Wilson Greatbatch Reports Q4 and Year 2001 Results
Wilson Greatbatch Technologies Inc. (Clarence, NY) reported record revenue and net income for the quarter and year ended December 28, 2001. Consolidated revenues for the fourth quarter increased 24 percent to $34.7 million, a fourth-quarter record, from the same period last year. The company reported net income for the quarter of $2.7 million, or $0.13 per diluted share, on 21.2 million weighted average shares outstanding, compared to net income of $1.1 million, or $0.06 per diluted share, in the prior year. The prior-year quarter included an extraordinary loss on early extinguishment of debt of $0.08 per diluted share.
Consolidated revenues for the year 2001 increased 39 percent to a record $135.6 million from 2000 revenues of $97.8 million. Income from continuing operations for 2001 was a record $11.6 million, or $0.58 per diluted share, compared to $1.0 million, or $0.07 per diluted share, for the prior year. Net income for 2001 was $8.6 million, or $0.43 per diluted share, up from a loss of $0.5 million, or $0.04 per diluted share, in 2000.
The company also provided initial guidance on estimated revenues and earnings per share for the 2002 full-year. Based on the present business outlook and planned strategic investments, the company estimates 2002 full-year revenues at approximately $155.0 million. The company estimates 2002 full-year earnings to be between $0.75 and $0.80 per share on a diluted basis, including the anticipated effect of a change in the accounting standard regarding the amortization of goodwill and intangible assets.