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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

ed to approximate 52%.  Acquisition related amortization is expected to approximate $27 million or $0.37 per share, and is excluded from adjusted operating income and adjusted earnings per share.

Adjusted operating income of $175-$180 million is expected in fiscal 2014 driving an operating margin of approximately 19%, up approximately 200 basis points over fiscal 2013.  Income taxes are expected to approximate 26% of pre-tax adjusted income.

Adjusted earnings per share, excluding acquisition related amortization, are reaffirmed in the previously-provided range of $2.30 to $2.40, up approximately 15-20% over fiscal 2013 presented on a consistent basis.  Cost efficiencies and expense management are expected to offset the impact of lower volume, unfavorable mix and increased R&D spending throughout the fiscal year. 

Mr. Concannon added:  "Patient blood management programs are being adopted by U.S. hospitals at a greatly accelerated pace.  This rapid adoption and the downstream effect on blood collections demonstrate clearly the new environment in the U.S. blood center market, an environment characterized by intensifying competitive pressure that will demand change.  This bodes well for our suite of blood management products and services which provide our customers with competitive advantages.

"We remain confident in our business fundamentals, our opportunities to drive meaningful growth, and our strong cash generating business model to realize planned returns on the investments we are making."

Fiscal 2014 free cash flow is expected to approximate $120 million before funding restructuring and capital investment for transformation activities.  The Company anticipates investing approximately $109 million of free cash flow to fund $37 million of additional capital expenditures and $72 million of cash transformation expenditures associated with its VCC initiatives in fiscal 2014.  Addition
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SOURCE Haemonetics Corporation
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