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Haemonetics Corporation and Subsidiaries
Five-Year Review
(in thousands, except share and employee data)
| Summary of Operations |
2007 |
2006 (a) |
2005 (a) |
2004 |
2003 |
|
| Net revenues |
$449,607 |
$419,733 |
$383,598 |
$364,229 |
$336,956 |
| Cost of goods sold |
$222,307 |
$199,198 |
$185,722 |
$190,693 |
$182,260 |
|
|
|
|
|
|
| Gross profit |
$227,300 |
$220,535 |
$197,876 |
$173,536 |
$154,696 |
|
|
|
|
|
|
| Operating expenses: |
| R&D |
$ 23,884 |
$ 26,516 |
$ 19,994 |
$ 17,398 |
$ 19,512 |
| S, G & A |
$137,073 |
$121,351 |
$118,039 |
$108,845 |
$ 97,705 |
| Cost to equity |
$225 |
$680 |
$406 |
|
|
| In process R&D |
$9,073 |
- |
- |
- |
- |
| Arbitration and settlement income |
$(5,700) |
$(26,350) |
- |
- |
- |
|
|
|
|
|
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| Total operating expenses |
$164,555 |
$122,197 |
$138,439 |
$126,243 |
$117,217 |
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| Operating income |
$ 62,745 |
$ 98,338 |
$ 59,437 |
$ 47,293 |
$ 37,479 |
| Other income (expense), net |
$ 9,591 |
$ 7,864 |
$ (2) |
$ (1,481) |
$ 1,128 |
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|
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| Income before provision for income taxes |
$ 72,336 |
$106,202 |
$ 59,435 |
$ 45,812 |
$ 38,607 |
| Provision for income taxes |
$ 23,227 |
$ 37,806 |
$ 20,202 |
$ 16,492 |
$ 10,228 |
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|
|
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| Net income |
$ 49,109 |
$ 68,396 |
$ 39,233 |
$ 29,320 |
$ 28,379 |
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| Income per share: |
| Basic |
$ 1.84 |
$ 2.58 |
$ 1.54 |
$ 1.20 |
$ 1.15 |
| Diluted |
$ 1.78 |
$ 2.49 |
$ 1.50 |
$ 1.19 |
$ 1.13 |
| Weighted average number of shares |
26,745 |
26,478 |
25,523 |
24,435 |
24,591 |
| Common stock equivalents |
903 |
996 |
622 |
260 |
457 |
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| Weighted average number of common and common equivalent shares |
27,648 |
27,474 |
26,145 |
24,695 |
25,048 |
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| Financial and Statistical Data: |
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| Working capital |
$321,654 |
$330,288 |
$255,689 |
$185,606 |
$122,880 |
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| Current ratio |
4.9 |
4.7 |
3.9 |
2.9 |
2.2 |
| Property, plant and equipment, net |
$ 90,775 |
$ 75,266 |
$ 69,337 |
$ 78,030 |
$ 83,987 |
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| Capital expenditures |
$ 40,438 |
$ 33,774 |
$ 17,530 |
$ 13,862 |
$ 16,715 |
| Depreciation and amortization |
$ 27,504 |
$ 25,150 |
$ 27,756 |
$ 30,149 |
$ 28,431 |
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| Total assets |
$572,735 |
$546,543 |
$467,757 |
$407,394 |
$359,485 |
| Total debt |
$ 28,876 |
$ 39,153 |
$ 45,843 |
$ 58,260 |
$ 70,617 |
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| Stockholders' equity |
$479,648 |
$441,650 |
$355,135 |
$279,749 |
$223,237 |
| Return on average equity |
10.67% |
17.34% |
12.50% |
11.70% |
12.30% |
| Debt as a % of stockholders' equity |
6.02% |
8.87% |
12.90% |
20.80% |
31.60% |
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| Employees |
1,826 |
1,661 |
1,546 |
1,438 |
1,497 |
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| Net revenues per employee |
$ 246 |
$ 254 |
$ 248 |
$ 253 |
$ 225 |
(a) Reflects the adjustment to convert our investment in Arryx, Inc. to
the equity method for periods prior to the acquisition.
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