STAAR Surgical Reports Continued Momentum During Third Quarter
"Visian ICL sales continued to show strong growth during the quarter while LASIK continues to be under downward pressure," said
"The recent ESCRS meeting in
Gross profit margin for the quarter was 70.5% compared to 70.4 % in the third quarter of 2012. The manufacturing of the preloaded silicone IOL in the U.S. now has a higher cost structure in
Operating expenses for the third quarter of 2013 were
"During the quarter we began to see the first tax advantages from the manufacturing consolidation project as the Company recorded an income tax benefit of
GAAP net income for the third quarter of 2013 was
Cash and cash equivalents on
Recent Visian Implantable Collamer® Lens (ICL) Highlights
- ICL sales represented 62.7% of total sales, compared to 57.4% of sales in Q3 2012. The overall percent was positively impacted by the decline in U.S. dollars of IOL revenue.
- ICL sales increased 18% to
$10.7 million from$9.1 million in Q3 2012 reflecting a 15% increase in unit sales and a 2% increase in price. - In the over 60 markets where the Toric ICL (TICL) is available it represented 49% of the total ICL revenue and 40% of the units. TICL sales grew 26% during the quarter globally while the ICL grew 12%.
- ICL revenue and unit growth in 10 of the 11 key markets identified at the beginning of the year while LASIK continues to be under downward pressure globally.
- Key regulatory approval of CentraFLOW technology was received in
India during the quarter.
Regional ICL Updates
- Visian ICL revenues grew by 40% while units increased 30% and price increased 8% driven by the premium on the CentraFLOW technology and 35% unit growth in TICL.
Europe increased 42% in revenue due to gains from the CentraFLOW technology, and new sales personnel hired in 2012.Spain grew 23%. This was the first quarter with a true direct to direct distribution model comparison, as the Company transitioned from a distributor sales model at the end of second quarter 2012. Unit volume inSpain grew by 18% during the quarter.- Strong growth was also generated in
Germany +154%,France +81%, andItaly +53%.
- The
Middle East , where the Visian ICL with CentraFLOW was introduced earlier this year, grew 39% in revenues. Latin America grew 30% in revenue. Approval of the ICL with CentraFLOW inArgentina allowed the first orders to be placed late in the quarter.
- APAC grew 10% in revenue while units increased 10% and price was flat.
- China ICL revenues increased 22% while units increased 19%. The Company believes that the impact on Visian ICL sales by the negative press on LASIK one year ago may now be subsiding.
Korea grew 13% as the distributor prepared for the first sales of the Visian ICL with CentraFLOW technology which was approved in late June with the official launch at the end of July.- ICL sales in
Japan declined 5% in yen during the quarter. According to key customers the market is seeing significant declines in LASIK procedures. India grew 18% in revenue, with very little impact by the approval of Visian ICL CentraFLOW since it was late in the quarter.
- NA increased revenues by 9% while units increased 10% with a 1% decline in unit price.
- Sales in the U.S. grew 7% while units grew 9% in a market with continuing evidence that LASIK procedures are declining or flat at best.
Recent Intraocular Lens (IOL) Highlights
- Third quarter IOL sales were
$5.3 million , a 12% decrease from$6 million during the third quarter of 2012. The negative impact of foreign exchange was$809,000 . Without the impact of foreign exchange, global IOL revenue would have increased 1% year over year. - IOL gross margin declined from 60% in the third quarter of 2012 to 54% in the current quarter. This was driven primarily by the negative impact of foreign exchange rates on revenues from
Japan andChina . IOLs represented 31% of total sales in the third quarter of 2013, compared to 38% of total sales in the same period of the prior year. - The Company ended the quarter with approximately
$800,000 in backorders from European customers due to the lack of supply from a third party vendor. - IOL sales in
Japan represented 52% of global IOL revenues. In U.S. dollars, this reflects a decrease of 11% compared to the prior year and a 15% increase in constant currency. During the quarter there was a 6% increase in units as compared to the third quarter of 2012. - Shipments to
China were again halted for KS-IOLs which resulted in a 60% reduction in sales or$500,000 less than Q3 2012.China represented only 6% of total IOL sales during the quarter compared to 14% of the total in Q3 2012. - IOL sales in European region increased by 52% despite the continued backorders while sales in the U.S. declined by 11%.
- KS-IOL line continues to generate strong demand though the Company's supply of the lenses from a third party vendor remained below expectations during the quarter. The Company expects to receive increased units during the fourth quarter as well as in 2014.
