EX-99.1 2 a08-26861_1ex99d1.htm EX-99.1

Exhibit 99.1

 

NEWS RELEASE

 

HAEMONETICS CORPORATION 400 Wood Road, Braintree, Massachusetts 02184 (781) 356-9517 investor@haemonetics.com

 

 

 

FOR RELEASE:

 

CONTACT:

Date:

October 27, 2008

 

Julie Fallon

Time:

8:00 am Eastern

 

Tel. (781) 356-9517

 

 

Alternate Tel. (617) 320-2401

 

 

fallon@haemonetics.com

 

Haemonetics Reports Double Digit Revenue, Operating Income, and EPS Growth for the Second Quarter Fiscal 2009

 

--Company Raises Annual Revenue and EPS Guidance --

 

Braintree, MA, October 27, 2008 – Haemonetics Corporation (NYSE: HAE) today reported second quarter fiscal 2009 GAAP net revenues of $146 million, up 20%; operating income of $24 million, up 62%; and net earnings per share of $0.57, up 35%.

 

Excluding restructuring charges in both fiscal 2008 and 2009, second quarter fiscal 2009 adjusted operating income was $24 million, up 52%, and adjusted earnings per share were $0.58, up 28%.(1)

 

Brad Nutter, Haemonetics’ Chairman and CEO, said, “This is our sixth consecutive quarter of double digit revenue growth.  We’re seeing strength across our diversified product lines and geographies, and our prospects for growth have never been better.”

 

Q2FY09 AND YEAR-TO-DATE FINANCIALS

 

As noted, Haemonetics’ second quarter fiscal 2009 net revenues were $146 million, up 20%.  Excluding the effect of currency, second quarter net revenues grew 15%.  Year-to-date net revenues are $290 million, up 19%.  Excluding the effects of currency, year-to-date net revenues grew 14%.  The Company expects the impact of currency to be neutral to revenue growth in the second half of the year.

 

Haemonetics also reported second quarter gross profit of $75 million, up 25%.  Gross margin grew 180 basis points to 51.2%.  Year-to-date gross profit is $148 million, up 22%.  Year-to-date gross margin is 50.9%, up 100 basis points.

 

Adjusted operating expenses were $51 million in the quarter, up 15%.  Nearly one third of the incremental spending came from acquired businesses whose expenses were not included in the second quarter fiscal 2008 results and one third of incremental spending came from the impact of foreign currencies.  Year-to-date adjusted operating expenses are $103 million, up 16%.

 

Second quarter adjusted operating income was $24 million, up 52%, and operating margin grew 340 basis points to 16.4%.  Year-to-date adjusted operating income is $45 million, up 36%.  Operating margin is 15.6%, up 200 basis points.

 

Second quarter and year-to-date interest and other income declined due to lower interest rates and lower invested cash as Haemonetics spent $44 million to acquire Haemoscope in November 2007 and $60 million on a share repurchase in the first half of fiscal 2009.

 

Haemonetics ended the quarter with $111 million in cash, and $14 million of debt.  During the quarter, the Company generated $12 million of free cash flow.  The Company also spent approximately $35 million in the quarter completing the $60 million share repurchase program which was authorized at the beginning of fiscal 2009.

 

1


 

PRODUCT LINE GROWTH

 

Plasma disposables revenue was $50 million for the quarter, up 33%.  Year-to-date plasma disposables revenue is $97 million, up 32%.  Haemonetics’ plasma business continued to benefit from long-term contracts and from global growth in plasma collections as demand for IVIG increases.  Haemonetics expects its plasma business will be an ongoing revenue growth driver for the Company.

 

Blood bank disposables revenue was $36 million for the quarter, up 6%.  Year-to-date blood bank disposables revenue is $72 million, up 7%.  Haemonetics’ blood bank business benefited from unit growth in emerging markets, and from a contract with Canadian Blood Services which made Haemonetics its preferred provider of platelet collection systems.  Haemonetics converted the Canadian Blood Services’ blood banks to Haemonetics’ technology over the course of the second half of fiscal 2008, realizing the comparative benefit of the conversions in the first half of fiscal 2009.

