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CONDENSED CONSOLIDATED BALANCE SHEETS — UnauditedAs ofSeptember 30,December 31,20112010ASSETSCurrent assets:Cash and cash equivalentsAccounts receivable, net of allowance for doubtful accounts of
$2.3 million in 2011 and $1.8 million in 2010InventoriesRefundable 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 payableIncome taxes payableAccrued expensesTotal current liabilitiesLong-term debtOther long-term liabilitiesTotal liabilitiesStockholders equity:Preferred stock, $0.001 par value, authorized 100,000,000
shares; no shares issued or outstanding in 2011 or 2010Common stock, $0.001 par value, authorized 100,000,000 shares;
23,423,052 shares issued and 23,378,368 shares
outstanding in 2011
23,319,492 shares issued and 23,256,897 shares
outstanding in 2010Additional paid-in capitalTreasury stock, at cost, 44,684 shares in 2011 and 62,595 shares in 2010Retained earningsAccumulated other comprehensive incomeTotal stockholders equityTotal liabilities and stockholders equityCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSThree Months EndedNine Months EndedOctober 1,SalesCost of salesGross profitOperating expenses:Selling, general and administrative expensesResearch, development and engineering costs, netOther operating (income) expense, netTotal operating expensesOperating incomeInterest expenseInterest incomeGain on cost method investments, netOther (income) expense, netIncome before provision for income taxesProvision for income taxesNet incomeEarnings per share:BasicDilutedWeighted average shares outstanding:Comprehensive income (loss):Foreign currency translation gain (loss)Net change in cash flow hedges, net of taxComprehensive income (loss)CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UnauditedCash flows from operating activities:Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation and amortizationStock-based compensationOther non-cash (gains) lossesChanges in operating assets and liabilities:Accounts receivablePrepaid expenses and other assetsNet cash provided by operating activitiesCash flows from investing activities:Acquisition of property, plant and equipmentProceeds from sale of cost method investments, netOther investing activitiesNet cash used in investing activitiesCash flows from financing activities:Principal payments of long-term debtIssuance of common stockPayment of debt issuance costsOther financing activitiesNet cash used in financing activitiesEffect of foreign currency exchange rates on cash and cash equivalentsNet increase in cash and cash equivalentsCash and cash equivalents, beginning of periodCash and cash equivalents, end of periodCONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY — UnauditedAccumulatedAdditionalTreasuryOtherTotalCommon StockPaid-InStockRetainedComprehensiveStockholdersSharesAmountCapitalEarningsIncomeEquityAt December 31, 2010Net shares issued under stock incentive plansIncome tax liability from stock options,
restricted stock
and restricted
stock unitsTotal other comprehensive incomeAt September 30, 2011NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UnauditedNoncash investing and financing activities (in thousands):Unrealized (loss) gain on cash flow hedges, netNet change in property, plant and equipment purchases
included in accounts payableCash paid during the period for:InterestIncome taxesGREATBATCH, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UnauditedRaw materialsWork-in-processFinished goods4. INTANGIBLE ASSETSGrossForeignNetCarryingCurrencyAmortizationTranslationPurchased technology and patentsCustomer listsTotal amortizing intangible assetsGreatbatchMedicalElectrochemForeign currency translation5. DEBTRevolving line of credit2.25% convertible subordinated notes, due 2013Unamortized discountTotal long-term debtContractual interestDiscount amortizationFinancing costs deferredWrite-off during the periodAmortization during the period6. PENSION PLANSNet periodic pension costBenefit paymentsService costInterest costAmortization of net loss and
prior service costExpected return on plan assetsNet pension costWeighted average fair valueRisk-free interest rate2.04%2.62%Expected volatility40%Expected life (in years)Expected dividend yield0%WeightedAverageNumber ofRemainingAggregateTime-VestedContractualIntrinsicExerciseLifeValueOptionsPrice(In Years)(In Millions)Outstanding at December 31, 2010GrantedExercisedForfeited or expiredOutstanding at September 30, 2011Exercisable at September 30, 2011Performance-Vested Stock$ActivityFair ValueNonvested at December 31, 2010VestedNonvested at September 30, 2011Orthopaedic facility optimization(a)2007 & 2008 facility shutdowns and
