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Greatbatch INCPART
I - FINANCIAL INFORMATIONITEM
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTSGREATBATCH,
INC.CONDENSED
CONSOLIDATED BALANCE SHEETS - Unaudited(in
thousands except share and per share data)As
ofJune
27,December
28,ASSETS20082007Current
assets:Cash
and cash equivalentsShort-term
investments available for saleAccounts
receivable, net of allowance of $1,257 in 2008and $758 in 2007Inventories,
net of reserveRefundable
income taxesDeferred
income taxesPrepaid
expenses and other current assetsTotal
current assetsProperty,
plant and equipment, netAmortizing
intangible assets, netTrademarks
and tradenamesGoodwillOther
assetsTotal
assetsLIABILITIES
AND STOCKHOLDERS’ EQUITYCurrent
liabilities:Accounts
payableAccrued
expenses and other current liabilitiesCurrent
portion of long-term debt-Total
current liabilitiesLong-term
debtOther
long-term liabilitiesTotal
liabilitiesStockholders'
equity:Preferred
stock, $0.001 par value, authorized 100,000,000shares;
no shares issued or outstanding in 2008 or 2007Common
stock, $0.001 par value, authorized 100,000,000shares;
22,865,584 shares issued and outstanding in 2008 and22,477,340
shares issued and 22,470,299 shares outstanding in 2007Additional
paid-in capitalTreasury
stock, at cost, no shares in 2008 and 7,041 shares in 2007Retained
earningsAccumulated
other comprehensive incomeTotal
stockholders’ equityTotal
liabilities and stockholders' equityThe
accompanying notes are an integral part of these condensed consolidated
financial statements.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONSAND
COMPREHENSIVE INCOME (LOSS) - Unaudited(in
thousands except per share data)Three
months endedSix
months endedJune
29,SalesCosts
and expenses:Cost
of sales - excluding amortizationof
intangible assetsCost
of sales - amortization of intangible assetsSelling,
general and administrative expensesResearch,
development and engineering costs, netAcquired
in-process research and developmentOther
operating expense, netOperating
income (loss)Interest
expenseInterest
incomeGain
on sale of investment securityGain
on extinguishment of debtOther
(income) expense, netIncome
(loss) before provision for income taxesProvision
for income taxesNet
income (loss)Earnings
(loss) per share:BasicDilutedWeighted
average shares outstanding:Comprehensive
income:Foreign
currency translation adjustmentUnrealized
gain (loss) on interest rate swap, net of taxUnrealized
gain (loss) on short-term investments:Unrealized
gain (loss) on short-term investmentsduring
the period, net of taxLess:
reclassification adjustment for net realized gain onshort-term
investments during the period, net of taxOther
comprehensive income (loss)Comprehensive
income (loss)CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited(in
thousands)Cash flows from operating
activities:Net
incomeAdjustments
to reconcile net income to net cash providedby operating activities:Depreciation
and amortizationStock-based
compensationOther
non-cash gainsChanges
in operating assets and liabilities:Accounts
receivableInventoriesIncome
taxes refundable/payableNet
cash provided by operating activitiesCash flows from investing
activities:Purchase
of short-term investmentsProceeds
from maturity/disposition of short-term investmentsAcquisition
of property, plant and equipmentPurchase
of cost method investmentsAcquisitions,
net of cash acquiredOther
investing activitiesNet
cash used in investing activitiesCash flows from financing
activities:Borrowings
(repayments) under short-term line of creditPrincipal
payments of long-term debtProceeds
from issuance of long-term debtDebt
issuance costsIssuance
of common stockExcess
tax benefits from stock-based awardsRepurchase
of treasury stockNet
cash provided by financing activitiesEffect