 

Red cell disposables revenue was $12 million for the quarter, up 8%.  Year-to-date red cell disposables revenue is $24 million, up 8%.  Revenue growth in the quarter was driven by the U.S. business and by the MCS® mobile collection system.

 

Software and services revenue was $10 million for the quarter, up 15%.   Year-to-date software and services revenue is $20 million, up 7%.  Strong software growth was driven by implementation of contracts negotiated in fiscal 2008, a new contract with the U.S. Department of Defense, and growth in the plasma industry.

 

Surgical/diagnostics disposables revenue was $21 million, up 36% for the quarter.  Year-to-date surgical/diagnostics disposables revenue is $43 million, up 35%.  Haemonetics acquired the TEG® Thrombelastograph® Hemostasis Analyzer business in November 2007, and the Surgical/Diagnostics revenue benefited from sales of the TEG system which were not included in the first half of fiscal 2008.  The TEG business contributed $5 million in the quarter and $10 million year-to-date.  Haemonetics will continue to see the benefit of this comparison through November 2008.

 

OrthoPAT® orthopedic perioperative autotransfusion system disposables revenue was $8 million for the quarter, up 7%.  Year-to-date OrthoPAT disposables revenue is $17 million, up 7%.  The Company expects revenue growth for the OrthoPAT system will gain momentum through the year.

 

Equipment revenue was $9 million for the quarter, up 30% and $17 million year-to-date, up 24%.  Equipment sales were strong across multiple product lines and geographies, but the Company saw particularly strong revenue growth in platelet and cell processing systems.

 

FISCAL 2009 GUIDANCE

 

The Company raised its annual revenue guidance to 12-14% growth on stronger than planned sales of plasma disposables, blood bank disposables, and equipment sales, with strong contribution from each of the geographies.  Adjusted operating income is expected to grow 21-25%, and adjusted earnings per share are expected to increase to a range of $2.38 to $2.44, up 13-16%.  The Company further expects gross margin improvement of 120 basis points, operating margin improvement of 120 basis points, and a tax rate of 33.5-34.0% in the year.  Adjusted fiscal 2009 guidance excludes a planned $5-7 million, or approximately $0.13-$0.17 per share, of costs to restructure Haemonetics’ business, including manufacturing, quality, R&D, and Europe.  In the quarter, Haemonetics incurred $0.3 million in pre-tax restructuring costs.  Year-to-date restructuring costs are $2.2 million pre-tax.

 

For the full year 2009, the Company expects to generate $40 million of free cash flow.

 

Haemonetics has updated its fiscal 2009 guidance and posted revised income scenarios reflecting guidance ranges as well as potential fiscal 2009 product line growth on its website at http://www.haemonetics.com/site/content/investor/guidance.asp.

 

2


 

CONFERENCE CALL

 

Haemonetics will hold a conference call on Monday, October 27th at 10:00 am Eastern to discuss these results.  Interested parties can participate in the conference call by dialing 888-802-8577 (U.S. only) or (973) 935-8754 (International) with conference ID 67260471.  The call will be replayed through November 11, 2008 at (800) 642-1687 (U.S. only) or (706) 645-9291 (International) using PIN 67260471.

 

Haemonetics (NYSE: HAE) is a global healthcare company dedicated to providing innovative blood management solutions for our customers.  Together, our devices and consumables, information technology platforms, and consulting services deliver a suite of business solutions to help our customers improve clinical outcomes and reduce the cost of healthcare for blood collectors, hospitals, and patients around the world.  Our technologies address important medical markets: blood and plasma component collection, the surgical suite, and hospital transfusion services.  To learn more about Haemonetics, visit our web site at http://www.haemonetics.com.

 

As part of this release, Haemonetics has presented supplemental non-GAAP financial results which exclude restructuring costs in fiscal 2008 and fiscal 2009.  Haemonetics believes that these non-GAAP results are useful to investors because it allows for an evaluation of the Company with a focus on the results of our core business.

