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Greatbatch INCDated:February 24, 2014GREATBATCH, INC.By:/s/ Michael DinkinsMichael DinkinsExecutive Vice President andChief Financial OfficerEXHIBIT
NUMBERDESCRIPTIONPress Release of Greatbatch, Inc. dated February 24, 2014.Greatbatch, Inc. Reports 2013 Fourth Quarter and Full Year ResultsYear Ended(Dollars in thousands, except per share data)January 3,December 28,%20142012ChangeSales3%Organic Constant Currency Sales Growth5%0%GAAP Operating Income138%GAAP Operating Income as % of Sales9.2%4.0%Adjusted Operating Income*12%Adjusted Operating Income as % of Sales12.5%11.4%GAAP Diluted EPSN/AAdjusted Diluted EPS*19%Adjusted EBITDA*6%Adjusted EBITDA as a % Sales17.9%17.4%Three Months EndedSeptember 27,201311%13%(2)%NA(24)%7.3%0.9%10.1%(8)%(12)%11.0%13.3%13.1%(14)%4%(4)%(6)%(7)%16.3%19.2%18.4%* Refer to Tables A, B and C at the end of this release for a
reconciliation of GAAP to adjusted amounts.Fourth Quarter and Full Year ResultsProduct Line SalesThe following table summarizes the Company’s sales by major product
lines (dollars in thousands):Product Line4th Qtr.Chg.3rd Qtr.YearGreatbatch MedicalCardiac/Neuromodulation17%(1Orthopaedic23%27%7%Portable Medical(18(5(4Vascular(78%Energy(3Other43%30%(6Total Greatbatch MedicalQiG31%24%Total SalesOrthopaedic Organic Constant Currency Sales Growth33%22%20%(8Product Line Sales HighlightsFinancial GuidanceGreatbatch estimates the following for 2014:$685 - $705 millionGAAP Operating Income as a % of Sales11.0% - 11.5%Adjusted Operating Income as a % of Sales13.0% - 13.3%Capital Expenditures$25 - $35 millionGAAP Effective Tax Rate34% - 35%$1.94 - $1.99Adjusted Diluted EPS$2.25 - $2.35Forward-Looking StatementsTable A: Operating Income Reconciliation:UnallocatedTotalJan. 3,Dec. 28,(dollars in thousands)$—Operating income (loss) as reportedAdjustments:Medical device DVT expenses (RD&E)—Consolidation and optimization costsAcquisition and integration expenses (income)Asset dispositions, severance and otherAdjusted operating income (loss)Adjusted operating margin18.5%19.9%Inventory step-up amortization (COS)Acquisition and integration expenses18.1%Table B: Net Income (Loss) and Diluted EPS ReconciliationYear endedJanuary 3,
2014December 28,
2012(in thousands except per share amounts)Net
IncomeImpact
Per
Diluted
ShareNet
Income (Loss)Net income (loss) as reportedInventory step-up amortization (COS)(a)Medical device DVT expenses (RD&E)(a)Consolidation and optimization costs(a)Acquisition and integration expenses (income)(a)Asset dispositions, severance and other(a)Loss on cost and equity method investments, net(a)(b)CSN conversion option discount and deferred fee accelerated
amortization(a)(c)2012 R&D Tax Credit(d)Swiss tax impact(e)Adjusted net income and diluted EPS(f)Adjusted diluted weighted average shares(g)Table C: Adjusted EBITDA ReconciliationAdjusted operating income*Add: Depreciation and amortizationLess adjustments included in depreciation and amortization:Inventory step-up amortizationConsolidation and optimization accelerated depreciationAdjusted EBITDAAdjusted EBITDA as a % of sales* Refer to table A for a reconciliation of GAAP to adjusted
amounts.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Unaudited(in thousands except per share data)Cost of salesGross profitOperating expenses:Selling, general and administrative expensesResearch, development and engineering costs, netOther operating expenses, netTotal operating expensesOperating incomeInterest expenseInterest incomeLoss on cost and equity method investments, netOther expense, netIncome (loss) before provision for income taxesProvision for income taxesNet income (loss)Earnings (loss) per share:BasicDilutedWeighted average shares outstanding:CONDENSED CONSOLIDATED BALANCE SHEETS - Unaudited(in thousands)As ofASSETSCurrent assets:Cash and cash equivalentsAccounts receivable, netInventoriesRefundable income taxesDeferred income taxesPrepaid expenses and other current assetsTotal current assetsProperty, plant and equipment, netAmortizing intangible assets, netIndefinite-lived intangible assetsGoodwillOther assetsTotal assetsLIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payableIncome taxes payableAccrued expensesTotal current liabilitiesLong-term debtOther long-term liabilitiesTotal liabilitiesStockholders’ equity:Preferred stockCommon stockAdditional paid-in capitalTreasury stockRetained earningsAccumulated other comprehensive incomeTotal stockholders’ equityTotal liabilities and stockholders’ equityPK ! N docProps/app.xml
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