 3/30/2013 | |||||||
Deal amortization | $ | 28,056 | $ | 20,816 | ||||
Beginning in fiscal 2014, we are reporting adjusted earnings before deal amortization. Fiscal 2013 has been adjusted to conform with this presentation. |
Exhibit 99.2 | |||
News Release | |||
FOR RELEASE: | CONTACT: | ||
Date | April 28, 2014 | Gerry Gould, VP-Investor Relations | |
Time | 6:00 am Eastern | Tel. (781) 356-9402 | |
gerry.gould@haemonetics.com | |||
Alt. (781) 356-9613 |
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