greatbatch inc (GB) Key Developments
Greatbatch Inc. to Expand and Relocate its North Texas Global Headquarters to Plano's Granite Park
May 14 15
After relocating its corporate headquarters from Buffalo, New York, to Frisco two years ago, Greatbatch Inc. is ready to expand and relocate its North Texas global headquarters to Plano's Granite Park. In all, Greatbatch plans to add another 130 corporate jobs to the new office at Granite Park Five by 2017. Greatbatch plans to move its office from Hall Office Park in Frisco to Plano's Granite Office Park within its Granite Park Five building, which is currently under construction. The lease helped Plano-based Granite Properties start development on the office park, which is expected to double in size with the flurry of real estate activity surrounding West Plano. The company signed a lease for at least 52,000 square feet, or about two office floors, with the expectation it will bring up to 167 jobs to Plano. Greatbatch plans to move to Plano on or before April 1, 2016, and plans to hire those employees by the following year.
Greatbatch, Inc. Announces the Appointment of Marcia A. Dall to its Board of Directors
May 1 15
Greatbatch, Inc. announced that Marcia A. Dall has been elected to its board of directors. In addition to her Director responsibilities, Ms. Dall will also serve on the board's Audit and Compensation & Organization Committees. Ms. Dall has been Executive Vice President and Chief Financial Officer of Erie Insurance Group and Erie Indemnity Company since 2009.
Greatbatch, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended April 3, 2015; Provides Earnings Guidance for 2015
Apr 30 15
Greatbatch, Inc. announced unaudited consolidated earnings results for the first quarter ended April 3, 2015. For the quarter, the company's sales were $161,320,000 compared to $174,281,000 a year ago. Operating income was $9,389,000 compared to $22,524,000 a year ago. Income before provision for income taxes was $9,820,000 compared to $22,061,000 a year ago. Net income was $8,008,000 or $0.31 per diluted share compared to $14,922,000 or $0.58 per diluted share a year ago. Adjusted operating income was $17,244,000 compared to $22,310,000 a year ago. Adjusted net income was $14,102,000 compared to $13,825,000 a year ago. Adjusted diluted EPS was $0.54 against $0.54 a year ago. Adjusted EBITDA was $26,422,000 compared to $31,562,000 a year ago. This decrease in the operating income was primarily due to lower gross profit and an increase in consolidation and optimization costs, which are included in other operating expenses, net. Cash flows provided by operating activities of $7.3 million increased 5% in comparison to the first quarter of 2014. This quarter over quarter increase was primarily due to lower working capital levels partially offset by lower net income. Capital expenditures were $15.4 million compared to prior year first quarter capital expenditures of $6.0 million primarily due to investments in capacity and capabilities including transferring portable medical product manufacturing to a new facility in Tijuana Mexico.
For 2015, the company expects sales to be in the range of $715 million to $730 million, capital expenditures to be in the range of $40 million to $50 million, GAAP diluted EPS to be in the range of $2.02 to $2.12 and adjusted GAAP diluted EPS to be in the range of $2.61 to $2.71. GAAP and adjusted effective tax rates of 25% and 26%, respectively, are assumed for the 2015 guidance. Operating margin is expected to expand 40 to 70 basis points, with continuous productivity initiatives and leveraging SG&A to deliver 13.7% to 14.0% adjusted operating margin. Adjusted operating cash flows are expected to be between $80 million and $100 million.
Greatbatch, Inc., Annual General Meeting, May 14, 2015
Apr 13 15
Greatbatch, Inc., Annual General Meeting, May 14, 2015., at 09:00 Central Daylight. Location: company's global headquarters. Agenda: To elect eight directors for a term of one year and until their successors have been elected and qualified; to ratify the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2015; to approve, on an advisory basis, the compensation of named executive officers; and to consider and act upon other matters that may properly come before the Annual Meeting and any adjournments thereof.
Greatbatch, Inc. to Report Q1, 2015 Results on Apr 30, 2015
Apr 1 15
Greatbatch, Inc. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Apr 30, 2015