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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

ally, the Company repaid $20 million of outstanding debt in the second quarter and anticipates $17 million will be utilized for scheduled repayments in the second half of fiscal 2014.

In total $82 million, comprised of the $72 million of cash transformation expenditures plus up to $10 million of non-cash asset write-offs associated with planned plant closures, will be excluded from adjusted earnings in fiscal 2014.  More information on fiscal year 2014 guidance, including income statement scenarios underlying the lower and upper ends of the adjusted earnings per share guidance range, can be found in the Investor Relations section of our web site at http://www.haemonetics.com.1

ADJUSTMENTS TO SECOND QUARTER REPORTED EARNINGSIn total $19 million of charges, comprised of the $16 million of VCC transformation and $3 million of integration activities, were excluded from adjusted earnings in the second quarter of fiscal 2014.  Approximately 31% of such charges established reserves that did not require the current disbursement of cash.  The Company excluded $23.7 million of pre-tax restructuring, transformation and transaction costs from adjusted earnings in the second quarter of fiscal 2013.

The Company excludes acquisition related amortization expenses from its adjusted earnings and EPS, beginning in fiscal 2014, and prior period amounts have been conformed to permit comparison.  Excluded from second quarter adjusted earnings were $6.9 million in fiscal 2014 and $6.1 million in fiscal 2013, or $0.09 and $0.08 per share, respectively. 

On a year-to-date basis, $13.6 million in fiscal 2014 and $8.8 million in fiscal 2013, or $0.18 and $0.12 per share, respectively, of such costs were excluded.

BALANCE SHEET AND CASH FLOWCash on hand was $159 million, a decrease of $7 million during the second quarter.  The Company reported first half fiscal 2014 free cas
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