Fourth quarter fiscal 2009 GAAP net revenues were $152 million, up 10%; net income was $14 million, up 1%, and earnings per share were $0.53, up 3%. Excluding restructuring charges, adjusted fourth quarter net income was $17 million, up 10%, and earnings per share were $0.65, up 12%.(1)
Haemonetics ended the year with $157 million in cash and $6 million of debt, and generated $62 million of free cash flow. In the year, cash was used for a $60 million share repurchase which Haemonetics completed in the second quarter of fiscal 2009.
Brian Concannon, Haemonetics’ president and chief executive officer, said, Fiscal 2009 was a strong year operationally and strategically. I’m very pleased with our results. We maintained the momentum of fiscal 2008 with double digit growth and strengthened margins down the P&L, while simultaneously completing business transformation, integrating the TEG® business, and expanding our blood management solutions value proposition.
Fiscal 2010 Guidance
Haemonetics announced its fiscal 2010 annual guidance of revenue growth of 8-11%, operating income growth of 12-15%, and earnings per share in a range of $2.75 to $2.85. The company expects 150 basis point gross margin improvement, 70 basis point operating margin improvement, and a tax rate of 31%. For the year, the company expects to generate approximately $60 million of free cash flow.
Concannon added, With current economic trends, Haemonetics’ business solutions become even more critical to our customers, and many economic factors favor our value proposition. We are extremely well positioned to continue to deliver strong operating results.
