BRAINTREE, Mass., Oct. 31, 2011 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) today reported second quarter 2012 GAAP net revenues of $179.4 million, up 8%, net income of $13.9 million, down 35%, and earnings per share of $0.54, down 36%. Excluding transformation costs and contingent consideration income, adjusted second quarter net income was $18.7 million, down 7%, and adjusted earnings per share was $0.72, down 9%. Excluding currency impacts, net revenue was up 6% in the quarter.(1)
Year to date, Haemonetics reported GAAP net revenues of $350.0 million, up 6%, net income of $30.8 million, down 22%, and earnings per share of $1.18, down 23%. Excluding transformation costs and contingent consideration income, adjusted first half net income was $35.8 million, down 9% and adjusted earnings per share was $1.37, down 11%. Excluding currency impacts, first half fiscal 2012, net revenue was up 4%.(1)
Brian Concannon, Haemonetics' President and CEO, said: "The quality issues with the OrthoPAT® device recall and HS Core Bowl continued to negatively impact our operating income and earnings per share in the second quarter. We have determined the root cause for both products, and remediation and recovery plans are well underway. However, we have now concluded that we underestimated the costs to remediate and the impact that dealing with the quality issues had on elements of our business. Our revised guidance fully reflects our learning. We expect to put these issues behind us by the end of the fiscal year."
STRATEGIC AND SEGMENT GROWTH HIGHLIGHTSHaemonetics continues to make progress expanding its business. The Company reported the following second quarter fiscal 12 highlights:
|SOURCE Haemonetics Corporation|
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