 

This release contains forward-looking statements that involve risks and uncertainties, including technological advances in the medical field and standards for transfusion medicine and our ability to successfully implement products that incorporate such advances and standards, product demand, market acceptance, regulatory uncertainties, the effect of economic and political conditions, the impact of competitive products and pricing, blood product reimbursement policies and practices, foreign currency exchange rates, changes in customers’ ordering patterns, the effect of industry consolidation as seen in the plasma market, the effect of communicable diseases and the effect of uncertainties in markets outside the U.S. (including Europe and Asia) in which we operate and other risks detailed in the Company’s filings with the Securities and Exchange Commission.  The foregoing list should not be construed as exhaustive.

 

The forward-looking statements are based on estimates and assumptions made by management of the Company and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results and experience could differ materially from the forward-looking statements.

 

###

 

(1) A reconciliation of GAAP to adjusted financial results is included at the end of the financial sections of this press release as well as on the web at http://www.haemonetics.com/investors.  In the quarter, Haemonetics incurred $0.3 million in pre-tax restructuring costs.  Year-to-date restructuring costs are $2.2 million pre-tax.

 

3


 

Haemonetics Corporation Financial Summary

(Unaudited data in thousands, except per share data)

 

Consolidated Statements of Income for the Second Quarter FY09

 

 

 

9/27/08 As
Reported

 

9/29/07 As
Reported

 

% Inc/(Dec) vs
Prior Year

 

NET REVENUES

 

$

145,919

 

$

121,179

 

20.4

%

Gross profit

 

74,689

 

59,889

 

24.7

%

R&D

 

5,217

 

6,727

 

(22.4

)%

S,G&A

 

45,863

 

38,546

 

19.0

%

Operating expenses

 

51,080

 

45,273

 

12.8

%

 

 

 

 

 

 

 

 

Operating income

 

23,609

 

14,616

 

61.5

%

Interest expense

 

(16

)

(153

)

(89.5

)%

Interest income

 

506

 

1,414

 

(64.2

)%

Other income/(expense), net

 

(1,290

)

731

 

(276.5

)%

 

 

 

 

 

 

 

 

Income before taxes

 

22,809

 

16,608

 

37.3

%

 

 

 

 

 

 

 

 

Tax expense

 

8,002

 

5,441

 

47.1

%

 

 

 

 

 

 

 

 

NET INCOME

 

$

14,807

 

$

11,167

 

32.6

%

 

 

 

 

 

 

 

 

Net income per common share assuming dilution

 

$

0.57

 

$

0.42

 

35.3

%

 

 

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

 

 

 

Basic

 

25,038

 

25,609

 

 

 

Diluted

 

25,917

 

26,461

 

 

 

 

 

 

 

 

 

 

Inc/(Dec vs
prior year profit
margin)%

 

Profit Margins:

 

 

 

 

 

 

 

Gross profit

 

51.2

%

49.4

%

1.8

%

R&D

 

3.6

%

5.6

%

(2.0

)%

S,G&A

 

31.4

%

31.8

%

(0.4

)%

Operating income

 

16.2

%

12.1

%

4.1

%

Income before taxes

 

15.6

%

13.7

%

1.9

%

Net income

 

10.1

%

9.2

%

0.9

%

 


 

Consolidated Statements of Income for FY09 Year-To-Date

 

 

 

9/27/08 As
Reported

 

9/29/07 As
Reported

 

% Inc/(Dec) vs
Prior Year

 

NET REVENUES

 

$

290,035

 

$

243,115

 

19.3

%

Gross profit

 

147,726

 

121,383

 

21.7

%

R&D

 

11,061

 

13,003

 

(14.9

)%

S,G&A

 

93,722

 

77,985

 

20.2

%

Operating expenses

 

104,783

 

90,988

 

15.2

%

 

 

 

 

 

 

 

 

Operating income

 

42,943

 

30,395

 

41.3

%

Interest expense

 

(40

)

(360

)

(88.9

)%

Interest income

 

1,160

 

3,317

 

(65.0

)%

Other income/(expense), net

 

(915

)

1,688

 

(154.2

)%

 

 

 

 

 

 

 

 

Income before taxes

 

43,148

 

35,040

 

23.1

%

 

 

 

 

 

 

 

 

Tax expense

 

14,000

 

11,196

 

25.0

%

 

 

 

 

 

 

 

 

NET INCOME

 

$

29,148

 

$

23,844

 

22.2

%

 

 

 

 

 

 

 

 

Net income per common share assuming dilution

 

