Haemonetics Q4 Profit Slides; To Buy Back Shares - Quick Facts

(RTTNews) - Haemonetics Corp. (HAE) Monday reported a drop in fourth-quarter GAAP net income to $10.2 million, or $0.19 per share, from the prior year's $12.56 million, or $0.24 per share.

The firm clocked revenue of $241.1 million for the fourth quarter fiscal 2014, down 3.5%, compared with $249.94 million last year. Excluding currency impact, revenue slid 2% in the quarter. The company's base revenue, excluding the recently acquired whole blood business, rose by 2% on a constant currency basis in the quarter.

Looking ahead, the company hopes to return to a mid-single digit revenue growth rate and mid to high-teens adjusted earnings per share growth rate in fiscal 2016. The VCC investments are planned to be completed in fiscal 2016, with only $10 million - $15 million of incremental investment anticipated in that year.

In a sepaarte press release, Haemonetics announced that its board has approved the repurchase of up to $100 million of shares, consistent with its loan covenants. By approving the buyback, the board acknowledged the company's strong cash flow and $192 million cash balance.