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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) | - | - | - |
| Total operating expenses | $164,555 | $122,197 | $138,439 | $126,243 | $117,217 |
| 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 |
| 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 |
| Net income | $ 49,109 | $ 68,396 | $ 39,233 | $ 29,320 | $ 28,379 |
| 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 |
| Weighted average number of common and common equivalent shares | 27,648 | 27,474 | 26,145 | 24,695 | 25,048 |
| Financial and Statistical Data: | |||||
| Working capital | $321,654 | $330,288 | $255,689 | $185,606 | $122,880 |
| 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 |
| 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 |
| Total assets | $572,735 | $546,543 | $467,757 | $407,394 | $359,485 |
| Total debt | $ 28,876 | $ 39,153 | $ 45,843 | $ 58,260 | $ 70,617 |
| 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% |
| Employees | 1,826 | 1,661 | 1,546 | 1,438 | 1,497 |
| 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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