Project Comet Update
During the quarter the Company continued to make progress toward completing the manufacturing consolidation project by mid-2014. At the end of the second quarter the Company had approximately 7,500 ICLs in finished goods inventory. At the end of the third quarter the Company has approximately 11,400 ICLs in inventory held in both
Nine Month YTD Results
For the nine month period ended
Conference Call
STAAR will host a conference call and video webcast today at
A taped replay of the conference call will also be available beginning approximately one hour after the call's conclusion and will be available for seven days. This replay can be accessed by dialing 888-286-8010 for domestic callers and 617-801-6888 for international callers, both using passcode 25998756. An archived webcast will also be available at www.staar.com.
Use of Non-GAAP Financial Measures
This press release includes supplemental non-GAAP financial information, which STAAR believes investors will find helpful in understanding its operating performance.
The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and Euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on our results when reported in U.S. dollars. When preparing its financial statements in conformance with GAAP, the Company translates foreign currency sales and expenses denominated in Japanese yen to dollars at the weighted average of exchange rates in effect during the period. As a result, the Company's reported performance may be significantly affected by currency fluctuations. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the "constant currency" rate to sales or expenses in the current period as well. Because changes in currency are outside of the control of the Company and its managers, management finds this non-GAAP measure useful in determining the long term progress of its initiatives and determining whether its managers are achieving their performance goals. The Company believes that the non-GAAP constant-currency sales results measures provided in this press release are similarly useful to investors to give insight on long term trends in the Company's performance without the external effect of changes in relative currency values. The table below shows sales results calculated in accordance with GAAP, the effect of currency, and the resulting non-GAAP measure expressed in constant currency.
"Adjusted Net Income" excludes the following items that are included in "Net Income" as calculated in accordance with U.S. generally accepted accounting principles ("GAAP"): manufacturing consolidation expenses,
We believe that "Adjusted Net Income" is useful to investors in gauging the outcome of the key drivers of our business performance: our ability to increase sales revenue and our ability to increase profit margin by improving the mix of high value products while reducing the costs over which we have control.
We have excluded manufacturing consolidation and
We have excluded gains and losses on foreign currency transactions and the fair value adjustment of warrants because of the significant fluctuations that can result from period to period as a result of market driven factors.
Stock-based compensation expenses consist of expenses for stock options and restricted stock under the
We have provided below a detailed reconciliation table, which is useful to investors in providing the context to understand our Adjusted Net Income and how it differs from Net Income calculated in accordance with GAAP.
About
STAAR, which has been dedicated solely to ophthalmic surgery for over 25 years, designs, develops, manufactures and markets implantable lenses for the eye and delivery systems therefor. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR's lens used in refractive surgery as an alternative to LASIK is called an Implantable Collamer® Lens or "ICL." A lens used to replace the natural lens after cataract surgery is called an intraocular lens or "IOL." Over 375,000 Visian ICLs have been implanted to date; to learn more about the ICL go to: www.visianinfo.com. STAAR has approximately 300 full time employees and markets lenses in over 60 countries. Headquartered in
Collamer® is the registered trademark for STAAR's proprietary biocompatible collagen copolymer lens material.
