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Haemonetics Corporation Financial Summary (Unaudited data in thousands, except per share data) Consolidated Statements of Income for the Fourth Quarter of FY13 and FY12 3/30/2013 3/31/2012 % Inc/(Dec) As Reported As Repo

Key Takeaway: Three Months Ended 3/30/2013 3/31/2012 Whole Blood Acquisition Cost of Goods Sold $ 532 $ - Integration 8,195 - Y-Connector 984 - Restructuring and Transformation 2,760 2,774 HS Core Claims (37 ) (1,097 ) Transaction Costs 45 4,450 Arryx Disposition 4,791 - Contingent Considerati

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Three Months Ended 3/30/2013 3/31/2012 Whole Blood Acquisition Cost of Goods Sold $ 532 $ - Integration 8,195 - Y-Connector 984 - Restructuring and Transformation 2,760 2,774 HS Core Claims (37 ) (1,097 ) Transaction Costs 45 4,450 Arryx Disposition 4,791 - Contingent Consideration - - Total $ 17,270 $ 6,127 Twelve Months Ended 3/30/2013 3/31/2012 Whole blood acquisition cost of goods sold $ 15,715 $ - Integration 34,147 - Y-Connector 7,046 - Restructuring and Transformation 5,445 11,759 HS Core Claims (1,041 ) 3,112 Transaction Costs 3,181 4,450 Arryx Disposition 7,964 - Contingent Consideration - (1,580 ) Total $ 72,457 $ 17,741 11
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 3/30/2013 3/31/2012 Non-GAAP revenues GAAP revenue $ 891,990 $ 727,844 Foreign currency effects (57,670 ) (54,720 ) Non-GAAP revenue - constant currency $ 834,320 $ 673,124 Non-GAAP net income Non-GAAP net income, adjusted for restructuring, transformation costs and contingent consideration income $ 89,442 $ 78,400 Foreign currency effects (26,703 ) (19,694 ) Income tax associated with foreign currency effects 7,183 5,215 Non-GAAP net income - constant currency $ 69,922 $ 63,921 Non-GAAP net income per common share assuming dilution Non-GAAP net income per common share assuming dilution, adjusted for restructuring, transformation costs and contingent consideration income $ 1.71 $ 1.52 Foreign currency effects after tax per common share assuming dilution $ (0.37 ) $ (0.28 ) Non-GAAP net income per common share assuming dilution - constant currency $ 1.34 $ 1.24 10 Restructuring and Transformation Costs (in thousands) GAAP results include the following items which are excluded from adjusted results.
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 3/30/2013 3/31/2012 Non-GAAP revenues GAAP revenue $ 249,942 $ 186,670 Foreign currency effects (13,250 ) (14,614 ) Non-GAAP revenue - constant currency $ 236,692 $ 172,056 Non-GAAP net income Non-GAAP net income, adjusted for restructuring and transformation costs $ 25,064 $ 20,650 Foreign currency effects (7,105 ) (6,401 ) Income tax associated with foreign currency effects 1,532 1,586 Non-GAAP net income - constant currency $ 19,491 $ 15,835 Non-GAAP net income per common share assuming dilution Non-GAAP net income per common share assuming dilution, adjusted for restructuring and transformation costs $ 0.48 $ 0.40 Foreign currency effects after tax per common share assuming dilution $ (0.11 ) $ (0.09 ) Non-GAAP net income per common share assuming dilution - constant currency $ 0.37 $ 0.31 8 Reconciliation of Non-GAAP Measures for FY13 and FY12 Year Ended 3/30/2013 3/31/2012 Non-GAAP gross profit GAAP gross profit $ 428,131 $ 369,240 Whole blood acquisition cost of good sold adjustment 15,715 - Whole blood Y connector inventory