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Haemonetics Reports Third Quarter of Fiscal 11
Date:1/31/2011

BRAINTREE, Mass., Jan. 31, 2011 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) today reported GAAP net revenues of $176.8 million, up 7%, net income of $19.7 million, up 8%, and earnings per share of $0.77, up 10%.  Excluding transformation costs in fiscal 11, adjusted third quarter net income was $ 22.6 million, up 21%, and adjusted earnings per share was $0.89, up 23%. In constant currency, revenue was up 6%, adjusted net income was up 21%, and adjusted earnings per share were up 23%. (1)

Year to date, Haemonetics reported GAAP net revenues of $506.7 million, up 6%, net income of $59.0 million, up 8%, and earnings per share of $2.32, up 11%.  Excluding transformation costs and contingent consideration income in fiscal 11, adjusted year to date net income was $61.8 million, up 13%, and adjusted earnings per share was $2.42, up 16%.  In constant currency, revenue was up 7%, adjusted net income was up 20% and adjusted earnings per share were up 23%. (1)

Revenue growth from acquisitions was 4% in Q3 and 5% year to date.

In addition to revenue and earnings growth, in the quarter Haemonetics reported adjusted gross margin of 52.9%, up 120 basis points, and adjusted operating margin of 18.3%, up 240 basis points.  The Company's adjusted operating expenses were $61.2 million, up $2.0 million from levels in Q3 of fiscal 10.  Adjusted operating expenses, which include $5 million in the quarter related to recent acquisitions, were lower than expected due to delays in hiring and initiating certain third party programs. (1)

The Company narrowed its full year guidance for revenue growth from 6-9% to 6-7% and for adjusted earnings per share from a range of $3.18 to $3.28 to a range of $3.20 to $3.28. (1) In addition, the Company raised its guidance for annual free cash flow before cash transformation costs, from $85 million to greater tha
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SOURCE Haemonetics Corporation
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