consolidations(b)Integration costs(c)Asset dispositions and other(d)ProductionAcceleratedSeveranceInefficiencies,Depreciation/andMoving andAsset Write-RetentionRevalidationoffsRestructuring chargesWrite-offsCash paymentsAt July 1, 2011Warranty claims paidForeign currency effectNumerator for basic EPS:Effect of dilutive securities:Interest expense on CSN I and
related deferred
financing fees, net
of taxNumerator for diluted EPSDenominator for basic EPS:Weighted average shares outstandingConvertible subordinated notesStock options, restricted stock and
restricted stock unitsDenominator for diluted EPSBasic EPSDiluted EPSTime-vested stock options, restricted stock
and restricted stock unitsPerformance-vested stock options and
restricted stock units12. ACCUMULATED OTHER COMPREHENSIVE INCOMEDefinedBenefitPensionCashNet-of-PlanFlowPre-TaxTaxLiabilityHedgesAdjustmentUnrealized loss on cash flow hedgesRealized gain on cash flow hedgesForeign currency translation gainSales:Greatbatch MedicalCRM/NeuromodulationVascular AccessOrthopaedicTotal Greatbatch MedicalTotal salesSegment income from operations:Total segment income from operationsUnallocated operating expensesOperating income as reportedUnallocated other expenseSales by geographic area:United StatesNon-Domestic locations:Puerto RicoBelgiumUnited Kingdom & IrelandRest of worldCustomer A18%19%20%22%Customer BCustomer C11%13%12%Customer D9%8%58%59%60%Financial OverviewAdjustments:Executive death benefits (SG&A)Medical device DVT expenses (RD&E)Consolidation costsIntegration expensesAsset dispositions and otherAdjusted operating incomeAdjusted operating margin11.2%11.3%12.1%11.8%Income before taxes as reportedCSN II conversion option discount amortizationAdjusted income before taxesAdjusted provision for income taxesAdjusted net incomeAdjusted diluted EPSNumber of sharesOur Financial Results$%Change2%1%26%16%23%6%-12%3%7%5%Gross profit as a % of sales31.8%32.9%32.3%Selling, general and administrative
expenses (SG&A)4%10%SG&A as a % of sales13.5%13.4%12.6%12.3%Research, development and
engineering costs, net (RD&E)-3%RD&E as a % of sales8.4%8.9%7.7%-42%NA- 281-2%Operating margin9.8%10.3%11.5%11.1%-10%-14%-75%-255%-7%30%Effective tax rate24.4%28.1%31.0%33.0%17%42%Net margin5.3%4.7%6.4%4.8%Diluted earnings per share41%SG&A ExpensesChange From Prior YearThree MonthsNine MonthsPerformance-based compensation(a)Professional and consulting expense(b)Litigation related fees and charges(c)Executive death benefits(d)Other(e)Net increase in SG&ARD&E Expenses, NetResearch and development costsEngineering costsLess cost reimbursementsEngineering costs, netTotal RD&E, netOther Operating (Income) Expense, NetTotal other operating
(income) expense,
netLiquidity and Capital Resources(Dollars in thousands)Working capitalCurrent ratioContractual ObligationsPayments due by periodRemainder ofCONTRACTUAL OBLIGATIONS2012 - 20132014 - 2015After 2015Debt obligations(a)Operating lease obligations(b)Purchase obligations(b)Foreign currency contracts(b)Pension obligations(c)Total contractual obligationsCERTIFICATIONI have reviewed this report on Form 10-Q for the fiscal quarter ended September 30, 2011 of
Greatbatch, Inc.;Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by the report;Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:a.Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;b.Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;c.Evaluated the effectiveness of the registrants disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures as of the end of the
period covered by this report based on such evaluation; andd.Disclosed in this report any change in the registrants internal
control over financial reporting that occurred during the registrants most
recent fiscal quarter (the registrants fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrants internal control over financial reporting.All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; andAny fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants internal control
over financial reporting.Dated: November 8, 2011/s/ Thomas J. HookThomas 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 !
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