reserves 7,046 - Restructuring and transformation costs (428 ) 1,510 Non-GAAP gross profit $ 450,464 $ 370,750 Non-GAAP R&D GAAP R&D $ 48,641 $ 36,801 Restructuring and transformation costs (8,345 ) (2,864 ) Non-GAAP R&D $ 40,296 $ 33,937 Non-GAAP S,G&A GAAP S,G&A $ 323,053 $ 245,261 Restructuring and transformation costs (41,780 ) (14,947 ) Non-GAAP S,G&A $ 281,273 $ 230,314 Non-GAAP operating expenses GAAP operating expenses $ 371,694 $ 280,482 Restructuring and transformation costs (50,125 ) (17,811 ) Contingent consideration income - 1,580 Non-GAAP operating expenses $ 321,569 $ 264,251 Non-GAAP operating income GAAP operating income $ 56,437 $ 88,758 Restructuring and transformation costs 72,458 19,321 Contingent consideration income - (1,580 ) Non-GAAP operating income $ 128,895 $ 106,499 Non-GAAP income before taxes GAAP income before taxes $ 49,897 $ 89,498 Restructuring and transformation costs 72,458 19,321 Contingent consideration income - (1,580 ) Non-GAAP income before taxes $ 122,355 $ 107,239 Non-GAAP net income GAAP net income $ 38,800 $ 66,886 Restructuring and transformation costs 72,458 19,321 Contingent consideration income - (1,580 ) Tax benefit associated with non-GAAP items (21,816 ) (6,227 ) Non-GAAP net income $ 89,442 $ 78,400 Non-GAAP net income per common share assuming dilution GAAP net income per common share assuming dilution $ 0.74 $ 1.30 Non-GAAP items after tax per common share assuming dilution $ 0.97 $ 0.22 Non-GAAP net income per common share assuming dilution $ 1.71 $ 1.52 9 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.
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. 6 Reconciliation of Non-GAAP Measures for the Fourth Quarter of FY13 and FY12 Three Months Ended 3/30/2013 3/31/2012 Non-GAAP gross profit GAAP gross profit $ 123,140 $ 94,612 Whole blood acquisition cost of good sold adjustment 532 - Whole blood Y connector inventory reserves 984 - Restructuring and transformation costs (428 ) 167 Non-GAAP gross profit $ 124,228 $ 94,779 Non-GAAP R&D GAAP R&D $ 17,818 $ 8,611 Restructuring and transformation costs (5,218 ) (962 ) Non-GAAP R&D $ 12,600 $ 7,649 Non-GAAP S,G&A GAAP S,G&A $ 87,614 $ 65,041 Restructuring and transformation costs (10,963 ) (4,998 ) Non-GAAP S,G&A $ 76,651 $ 60,043 Non-GAAP operating expenses GAAP operating expenses $ 105,432 $ 73,652 Restructuring and transformation costs (16,181 ) (5,960 ) Non-GAAP operating expenses $ 89,251 $ 67,692 Non-GAAP operating income GAAP operating income $ 17,708 $ 20,960 Restructuring and transformation costs 17,269 6,127 Non-GAAP operating income $ 34,977 $ 27,087 Non-GAAP income before taxes GAAP income before taxes $ 14,686 $ 21,329 Restructuring and transformation costs 17,269 6,127 Non-GAAP income before taxes $ 31,955 $ 27,456 Non-GAAP net income GAAP net income $ 12,561 $ 17,805 Restructuring and transformation costs 17,269 6,127 Tax benefit associated with non-GAAP items (4,766 ) (3,282 ) Non-GAAP net income $ 25,064 $ 20,650 Non-GAAP net income per common share assuming dilution GAAP net income per common share assuming dilution $ 0.24 $ 0.35 Non-GAAP items after tax per common share assuming dilution $ 0.24 $ 0.05 Non-GAAP net income per common share assuming dilution $ 0.48 $ 0.40 7 Presented below are additional Constant Currency performance measures.
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.
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.