Safe Harbor
All statements in this press release that are not statements of historical fact are forward-looking statements, including statements about any of the following: any projections of earnings, revenue, sales, profit margins, cash, effective tax rate or any other financial items; the plans, strategies, and objectives of management for future operations or prospects for achieving such plans; statements regarding new products, including but not limited to, expectations for success of new products in the U.S. or international markets or government approval of new products; future economic conditions or size of market opportunities; expected IOL backorder position; expected costs of
These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: our limited capital resources and limited access to financing; the negative effect of unstable global economic conditions on sales of products, especially products such as the ICL used in non-reimbursed elective procedures; the challenge of managing our foreign subsidiaries; backlog as we prepare for our manufacturing facility consolidation; the risk of unfavorable changes in currency exchange rate; the discretion of regulatory agencies to approve or reject new products, or to require additional actions before approval; unexpected costs or delays that could reduce or eliminate the expected benefits of our consolidation plans; the risk that research and development efforts will not be successful or may be delayed in delivering for launch; the purchasing patterns of our distributors carrying inventory in the market; the willingness of surgeons and patients to adopt a new product and procedure; patterns of Visian ICL use that have typically limited our penetration of the refractive procedure market, and a general decline in the demand for refractive surgery particularly in the U.S. and the
CONTACT: |
Investors |
Media |
EVC Group |
EVC Group |
|
Doug Sherk, 415-652-9100 |
Janine McCargo |
|
Leigh Salvo, 415-568-9348 |
646-688-0425 |
STAAR Surgical Company |
||||
Condensed Consolidated Balance Sheets |
||||
(in 000's) |
||||
Unaudited |
||||
September 27, |
December 28, |
|||
ASSETS |
2013 |
2012 |
||
Current assets: |
||||
Cash and cash equivalents |
$ 23,351 |
$ 21,675 |
||
Accounts receivable trade, net |
9,467 |
8,543 |
||
Inventories, net |
11,880 |
11,673 |
||
Prepaids, deposits, and other current assets |
2,703 |
2,183 |
||
Deferred income taxes |
483 |
— |
||
Total current assets |
47,884 |
44,074 |
||
Property, plant, and equipment, net |
6,512 |
5,439 |
||
Intangible assets, net |
1,567 |
2,142 |
||
Goodwill |
1,786 |
1,786 |
||
Deferred income taxes |
732 |
187 |
||
Other assets |
1,056 |
1,131 |
||
Total assets |
$ 59,537 |
$ 54,759 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current liabilities: |
||||
Line of credit |
$ 5,050 |
$ 5,850 |
||
Accounts payable |
4,536 |
5,129 |
||
Deferred income taxes |
439 |
439 |
||
Obligations under capital leases |
393 |
829 |
||
Other current liabilities |
6,052 |
5,702 |
||
Total current liabilities |
16,470 |
17,949 |
||
Obligations under capital leases |
211 |
488 |
||
Deferred income taxes |
1,690 |
885 |
||
Asset retirement obligations |
374 |
707 |
||
Pension liability |
2,971 |
2,988 |
||
Total liabilities |
21,716 |
23,017 |
||
Stockholders' equity: |
||||
Common stock |
370 |
364 |
||
Additional paid-in capital |
168,056 |
162,251 |
||
Accumulated other comprehensive income |
574 |
1,580 |
||
Accumulated deficit |
(131,179) |
