Adjusted gross profit % 31.9% 27.5% 30.9% 26.9%
Reported operating income $59,687 $24,706 $155,643 $76,904
Inventory step-up 2,878 - 2,878 -
Restructuring 348 306 348 948
Write-off of in-process R&D 2,786 8,252 2,786 8,252
Adjusted operating income $65,699 $33,264 $161,655 $86,104
Adjusted operating income % 13.0% 9.2% 12.2% 8.0%
Reported net income $39,967 $17,056 $108,275 $55,026
Inventory step-up (1) 2,072 - 2,072 -
Restructuring - Michigan
Plants (2) - 199 - 617
Restructuring - West Coast (3) 219 - 219 -
Write-off of in-process R&D -
Glades acquisition (4) - 4,827 - 4,827
Write-off of in-process R&D -
Galpharm acquisition (1) 2,006 - 2,006 -
Adjusted net income $44,264 $22,082 $112,572 $60,470
Diluted earnings per share
Reported $0.42 $0.18 $1.14 $0.59
Adjusted $0.47 $0.24 $1.18 $0.65
Diluted weighted average
shares outstanding 94,955 93,298 95,115 93,604
(1) Net of taxes at 28%
(2) Net of taxes at 35%
(3) Net of taxes at 37%
(4) Net of taxes at 41.5%
Table II (Continued)
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share amounts)
(unaudited)
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