Additionally, a $7 million reserve for estimated inventory write-offs related to a whole blood Y connector quality issue was removed from GAAP cost of goods sold. 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.
Our restructuring and transformation costs in fiscal 2013 are principally related to transaction and integration expenses associated with the Whole Blood Acquisition, as well as asset write-downs and other costs associated with exiting research and development activities related to operations originally acquired from Arryx, Inc. The cost of goods sold removed from GAAP expenses related to the Whole Blood Acquisition are mainly driven by the increase in fair value of acquired whole blood inventory required under purchase accounting standards.
These measures are used by management to monitor the financial performance of the business, make informed business decisions, and forecast future results. Performance targets for management are established based upon these non-GAAP measures. In the reconciliations below, we have removed restructuring and transformation costs and certain cost of goods sold related to the acquisition of Pall's Transfusion Medicine Business ("Whole Blood Acquisition") from our GAAP expenses.
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.
Exhibit 99.1
Haemonetics Corporation Financial Summary
(Unaudited data in thousands, except per share data)
Consolidated Statements of Income for the Fourth Quarter of FY13 and FY12
3/30/2013 3/31/2012 % Inc/(Dec)
As Reported As Reported vs Prior Year
Net revenues $ 249,942 $ 186,670 33.9 %
Gross profit 123,140 94,612 30.2 %
R&D 17,818 8,611 106.9 %
S,G&A 87,614 65,041 34.7 %
Operating expenses 105,432 73,652 43.1 %
Operating income 17,708 20,960 (15.5 )%
Other income (expense), net (3,022 ) 369
Income before taxes 14,686 21,329 (31.1 )%
Tax expense 2,125 3,524 (39.7 )%
Net income $ 12,561 $ 17,805 (29.5 )%
Net income per common share assuming dilution $ 0.24 $ 0.35 (31.4 )%
Weighted average number of shares:
Basic 51,304 50,457
Diluted 52,199 51,355
Profit Margins: Inc/(Dec) vs prior year profit margin %
Gross profit 49.3 % 50.7 % (1.4 )%
R&D 7.1 % 4.6 % 2.5 %
S,G&A 35.1 % 34.8 % 0.3 %
Operating income 7.1 % 11.2 % (4.1 )%
Income before taxes 5.9 % 11.4 % (5.5 )%
Net income 5.0 % 9.5 % (4.5 )%
Haemonetics Corporation Financial Summary
(Unaudited data in thousands, except per share data)
Consolidated Statements of Income for FY13 and FY12
3/30/2013 3/31/2012 % Inc/(Dec)
As Reported As Reported vs Prior Year
Net revenues $ 891,990 $ 727,844 22.6 %
Gross profit 428,131 369,240 15.9 %
R&D 48,641 36,801 32.2 %
S,G&A 323,053 245,261 31.7 %
Contingent consideration income - (1,580 ) (100.0 )%
Operating expenses 371,694 280,482 32.5 %
Operating income 56,437 88,758 (36.4 )%
Other income (expense), net (6,540 ) 740
Income before taxes 49,897 89,498 (44.2 )%
Tax expense 11,097 22,612 (50.9 )%
Net income $ 38,800 $ 66,886 (42.0 )%
Net income per common share assuming dilution $ 0.74 $ 1.30 (43.1 )%
Weighted average number of shares:
Basic 51,349 50,727
Diluted 52,259 51,590
Profit Margins: Inc/(Dec) vs prior year profit margin %
Gross profit 48.0 % 50.7 % (2.7 )%
R&D 5.5 % 5.1 % 0.4 %
S,G&A 36.2 % 33.7 % 2.5 %
Operating income 6.3 % 12.2 % (5.9 )%
Income before taxes 5.6 % 12.3 % (6.7 )%
Net income 4.3 % 9.2 % (4.9 )%
Revenue Analysis for the Fourth Quarter and FY13 and FY12