(132,453) |
||
Total stockholders' equity |
37,821 |
31,742 |
||
Total liabilities and stockholders' equity |
$ 59,537 |
$ 54,759 |
STAAR Surgical Company |
||||||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||||||
(In 000's except for per share data) |
||||||||||||||||||||
Unaudited |
||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
% of |
September 27, |
% of |
September 28, |
Fav (Unfav) |
% of |
September 27, |
% of |
September 28, |
Fav (Unfav) |
|||||||||||
Sales |
2013 |
Sales |
2012 |
Amount |
% |
Sales |
2013 |
Sales |
2012 |
Amount |
% |
|||||||||
Net sales |
100.0% |
$ 17,106 |
100.0% |
$ 15,866 |
$ 1,240 |
7.8% |
100.0% |
$ 53,271 |
100.0% |
$ 47,316 |
$ 5,955 |
12.6% |
||||||||
Cost of sales |
29.5% |
5,047 |
29.6% |
4,690 |
(357) |
-7.6% |
29.9% |
15,939 |
30.0% |
14,194 |
(1,745) |
-12.3% |
||||||||
Gross profit |
70.5% |
12,059 |
70.4% |
11,176 |
883 |
7.9% |
70.1% |
37,332 |
70.0% |
33,122 |
4,210 |
12.7% |
||||||||
Selling, general and administrative expenses: |
||||||||||||||||||||
General and administrative |
24.2% |
4,140 |
21.7% |
3,450 |
(690) |
-20.0% |
22.5% |
12,021 |
23.1% |
10,942 |
(1,079) |
-9.9% |
||||||||
Marketing and selling |
32.3% |
5,527 |
34.7% |
5,507 |
(20) |
-0.4% |
30.9% |
16,471 |
32.8% |
15,536 |
(935) |
-6.0% |
||||||||
Research and development |
9.8% |
1,684 |
10.0% |
1,582 |
(102) |
-6.4% |
8.9% |
4,736 |
9.8% |
4,640 |
(96) |
-2.1% |
||||||||
Medical device tax |
0.3% |
45 |
0.0% |
- |
(45) |
-100.0% |
0.3% |
149 |
0.0% |
- |
(149) |
-100.0% |
||||||||
Selling, general, and administrative expenses |
66.6% |
11,396 |
66.4% |
10,539 |
(857) |
-8.1% |
62.6% |
33,377 |
65.7% |
31,118 |
(2,259) |
-7.3% |
||||||||
Other general and administrative expenses |
2.9% |
490 |
4.6% |
728 |
238 |
32.7% |
3.8% |
2,004 |
4.2% |
1,980 |
(24) |
-1.2% |
||||||||
Total selling, general and administrative expenses |
69.5% |
11,886 |
71.0% |
11,267 |
(619) |
-5.5% |
66.4% |
35,381 |
69.9% |
33,098 |
(2,283) |
-6.9% |
||||||||
Operating income (loss) |
1.0% |
173 |
-0.6% |
(91) |
264 |
— |
3.7% |
1,951 |
0.1% |
24 |
1,927 |
8029.2% |
||||||||
Other income (expense): |
||||||||||||||||||||
Interest income |
0.1% |
9 |
0.0% |
7 |
2 |
28.6% |
0.0% |
23 |
0.0% |
14 |
9 |
64.3% |
||||||||
Interest expense |
-0.2% |
(38) |
-0.4% |
(65) |
27 |
41.5% |
-0.3% |
(134) |
-0.5% |
(227) |
93 |
41.0% |
||||||||
Gain (loss) on foreign currency transactions |
1.3% |
226 |
1.2% |
191 |
35 |
18.3% |
-0.1% |
(38) |
0.0% |
9 |
(47) |
— |
||||||||
Other income, net |
0.8% |
130 |
0.5% |
87 |
43 |
49.4% |
0.7% |
360 |
1.3% |
610 |
(250) |
-41.0% |
||||||||
Total other income, net |
1.9% |
327 |
1.4% |
220 |
107 |
48.6% |
0.3% |
211 |
0.8% |
406 |
(195) |
-48.0% |
||||||||
Income before provision (benefit) for income taxes |
2.9% |
500 |
0.8% |
129 |
371 |
287.6% |
4.0% |
2,162 |
0.9% |
430 |
1,732 |
402.8% |
||||||||
Provision (benefit) for income taxes |
-0.1% |
(25) |
1.4% |
219 |
244 |
— |
1.7% |
888 |
1.6% |
779 |
(109) |
-14.0% |
||||||||
Net income (loss) |
3.0% |
$ 525 |
-0.6% |
$ (90) |
$ 615 |
— |
2.3% |
$ 1,274 |
-0.7% |
$ (349) |
$ 1,623 |
— |
||||||||
Net income (loss) per share - basic |
$ 0.01 |
$ (0.00) |
$ 0.03 |
$ (0.01) |
||||||||||||||||
Net income (loss) per share - diluted |
$ 0.01 |
$ (0.00) |
$ 0.03 |
$ (0.01) |
||||||||||||||||
Weighted average shares outstanding - basic |
36,750 |
36,292 |
36,552 |
36,206 |
||||||||||||||||
Weighted average shares outstanding - diluted |
39,284 |
36,292 |