of foreign currency exchange rates on cash and cash
equivalentsNet
increase (decrease) in cash and cash equivalentsCash
and cash equivalents, beginning of yearCash
and cash equivalents, end of periodCONDENSED
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - UnauditedAccumulatedAdditionalTreasuryOtherTotalCommon
StockPaid-InStockRetainedComprehensiveStockholders'SharesAmountCapitalEarningsIncomeEquityBalance,
December 28, 2007$-Grant/forfeiture
of restricted stockVesting
of restricted stock unitsExercise
of stock optionsRepurchase
of shares to settle employee taxwitholding
on vested restricted stock andrestricted
stock unitsTax
impact from stock based awardsShares
issued in connection with theQuan
Emerteq acquisitionShares
contributed to 401(k) PlanTotal
other comprehensive incomeBalance,
June 27, 2008January
7, 2008Assets
acquiredCurrent
assetsProperty,
plant and equipmentAcquired
IPR&DAmortizing
intangible assetsTotal
assets acquiredLiabilities
assumedCurrent
liabilitiesLong-term
liabilitiesTotal
liabilities assumedPurchase
priceFair
Value
assignedWeighted
average
amortization
period
(years)Weighted
average
discount
rateCustomer
relationships13%Technology
and patents14%Noncompete
agreementsindefinite(Unaudited)June
27,
2008June
29,
2007Earnings
per share:Noncash
investing and financing activities (in thousands):Net
unrealized loss on available-for-sale securitiesUnrealized
gain on interest rate swap, netCommon
stock contributed to 401(k) PlanProperty,
plant and equipment purchases includedin
accounts payableDeferred
financing fees and acquisition costs included inaccrued
expenses and other current liabilitiesExchange
of convertible subordinated notesShares
isued in connection with a 2007 business acquisitionCash
paid during the period for:InterestIncome
taxesAcquisition
of noncash assets and liabilities:CostGross
unrealized
gainsGross
unrealized
lossesEstimated
fair valueJune 27, 2008Corporate
BondsTotal
available for sale securitiesDecember 28, 2007Commercial
PaperU.S.
Government AgenciesRaw
materialsWork-in-processFinished
goodsGross
carrying amountAccumulated
amortizationForeign
currency
translationNet
carrying amountPurchased
technology and patentsTotal
amortizing intangible assetsBalance
at December 28, 2007Acquired
in 2008Foreign
currency translationBalance
at June 27, 2008IMCElectrochemGoodwill
recorded for 2007 acquisitionsGoodwill
recorded for 2008 acquisitionsRevolving
line of credit3%
Mortgage agreement, due 2008Convertible
subordinated notes2.25%
convertible subordinated notes I, due 20132.25%
convertible subordinated notes II, due 2013Unamortized
discountTotal
convertible subordinated notesLess
current portion of long-term debtTotal
long-term debtFinancing
costs deferredAmortization
during the periodNet
periodic pension costEstimated
benefit payments over the next ten years are as follows (in
thousands):Remainder
200820092010201120122013-2017Number
of stockWeighted
averageWeighted
average remaining contractual lifeAggregate
intrinsic value(1)optionsexercise price(in
years)(in
millions)Outstanding
at December 28, 2007GrantedExercisedForfeited or ExpiredOutstanding
at June 27, 2008Exercisable
at June 27, 2008Weighted-average
fair valueRisk-free
interest rate2.92%4.62%Expected
volatility40%41%Expected
life (in years)Expected
dividend yield0%Activityfair
valueNonvested
at December 28, 2007Shares
grantedShares
vestedShares
forfeitedNonvested
at June 27, 2008(a)
2005 facility shutdowns and consolidations(b)
2007& 2008 facility shutdowns and consolidations(c)
Integration costsAsset
dispositions and otherSeverance and retentionProduction inefficiencies and
revalidationAccelerated depreciation / asset
write-offsPersonnelBalance,
December 29, 2006Restructuring
chargesCash
paymentsWrite-offsBeginning
balance at March 28, 2008Additions