(Unaudited data in thousands)
Three Months Ended
3/30/2013 3/31/2012 % Inc/(Dec)
As Reported As Reported vs Prior Year
Revenues by geography
United States $ 130,119 $ 87,485 48.7 %
International 119,823 99,185 20.8 %
Net revenues $ 249,942 $ 186,670 33.9 %
Disposable revenues
Plasma disposables $ 68,243 $ 61,855 10.3 %
Blood center disposables
Platelet 44,024 44,058 (0.1 )%
Red cell 13,994 12,358 13.2 %
Whole blood 54,922 - 100.0 %
112,940 56,416 100.2 %
Hospital disposables
Surgical 17,544 17,338 1.2 %
OrthoPAT 7,954 8,382 (5.1 )%
Diagnostics 7,160 6,132 16.8 %
32,658 31,852 2.5 %
Subtotal 213,841 150,123 42.4 %
Software solutions 18,597 19,349 (3.9 )%
Equipment & other 17,504 17,198 1.8 %
Net revenues $ 249,942 $ 186,670 33.9 %
Year Ended
3/30/2013 3/31/2012 % Inc/(Dec)
As Reported As Reported vs Prior Year
Revenues by geography
United States $ 454,874 $ 352,160 29.2 %
International 437,116 375,684 16.4 %
Net revenues $ 891,990 $ 727,844 22.6 %
Disposable revenues
Plasma disposables $ 268,900 $ 258,061 4.2 %
Blood center disposables
Platelet 169,602 167,946 1.0 %
Red cell 49,733 48,034 3.5 %
Whole blood 138,436 - 100.0 %
357,771 215,980 65.7 %
Hospital disposables
Surgical 73,508 66,619 10.3 %
OrthoPAT 30,230 31,186 (3.1 )%
Diagnostics 27,356 23,087 18.5 %
131,094 120,892 8.4 %
Subtotal 757,765 594,933 27.4 %
Software solutions 69,952 70,557 (0.9 )%
Equipment & other 64,273 62,354 3.1 %
Net revenues $ 891,990 $ 727,844 22.6 %
Consolidated Balance Sheets
As of
3/30/2013 3/31/2012
Assets
Cash and cash equivalents $ 179,120 $ 228,861
Accounts receivable, net 170,111 135,464
Inventories, net 183,784 117,163
Other current assets 63,950 45,641
Total current assets 596,965 527,129
Net PP&E 256,953 161,657
Other assets 607,953 222,349
Total assets $ 1,461,871 $ 911,135
Liabilities & Stockholders' Equity
Short term debt & current maturities $ 23,150 $ 894
Other current liabilities 156,648 129,850
Total current liabilities 179,798 130,744
Long-term debt 456,944 2,877
Other long-term liabilities 55,947 44,883
Stockholders' equity 769,182 732,631
Total liabilities & stockholders' equity $ 1,461,871 $ 911,135
Free Cash Flow Reconciliation
Three Months Ended
3/30/2013 3/31/2012
GAAP cash flow from operations $ 27,541 $ 33,975
Capital expenditures (12,503 ) (16,239 )
Proceeds from sale of property, plant and equipment 678 485
Net investment in property, plant and equipment (11,825 ) (15,754 )
Free cash flow after restructuring and transformation costs 15,716 18,221
Restructuring and transformation costs 8,322 3,088
Free cash flow before restructuring and transformation costs $ 24,038 $ 21,309
Year Ended
3/30/2013 3/31/2012
GAAP cash flow from operations $ 85,073 $ 115,318
Capital expenditures (62,188 ) (53,198 )
Proceeds from sale of property, plant and equipment 1,968 1,002
Net investment in property, plant and equipment (60,220 ) (52,196 )
Free cash flow after restructuring and transformation costs 24,853 63,122
Restructuring and transformation costs 44,979 12,336
Free cash flow before restructuring and transformation costs $ 69,832 $ 75,458