38,482 |
36,206 |
STAAR Surgical Company |
|||||
Condensed Consolidated Statements of Cash Flows |
|||||
(in 000's) |
|||||
Unaudited |
|||||
Nine Months Ended |
|||||
September 27, |
September 28, |
||||
2013 |
2012 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ 1,274 |
$ (349) |
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|||||
Depreciation of property and equipment |
1,325 |
989 |
|||
Amortization of intangibles |
334 |
525 |
|||
Deferred income taxes |
(220) |
114 |
|||
Fair value adjustment of warrant |
(27) |
(217) |
|||
Loss on disposal of property and equipment |
172 |
47 |
|||
Stock-based compensation expense |
2,924 |
2,317 |
|||
Change in net pension liability |
124 |
187 |
|||
Accretion of asset retirement obligation |
9 |
- |
|||
Other |
157 |
40 |
|||
Changes in working capital: |
|||||
Accounts receivable |
(1,423) |
910 |
|||
Inventories |
(707) |
(734) |
|||
Prepaids, deposits and other current assets |
(614) |
85 |
|||
Accounts payable |
(389) |
(444) |
|||
Other current liabilities |
489 |
236 |
|||
Net cash provided by operating activities |
3,428 |
3,706 |
|||
Cash flows from investing activities: |
|||||
Acquisition of property and equipment |
(2,984) |
(1,161) |
|||
Release of restricted cash |
- |
129 |
|||
Net cash used in investing activities |
(2,984) |
(1,032) |
|||
Cash flows from financing activities: |
|||||
Repayment of capital lease obligations |
(675) |
(619) |
|||
Proceeds from exercise of stock options |
2,723 |
1,102 |
|||
Net cash provided by financing activities |
2,048 |
483 |
|||
Effect of exchange rate changes on cash and cash equivalents |
(816) |
14 |
|||
Increase in cash and cash equivalents |
1,676 |
3,171 |
|||
Cash and cash equivalents, at beginning of the period |
21,675 |
16,582 |
|||
Cash and cash equivalents, at end of the period |
$ 23,351 |
$ 19,753 |
STAAR Surgical Company |
|||||||||||||
Global Sales |
|||||||||||||
(in 000's) |
|||||||||||||
Unaudited |
|||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||
September 27, |
September 28, |
% Change |
September 27, |
September 28, |
% Change |
||||||||
Geographic Sales |
2013 |
2012 |
Fav (Unfav) |
2013 |
2012 |
Fav (Unfav) |
|||||||
United States |
17.5% |
$ 2,993 |
19.1% |
$ 3,038 |
-1.5% |
17.6% |
$ 9,388 |
19.9% |
$ 9,428 |
-0.4% |
|||
Japan |
23.6% |
4,040 |
26.7% |
4,237 |
-4.6% |
25.2% |
13,427 |
25.8% |
12,187 |
10.2% |
|||
China |
13.3% |
2,275 |
15.4% |
2,444 |
-6.9% |
12.3% |
6,575 |
14.1% |
6,691 |
-1.7% |
|||
Korea |
11.6% |
1,982 |
11.1% |
1,755 |
12.9% |
11.0% |
5,851 |
11.4% |
5,379 |
8.8% |
|||
Spain |
5.9% |
1,012 |
5.1% |
808 |
25.2% |
6.5% |
3,466 |
3.9% |
1,850 |
87.4% |
|||
Other |
28.1% |
4,804 |
22.6% |
3,584 |
34.0% |
27.3% |
14,564 |
24.9% |
11,781 |
23.6% |
|||
Total International Sales |
82.5% |
14,113 |
80.9% |
12,828 |
10.0% |
82.4% |
43,883 |
80.1% |
37,888 |
15.8% |
|||
Total Sales |
100.0% |
$ 17,106 |
100.0% |
$ 15,866 |
7.8% |
100.0% |
$ 53,271 |
100.0% |
$ 47,316 |
12.6% |
|||
Product Sales |
|||||||||||||
Core products |
|||||||||||||
ICLs |
62.7% |
$ 10,725 |
57.4% |
$ 9,111 |
17.7% |
61.2% |
$ 32,616 |
55.6% |
$ 26,321 |
23.9% |
|||
IOLs |
31.1% |
5,322 |
38.1% |
6,052 |
-12.1% |
32.9% |
17,533 |
40.5% |
19,185 |
-8.6% |
|||
Total core products |
93.8% |
16,047 |
95.6% |
15,163 |
5.8% |
94.1% |
50,149 |
96.2% |
45,506 |
10.2% |
|||
Non-core products |
|||||||||||||
Other |
6.2% |
1,059 |
4.4% |
703 |
50.6% |
5.9% |
3,122 |
3.8% |
1,810 |
72.5% |
|||
Total Sales |
100.0% |
