SKILLMAN, N.J., Feb. 21, 2012 /PRNewswire/ -- ConvaTec Healthcare B, S.a.r.l. (the “Company”), today released certain preliminary unaudited financial information for its fiscal fourth quarter and full year ended December 31, 2011. Such information remains preliminary and subject to audit.
The Company expects net sales for the fiscal fourth quarter in 2011 to total approximately $438.4 million as compared to net sales of $396.2 million for the fiscal fourth quarter 2010, an increase of 10.7% on an as reported basis and 10.9% at constant exchange rates. For the year ended December 31, 2011 the Company expects net sales to total approximately $1.6 billion as compared to net sales of $1.5 billion for the year ended December 31, 2010, an increase of 5.7% on an as reported basis or 2.3% at constant exchange rates. Net sales amounts as presented for 2011 are preliminary and unaudited. See Table 1 (below) for the Company’s estimated net sales for 2011 by franchise as compared to 2010.
The Company expects its Adjusted EBITDA for the fiscal fourth quarter in 2011 to total between $123.0 million and $127.0 million as compared to Adjusted EBITDA of $118.8 million for the fiscal fourth quarter of 2010. For the year ended December 31, 2011, the Company expects its Adjusted EBITDA to total between $434.0 million and $438.0 million as compared to Adjusted EBITDA of $427.8 million for the year ended December 31, 2010.
Adjusted EBITDA is a non-GAAP financial measure which is defined as net earnings before interest expense, income taxes, depreciation and amortization, and further adjusted to exclude goodwill and asset impairment charges, loss on debt extinguishment, separation and integration costs incurred in connection with acquisitions of ConvaTec and Unomedical and other non-recurring items. See Table 2 (below) for a reconciliation of the Company’s estimated operating income to estimated Adjusted EBITDA, for the fiscal fourth quarter and full year ended December 31, 2011 compared to the same periods in 2010.
The Company was in compliance with all financial covenants under its secured and senior notes and its bank credit facilities as of December 31, 2011.
The Company expects to issue its annual report, including complete 2011 financial results in April 2012 upon completion of its annual audit. All 2011 amounts included herein are unaudited and are therefore subject to change.
About ConvaTec
ConvaTec is a leading developer and marketer of innovative medical technologies that have helped improve the lives of millions of people worldwide. With four key focus areas Ostomy Care, Wound Therapeutics, Continence and Critical Care, and Infusion Devices ConvaTec products support healthcare professionals from the hospital to the community health setting. For more information, please visit www.convatec.com.