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, and forecast future results. Performance targets for management are established based upon these non-GAAP measures. In the reconciliations below, we have removed restructuring and transformation costs and certain cost of goods sold related to the acquisition of Pall's Transfusion Medicine Business ("Whole Blood Acquisition") from our GAAP expenses. Our restructuring and transformation costs in fiscal 2013 are principally related to transaction and integration expenses associated with the Whole Blood Acquisition, as well as asset write-downs and other costs associated with exiting research and development activities related to operations originally acquired from Arryx, Inc. The cost of goods sold removed from GAAP expenses related to the Whole Blood Acquisition are mainly driven by the increase in fair value of acquired whole blood inventory required under purchase accounting standards. Additionally, a $7 million reserve for estimated inventory write-offs related to a whole blood Y connector quality issue was removed from GAAP cost of goods sold. 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 Fourth Quarter of FY13 and FY12
Three Months Ended
3/30/2013 3/31/2012
Non-GAAP gross profit
GAAP gross profit $ 123,140 $ 94,612
Whole blood acquisition cost of good sold adjustment 532 -
Whole blood Y connector inventory reserves 984 -
Restructuring and transformation costs (428 ) 167
Non-GAAP gross profit $ 124,228 $ 94,779
Non-GAAP R&D
GAAP R&D $ 17,818 $ 8,611
Restructuring and transformation costs (5,218 ) (962 )
Non-GAAP R&D $ 12,600 $ 7,649
Non-GAAP S,G&A
GAAP S,G&A $ 87,614 $ 65,041
Restructuring and transformation costs (10,963 ) (4,998 )
Non-GAAP S,G&A $ 76,651 $ 60,043
Non-GAAP operating expenses
GAAP operating expenses $ 105,432 $ 73,652
Restructuring and transformation costs (16,181 ) (5,960 )
Non-GAAP operating expenses $ 89,251 $ 67,692
Non-GAAP operating income
GAAP operating income $ 17,708 $ 20,960
Restructuring and transformation costs 17,269 6,127
Non-GAAP operating income $ 34,977 $ 27,087
Non-GAAP income before taxes
GAAP income before taxes $ 14,686 $ 21,329
Restructuring and transformation costs 17,269 6,127
Non-GAAP income before taxes $ 31,955 $ 27,456
Non-GAAP net income
GAAP net income $ 12,561 $ 17,805
Restructuring and transformation costs 17,269 6,127
Tax benefit associated with non-GAAP items (4,766 ) (3,282 )
Non-GAAP net income $ 25,064 $ 20,650
Non-GAAP net income per common share assuming dilution
GAAP net income per common share assuming dilution $ 0.24 $ 0.35
Non-GAAP items after tax per common share assuming dilution $ 0.24 $ 0.05
Non-GAAP net income per common share assuming dilution $ 0.48 $ 0.40
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
3/30/2013 3/31/2012
Non-GAAP revenues
GAAP revenue $ 249,942 $ 186,670
Foreign currency effects (13,250 ) (14,614 )
Non-GAAP revenue - constant currency $ 236,692 $ 172,056
Non-GAAP net income
Non-GAAP net income, adjusted for restructuring and transformation costs $ 25,064 $ 20,650
Foreign currency effects (7,105 ) (6,401 )
Income tax associated with foreign currency effects 1,532 1,586
Non-GAAP net income - constant currency $ 19,491 $ 15,835
Non-GAAP net income per common share assuming dilution
Non-GAAP net income per common share assuming dilution, adjusted for restructuring and transformation costs $ 0.48 $ 0.40
Foreign currency effects after tax per common share assuming dilution $ (0.11 ) $ (0.09 )
Non-GAAP net income per common share assuming dilution - constant currency $ 0.37 $ 0.31
Reconciliation of Non-GAAP Measures for FY13 and FY12
Year Ended
3/30/2013 3/31/2012
Non-GAAP gross profit