$ 17,106 |
100.0% |
$ 15,866 |
7.8% |
100.0% |
$ 53,271 |
100.0% |
$ 47,316 |
12.6% |
STAAR Surgical Company |
||||||
Reconciliation of Non-GAAP Financial Measure |
||||||
(in 000's) |
||||||
Unaudited |
Three Months Ended |
Nine Months Ended |
||||
September 27, |
September 28, |
September 27, |
September 28, |
|||
2013 |
2012 |
2013 |
2012 |
|||
Net income (loss) - (as reported) |
$ 525 |
$ (90) |
$ 1,274 |
$ (349) |
||
Less: |
||||||
Manufacturing consolidation expenses |
490 |
728 |
2,004 |
$ 1,980 |
||
Spain distribution transition cost |
- |
397 |
442 |
$ 569 |
||
Foreign currency impact |
(226) |
(191) |
38 |
$ (9) |
||
Fair value adjustment of warrants |
- |
(10) |
(27) |
$ (217) |
||
Stock-based compensation expense |
905 |
838 |
2,924 |
$ 2,317 |
||
Net income - (adjusted) |
$ 1,694 |
$ 1,672 |
$ 6,655 |
$ 4,291 |
||
Net income (loss) per share, basic - (as reported) |
$ 0.01 |
$ (0.00) |
$ 0.03 |
$ (0.01) |
||
Manufacturing consolidation expenses |
$ 0.01 |
$ 0.02 |
$ 0.05 |
$ 0.05 |
||
Spain distribution transition cost |
$ - |
$ 0.01 |
$ 0.01 |
$ 0.02 |
||
Foreign currency impact |
$ (0.01) |
$ (0.01) |
$ 0.00 |
$ (0.00) |
||
Fair value adjustment of warrants |
$ - |
$ (0.00) |
$ (0.00) |
$ (0.01) |
||
Stock-based compensation expense |
$ 0.02 |
$ 0.02 |
$ 0.08 |
$ 0.06 |
||
Net income per share, basic - (adjusted) |
$ 0.05 |
$ 0.05 |
$ 0.18 |
$ 0.12 |
||
Net income (loss) per share, diluted - (as reported) |
$ 0.01 |
$ (0.00) |
$ 0.03 |
$ (0.01) |
||
Manufacturing consolidation expenses |
$ 0.01 |
$ 0.02 |
$ 0.05 |
$ 0.05 |
||
Spain distribution transition cost |
$ - |
$ 0.01 |
$ 0.01 |
$ 0.02 |
||
Foreign currency impact |
$ (0.01) |
$ (0.01) |
$ 0.00 |
$ (0.00) |
||
Fair value adjustment of warrants |
$ - |
$ (0.00) |
$ (0.00) |
$ (0.01) |
||
Stock-based compensation expense |
$ 0.02 |
$ 0.02 |
$ 0.08 |
$ 0.06 |
||
Net income per share, diluted - (adjusted) |
$ 0.04 |
$ 0.05 |
$ 0.17 |
$ 0.12 |
||
Weighted average shares outstanding - Basic |
36,750 |
36,292 |
36,552 |
36,206 |
||
Weighted average shares outstanding - Diluted |
39,284 |
36,292 |
38,482 |
36,206 |
||
Note: Net income per share (adjusted), basic and diluted, may not add up due to rounding |
STAAR Surgical Company |
|||||||||||
Reconciliation of Non-GAAP Financial Measure |
|||||||||||
Constant Currency Sales |
|||||||||||
(in 000's) |
|||||||||||
Unaudited |
|||||||||||
Three Months Ended |
|||||||||||
GAAP Sales |
|||||||||||
September 27, |
Effect of |
Constant |
September 28, |
As Reported |
Constant Currency |
||||||
2013 |
Currency |
Currency |
2012 |
$ Change |
% Change |
$ Change |
% Change |
||||
ICL |
$ 10,725 |
$ 37 |
$ 10,762 |
$ 9,111 |
$ 1,614 |
18% |
$ 1,651 |
18% |
|||
IOL |
5,322 |
809 |
6,131 |
6,052 |
(730) |
-12% |
79 |
1% |
|||
Other |
1,059 |
155 |
1,214 |
703 |
356 |
51% |
511 |
73% |
|||
Total Sales |
$ 17,106 |
$ 1,001 |
$ 18,107 |
$ 15,866 |
$ 1,240 |
8% |
$ 2,241 |
14% |
|||
Nine Months Ended |
|||||||||||
GAAP Sales |
|||||||||||
September 27, |
Effect of |
Constant |
September 28, |
As Reported |
Constant Currency |
||||||
2013 |
Currency |
Currency |
2012 |
$ Change |
% Change |
$ Change |
% Change |
||||
ICL |
$ 32,616 |
$ 110 |
$ 32,726 |
$ 26,321 |
$ 6,295 |
24% |
$ 6,405 |
24% |
|||
IOL |
17,533 |
2,249 |
19,782 |
19,185 |
(1,652) |
-9% |
597 |
3% |
|||
Other |
3,122 |
364 |
3,486 |
1,810 |
1,312 |
72% |
1,676 |
93% |
|||
Total Sales |
$ 53,271 |
$ 2,723 |
$ 55,994 |
$ 47,316 |
$ 5,955 |
13% |
$ 8,678 |
18% |
SOURCE