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Haemonetics Reports First Quarter Fiscal 2013 Results, Completes Acquisition of Pall's Transfusion Medicine Business, Affirms Fiscal 2013 Earnings Guidance, Provides Preliminary Outlook for Fiscal 2014 and Announces Share Repurchase
Date:8/1/2012

pan revenue was down 5% for the reasons previously noted.

Adjusted gross profit was $90.1 million up $1.4 million or 1.5%. Adjusted gross margin was 51.1%, down 90 basis points, reflecting revenue mix as well as $1 million of inventory write-offs of defective contract-manufactured product.  The Company is pursuing recovery of these costs from the manufacturer.

Adjusted operating expenses were $70.6 million, up $6.1 million or 9%.  Operating expenses included a full accrual of variable compensation that exceeded the prior year quarter by $2.4 million and $2.1 million of planned investments in global growth initiatives, emerging markets and infrastructure to support anticipated organic and acquisitive revenue growth. Adjusted operating margin of 11.1% was down 310 basis points.

Mr. Concannon added: "As we started fiscal 2013, we began investing in both infrastructure to support the Pall business and in our identified growth initiatives in advance of closing the acquisition. These investments represent a $0.06 headwind in the quarter which we expect will be more than offset by the earnings of the Pall business for the remainder of the year.
The shift of Japan revenue from this quarter into the prior quarter also impacted the first quarter by $0.09. With continuing revenue growth and the Pall acquisition completed, considering normal seasonality, we are confident in our business fundamentals and in the fiscal 2013 revenue and earnings guidance, and the fiscal 2014 preliminary outlook we are putting forth today."

Balance Sheet and Cash FlowCash on hand was $236 million, an increase of $7 million during the quarter.  The Company reported free cash flow of $3 million at a somewhat reduced level from the prior year due to first quarter funding of ongoing investments and the payment of variable compensation where no bonus was paid the previous year.  

Fiscal 2013 Share Repurchase ProgramThe Company announced that its
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SOURCE Haemonetics Corporation
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