GAAP gross profit $ 428,131 $ 369,240
Whole blood acquisition cost of good sold adjustment 15,715 -
Whole blood Y connector inventory reserves 7,046 -
Restructuring and transformation costs (428 ) 1,510
Non-GAAP gross profit $ 450,464 $ 370,750
Non-GAAP R&D
GAAP R&D $ 48,641 $ 36,801
Restructuring and transformation costs (8,345 ) (2,864 )
Non-GAAP R&D $ 40,296 $ 33,937
Non-GAAP S,G&A
GAAP S,G&A $ 323,053 $ 245,261
Restructuring and transformation costs (41,780 ) (14,947 )
Non-GAAP S,G&A $ 281,273 $ 230,314
Non-GAAP operating expenses
GAAP operating expenses $ 371,694 $ 280,482
Restructuring and transformation costs (50,125 ) (17,811 )
Contingent consideration income - 1,580
Non-GAAP operating expenses $ 321,569 $ 264,251
Non-GAAP operating income
GAAP operating income $ 56,437 $ 88,758
Restructuring and transformation costs 72,458 19,321
Contingent consideration income - (1,580 )
Non-GAAP operating income $ 128,895 $ 106,499
Non-GAAP income before taxes
GAAP income before taxes $ 49,897 $ 89,498
Restructuring and transformation costs 72,458 19,321
Contingent consideration income - (1,580 )
Non-GAAP income before taxes $ 122,355 $ 107,239
Non-GAAP net income
GAAP net income $ 38,800 $ 66,886
Restructuring and transformation costs 72,458 19,321
Contingent consideration income - (1,580 )
Tax benefit associated with non-GAAP items (21,816 ) (6,227 )
Non-GAAP net income $ 89,442 $ 78,400
Non-GAAP net income per common share assuming dilution
GAAP net income per common share assuming dilution $ 0.74 $ 1.30
Non-GAAP items after tax per common share assuming dilution $ 0.97 $ 0.22
Non-GAAP net income per common share assuming dilution $ 1.71 $ 1.52
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
3/30/2013 3/31/2012
Non-GAAP revenues
GAAP revenue $ 891,990 $ 727,844
Foreign currency effects (57,670 ) (54,720 )
Non-GAAP revenue - constant currency $ 834,320 $ 673,124
Non-GAAP net income
Non-GAAP net income, adjusted for restructuring, transformation costs and contingent consideration income $ 89,442 $ 78,400
Foreign currency effects (26,703 ) (19,694 )
Income tax associated with foreign currency effects 7,183 5,215
Non-GAAP net income - constant currency $ 69,922 $ 63,921
Non-GAAP net income per common share assuming dilution
Non-GAAP net income per common share assuming dilution, adjusted for restructuring, transformation costs and contingent consideration income $ 1.71 $ 1.52
Foreign currency effects after tax per common share assuming dilution $ (0.37 ) $ (0.28 )
Non-GAAP net income per common share assuming dilution - constant currency $ 1.34 $ 1.24
Restructuring and Transformation Costs
(in thousands)
GAAP results include the following items which are excluded from adjusted results.
Three Months Ended
3/30/2013 3/31/2012
Whole Blood Acquisition Cost of Goods Sold $ 532 $ -
Integration 8,195 -
Y-Connector 984 -
Restructuring and Transformation 2,760 2,774
HS Core Claims (37 ) (1,097 )
Transaction Costs 45 4,450
Arryx Disposition 4,791 -
Contingent Consideration - -
Total $ 17,270 $ 6,127
Twelve Months Ended
3/30/2013 3/31/2012
Whole blood acquisition cost of goods sold $ 15,715 $ -
Integration 34,147 -
Y-Connector 7,046 -
Restructuring and Transformation 5,445 11,759
HS Core Claims (1,041 ) 3,112
Transaction Costs 3,181 4,450
Arryx Disposition 7,964 -
Contingent Consideration - (1,580 )
Total $ 72,457 $ 17,741
Last updated: May 3, 2013