$

1.11

 

$

0.89

 

25.6

%

 

 

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

 

 

 

Basic

 

25,323

 

26,072

 

 

 

Diluted

 

26,218

 

26,934

 

 

 

 

 

 

 

 

 

 

Inc/(Dec) vs
prior year profit
margin %

 

Profit Margins:

 

 

 

 

 

 

 

Gross profit

 

50.9

%

49.9

%

1.0

%

R&D

 

3.8

%

5.3

%

(1.5

)%

S,G&A

 

32.3

%

32.1

%

0.2

%

Operating income

 

14.8

%

12.5

%

2.3

%

Income before taxes

 

14.9

%

14.4

%

0.5

%

Net income

 

10.0

%

9.8

%

0.2

%

 


 

Revenue Analysis for the Second Quarter and Year-To-Date FY09

 

 

 

Second Quarter

 

 

 

9/27/08 As
Reported

 

9/29/07 As
Reported

 

% Increase
vs. Prior
Year

 

Revenues by Geography

 

 

 

 

 

 

 

United States

 

$

66,511

 

$

53,773

 

23.7

%

International

 

$

79,408

 

$

67,406

 

17.8

%

Net Revenues

 

$

145,919

 

$

121,179

 

20.4

%

 

 

 

 

 

 

 

 

Disposable Revenues by Product Family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Donor:

 

 

 

 

 

 

 

Plasma

 

$

49,924

 

$

37,581

 

32.8

%

Blood Bank

 

$

36,294

 

$

34,160

 

6.2

%

Red Cell

 

$

11,758

 

$

10,835

 

8.5

%

 

 

$

97,976

 

$

82,576

 

18.6

%

Patient:

 

 

 

 

 

 

 

Surgical / Diagnostic

 

$

20,747

 

$

15,232

 

36.2

%

OrthoPAT

 

$

8,393

 

$

7,849

 

6.9

%

 

 

$

29,140

 

$

23,081

 

26.3

%

 

 

 

 

 

 

 

 

Subtotal

 

$

127,116

 

$

105,657

 

20.3

%

 

 

 

 

 

 

 

 

Equipment

 

$

8,853

 

$

6,833

 

29.6

%

Software & Services

 

$

9,950

 

$

8,689

 

14.5

%

Net Revenues

 

$

145,919

 

$

121,179

 

20.4

%

 

 

 

Six Months Ended

 

 

 

9/27/08 As
Reported

 

9/29/07 As
Reported

 

% Increase
vs. Prior
Year

 

Revenues by Geography

 

 

 

 

 

 

 

United States

 

$

132,300

 

$

108,604

 

21.8

%

International

 

$

157,735

 

$

134,511

 

17.3

%

Net Revenues

 

$

290,035

 

$

243,115

 

19.3

%

 

 

 

 

 

 

 

 

Disposable Revenues by Product Family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Donor:

 

 

 

 

 

 

 

Plasma

 

$

96,792

 

$

73,536

 

31.6

%

Blood Bank

 

$

71,953

 

$

67,192

 

7.1

%

Red Cell

 

$

23,600

 

$

21,779

 

8.4

%

 

 

$

192,345

 

$

162,507

 

18.4

%

Patient:

 

 

 

 

 

 

 

Surgical / Diagnostic

 

$

43,110

 

$

31,926

 

35.0

%

OrthoPAT

 

$

17,189

 

$

16,036

 

7.2

%

 

 

$

60,299

 

$

47,962

 

25.7

%

 

 

 

 

 

 

 

 

Subtotal

 

$

252,644

 

$

210,469

 

20.0

%

 

 

 

 

 

 

 

 

Equipment

 

$

17,142

 

$

13,801

 

24.2

%

Software & Services

 

$

20,249

 

$

18,845

 

7.5

%

Net Revenues

 

$

290,035

 

$

243,115

 

19.3

%

 


 

Consolidated Balance Sheets

 

 

 

Period ending

 

 

 

9/27/08

 

3/29/08

 

 

 

 

 

 

 

Assets

 

 

 

 

 

Cash & cash equivalents

 

$

111,331

 

$

133,553

 

Accounts receivable, net

 

122,500

 

120,252

 

Inventories, net

 