to warranty reserveWarranty
claims paidEnding
balance at June 27, 2008Numerator
for basic earnings per share:Effect
of dilutive securities:Interest
expense on convertible notes and related deferred financing fees, net of
taxNumerator
for diluted earnings (loss) per shareDenominator
for basic earnings (loss) per share:Weighted
average shares outstandingStock
options and unvested restricted stockDilutive
potential common sharesDenominator
for diluted earnings per shareBasic
earnings (loss) per shareDiluted
earnings (loss) per shareTime
based stock options and restricted stockPerformance
based stock options andSales:CRM/NeuromodulationTherapy
DeliveryOrthopedicTotal
IMCTotal
salesSegment
income (loss) from operations:Total
segment (loss) income from operationsUnallocated
operating expensesOperating
income (loss) as reportedUnallocated
other income (expense)Income
(loss) before provision forincome
taxes as reportedSales
by geographic area:United
StatesNon-Domestic
locations:FranceUnited
KingdomPuerto
RicoAll
otherConsolidated
salesLong-lived
tangible assets:Non-Domestic
locationsConsolidated
long-lived assetsCustomer
A16%25%17%26%Customer
BCustomer
C30%29%Customer
D12%56%69%55%$%In
thousands, except per share dataChange-2%-6%NA80%85%76%81%70%117%107%Cost
of sales - amortization73%77%Total
Cost of Sales116%Cost
of sales as a % of sales71.3%59.6%11.7%74.5%61.2%13.3%Selling,
general, and administrative expenses (SG&A)74%78%SG&A
as a % of sales13.2%13.7%-0.5%14.0%13.4%0.6%Research,
development and engineering costs, net (RD&E)10%RD&E
as a % of sales5.4%8.9%-3.5%6.4%8.6%-2.2%-86%-72%Operating
margin8.0%-8.1%16.1%2.7%0.0%54%105%95%-88%102%-84%64%-100%Effective
tax rate29.0%1.0%47.5%-46.5%-67%Net
margin4.1%-4.3%8.4%0.9%4.7%-3.8%June
27, 2008Three
monthsSix
monthsendedImpact
of 2008 and 2007 acquisitions
(a)8.7%Inventory
step-up amortization(b)2.4%Amortization
of intangible assets (c)0.5%Lower
volume (d)1.5%1.9%Total
percentage point change to cost of sales as apercentage
of salesAmortization
(b)Enpath
litigation fees
(c)Professional
and consulting fees (d)Net
increase in SG&AResearch
and development costsEngineering
costsLess
cost reimbursementsEngineering
costs, netTotal
research and development andengineering
costs, netSix months
ended(a)
2007 & 2008 facility shutdowns and
consolidations(a)
Integration costs(Dollars
in millions)Cash
and cash equivalents and short-term investments
(a)(b)Working
capital
(b)Current
ratio (b)2.42:1.02.8:1.0Payments
due by periodRemainder
of 20082009-20102011-2012After
2012Long-Term
Debt Obligations (a)Operating
Lease Obligations
(b)Purchase
Obligations (b)Pension
Obligations
(c)·Enpath
Medical, Inc. on June 15, 2007IntelliSensing,
LLC on October 26, 2007Quan
Emerteq, LLC on November 16, 2007Engineered
Assemblies Corporation on November 16, 2007P
Medical Holding SA on January 7, 2008DePuy
Orthopedics Chaumont, France manufacturing facility on February 11,
2008Votes ForAuthority For Individual
WithheldPamela
G. BaileyThomas
J. HookKevin
C. MeliaDr.
Joseph A. Miller, Jr.Bill
R. SanfordPeter
H. SoderbergWilliam
B. Summers, Jr.John
P. WarehamDr.
Helena S. WisniewskiWILSON GREATBATCH TECHNOLOGIES,
INC.By:/s/ Larry T.
DeAngeloLarry
T. DeAngeloSr.
Vice President, Administration and
Secretary/s/ Edward F.
VoborilEdward
F. Voboril, President andChief
Executive OfficerATTEST:Larry
T. DeAngelo, SecretaryWILSON
GREATBATCH TECHNOLOGIES,
INC.Vice
President, Administration and
Secretary/s/ Ernest
NormanErnest
NormanAssistant
SecretaryDated:
August 5, 2008/s/
Thomas J. HookPresident
and Chief Executive Officer(Principal
Executive Officer)/s/ Thomas J.
MazzaThomas
J. MazzaSenior
Vice President and Chief Financial Officer(Principal
Financial Officer)PK ! Ps s docProps/app.xml
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