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Haemonetics Reports 2nd Quarter Fiscal 2014 Revenue Up 8%; Adjusted Operating Margin Up 260 Basis Points; and $0.66 Adjusted EPS Up 24%
Date:10/28/2013

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Adjusted operating expenses were $74.4 million in the quarter, up $2.5 million or 4%.  Operating expense increases included a full quarter of the whole blood business. Additionally, planned investments were made in emerging markets and R&D to continue to drive anticipated revenue growth.  Ongoing spending discipline and variable compensation reductions offset investments, leaving operating expenses at 31.5% of revenue. Increased R&D spending planned for the second half of fiscal 2014 is vital to the introduction of planned new products and, accordingly, operating expenses are expected to increase in the back half of the fiscal year.

Adjusted operating income was $49.0 million in the second quarter, up $9.3 million or 23%, and included a full quarter's whole blood profits.  Adjusted operating margin was 20.8%, up 260 basis points.  Productivity gains and operating expense management resulted in improved operating margin.  However, the Company expects to increase spending for key research and development projects in the second half of fiscal 2014, resulting in an adjusted operating margin of approximately 19% for the full fiscal year.

The income tax rate was 26.2% compared with 27.6% in the prior year second quarter, reflecting the ongoing implementation of a global tax strategy.  Interest expense on loans was $2.5 million in the quarter.

VALUE CREATION & CAPTURE ACTIVITIES Haemonetics indicated that the integration of its whole blood business, acquired in August 2012, was substantially completed in the second quarter, ahead of its original schedule.  Plans to pursue identified Value Creation & Capture ("VCC") opportunities, including transformation of the Company's manufacturing footprint, are progressing according to schedule and expected to deliver benefits previously indicated.  Such benefits include substantial savings, beginning in fiscal 2015 with $21 million, a
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SOURCE Haemonetics Corporation
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