73,181

 

65,388

 

Other current assets

 

34,456

 

40,241

 

Total current assets

 

341,468

 

359,434

 

Net PP&E

 

124,905

 

116,484

 

Other assets

 

134,337

 

133,032

 

 

 

 

 

 

 

Total assets

 

$

600,710

 

$

608,950

 

 

 

 

 

 

 

 

 

Period ending

 

 

 

9/27/08

 

3/29/08

 

 

 

 

 

 

 

Liabilities & Stockholders’ Equity

 

 

 

 

 

S/T debt & current maturities

 

$

8,055

 

$

6,326

 

Other current liabilities

 

79,131

 

91,351

 

Total current liabilities

 

87,186

 

97,677

 

Long-term debt

 

5,697

 

6,037

 

Other long-term liabilities

 

11,012

 

11,048

 

Stockholders’ equity

 

496,815

 

494,188

 

 

 

 

 

 

 

Total liabilities & equity

 

$

600,710

 

$

608,950

 

 


 

FREE CASH FLOW RECONCILIATION

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

9/27/08

 

9/29/07

 

 

 

 

 

 

 

GAAP CASH FLOW FROM OPERATIONS

 

$

27,936

 

$

6,697

 

 

 

 

 

 

 

Capital expenditures

 

(16,380

)

(15,807

)

Proceeds from sale of property, plant and equipment

 

21

 

657

 

Net investment in property, plant and equipment

 

(16,359

)

(15,150

)

 

 

 

 

 

 

Free Cash Flow

 

$

11,577

 

$

(8,453

)

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

9/27/08

 

9/29/07

 

 

 

 

 

 

 

GAAP CASH FLOW FROM OPERATIONS

 

$

41,777

 

$

20,878

 

 

 

 

 

 

 

Capital expenditures

 

(28,775

)

(27,255

)

Proceeds from sale of property, plant and equipment

 

2,497

 

1,962

 

Net investment in property, plant and equipment

 

(26,278

)

(25,293

)

 

 

 

 

 

 

Free Cash Flow

 

$

15,499

 

$

(4,415

)

 

 


 

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, inform business decision making, and forecast future results.  Performance targets for management are established based upon these non-GAAP measures.  In the reconciliations below, we have removed restructuring costs from our GAAP expenses.  These restructuring costs result from a significant transformation of our business during the second quarter and first six months of our fiscal years 2009 and 2008.  This transformation resulted in the formation of a shared service center in Europe, exiting various offices across Europe and Japan and, most recently, in repositioning our technical operations organization. We believe this information is useful for investors because it allows for an evaluation of the Company with a focus on the performance of our core operations.

 

Non-GAAP Gross Profit

 

The use of these non-GAAP measures allows management to monitor the level of total gross profits without the costs of our business transformation.  We establish our budgets, forecasts, and performance targets on this basis.

 

Non-GAAP S,G&A and Non-GAAP Operating Expenses

 

The use of this non-GAAP measure allows management to monitor the ongoing level of spend that is necessary to support the business in a period when we are not transforming our business or completing an acquisition of in-process research and development.  We establish our budgets, forecasts, and performance targets excluding these costs.

 

Non-GAAP Operating Income and Non-GAAP Income before Income Taxes

 

The use of these non-GAAP measures allows management to monitor the level of operating and total pre-tax profits without the costs of our business transformation.  We establish our budgets, forecasts, and performance targets on this basis.

 

Non-GAAP Net Income and Earnings per Share

 

The use of these non-GAAP measures allows management to monitor the level of net income and earnings per share excluding both the costs of our business transformation, as well as any related tax effects. We establish our budgets, forecasts, and performance targets on this basis.

 


 

Reconciliation of Non-GAAP Measures for the Second Quarter of FY09 and FY08

 

 

 

09/27/08

 

09/29/07

 

Non-GAAP Gross Profit

 

 

 

 

 

GAAP Gross Profit

 

$

74,689

 

$

59,889

 

Restructuring Costs

 

0

 

0

 

Non-GAAP Gross Profit

 

$

74,689

 

$

59,889

 

 

 

 

 

 

 

Non-GAAP S,G&A

 

 

 

 

 

GAAP S,G&A

 

$

45,863

 

$

38,546

 

Restructuring Costs

 

(319

)

(1,155

)

Non-GAAP S,G&A

 

$

45,544

 

$

37,391

 

 

 

 

 

 

 

Non-GAAP Operating expenses

 

 

 

 

 

GAAP Operating Expenses

 

$

51,080

 

$

45,273

 

Restructuring Costs

 

(319

)

(1,155

)

Non-GAAP Operating Expenses

 

$

50,761

 

$

44,118

 

 

 

 

 

 

 

Non-GAAP Operating income

 

 

 

 

 

GAAP Operating Income

 

$

23,609

 

$

14,616

 

Restructuring Costs

 

319

 

1,155

 

Non-GAAP Operating income

 

$

23,928

 

$

15,771

 

 

 

 

 

 

 

Non-GAAP Income before taxes

 

 

 

 

 

GAAP Income before taxes

 

$

22,809

 

$

16,608

 

Restructuring Costs

 

319

 

1,155

 

Non-GAAP Income before taxes

 

$

23,128

 

$

17,763

 

 

 

 

 

 

 

Non-GAAP Net Income

 

 

 

 

 

GAAP Net Income

 

$

14,807

 

$

11,167

 

Restructuring Costs

 

319

 

1,155

 

Tax benefit associated with Restructuring Costs

 

(112

)

(397

)

Non-GAAP NET INCOME

 

$

15,014

 

$

11,925

 

 

 

 

 

 

 

Non-GAAP Net Income per common share assuming dilution

 

 

 

 

 

GAAP Net Income per common share assuming dilution

 

$

0.57

 

$

0.42

 

Restructuring Costs after tax per common share assuming dilution

 

$

0.01

 

$

0.03

 

Non-GAAP Net Income per common share assuming dilution

 

$

0.58

 

$

0.45

 

 


 

Reconciliation of Non-GAAP Measures for the First Six Months of FY09 and FY08

 

 

 

09/27/08

 

09/29/07

 

Non-GAAP Gross Profit

 

 

 

 

 

GAAP Gross Profit

 

$

147,726

 

$

121,383

 

Restructuring Costs

 

72

 

0

 

Non-GAAP Gross Profit

 

$

147,798

 

$

121,383

 

 

 

 

 

 

 

Non-GAAP S,G&A

 

 

 

 

 

GAAP S,G&A

 

$

93,722

 

$

77,985

 

Restructuring Costs

 

(2,100

)

(2,784

)

Non-GAAP S,G&A

 

$

91,622

 

$

75,201

 

 

 

 

 

 

 

Non-GAAP Operating expenses

 

 

 

 

 

GAAP Operating Expenses

 

$

104,783

 

$

90,988

 

Restructuring Costs

 

(2,100

)

(2,784

)

Non-GAAP Operating Expenses

 

$

102,683

 

$

88,204

 

 

 

 

 

 

 

Non-GAAP Operating income

 

 

 

 

 

GAAP Operating Income

 

$

42,943

 

$

30,395

 

Restructuring Costs

 

2,172

 

2,784

 

Non-GAAP Operating income

 

$

45,115

 

$

33,179

 

 

 

 

 

 

 

Non-GAAP Income before taxes

 

 

 

 

 

GAAP Income before taxes

 

$

43,148

 

$

35,040

 

Restructuring Costs

 

2,172

 

2,784

 

Non-GAAP Income before taxes

 

$

45,320

 

$

37,824

 

 

 

 

 

 

 

Non-GAAP Net Income

 

 

 

 

 

GAAP Net Income

 

$

29,148

 

$

23,844

 

Restructuring Costs

 

2,172

 

2,784

 

Tax benefit associated with Restructuring Costs

 

(762

)

(955

)

Non-GAAP NET INCOME

 

$

30,558

 

$

25,673

 

 

 

 

 

 

 

Non-GAAP Net Income per common share assuming dilution

 

 

 

 

 

GAAP Net Income per common share assuming dilution

 

$

1.11

 

$

0.89

 

Restructuring Costs after tax per common share assuming dilution

 

$

0.05

 

$

0.07

 

Non-GAAP Net Income per common share assuming dilution

 

$

1.17

 

$

0.95