Haemonetics Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2011. For the quarter, the company reported GAAP net revenues of $191.160 million compared to $176.789 million for the same period a year ago. GAAP operating income was $25.323 million compared to $28.559 million for the same period a year ago. GAAP income before taxes was $25.463 million compared to $27.974 million for the same period a year ago. GAAP net income was $18.252 million or $0.72 per diluted share compared with $19.734 million or $0.77 per diluted share a year ago. GAAP cash flow from operations was $28.804 million compared to $47.030 million for the same period a year ago. Capital expenditures were $13.116 million compared to $10.898 million for the same period a year ago. Non-GAAP operating income was $29.652 million compared to $32.294 million for the same period a year ago. Non-GAAP income before taxes was $29.792 million compared to $31.709 million for the same period a year ago. Non-GAAP net income was $21.986 million or $0.86 diluted per share compared to $22.596 million or $0.89 diluted per share for the same period a year ago. The negative impact on operating results due to its product quality initiatives was approximately 170 basis points of gross margin and $4 million of operating earnings, which equates to $0.11 per share in the quarter; and 170 basis points of gross margin and $11 million of operating earnings, which equates to $0.31 per share year to date. For the nine months, the company reported GAAP net revenues of $541.174 million compared to $506.661 million for the same period a year ago. GAAP operating income was $67.798 million compared to $81.653 million for the same period a year ago. GAAP income before taxes was $68.168 million compared to $81.509 million for the same period a year ago. GAAP net income was $49.080 million or $1.90 diluted per share compared to $58.992 million or $2.32 diluted per share for the same period a year ago. GAAP cash flow from operations was $81.343 million compared to $91.316 million for the same period a year ago. Capital expenditures were $36.959 million compared to $34.986 million for the same period a year ago. Non-GAAP operating income was $79.412 million compared to $86.357 million for the same period a year ago. Non-GAAP income before taxes was $79.782 million compared to $86.213 million for the same period a year ago. Non-GAAP net income was $57.750 million or $2.24 diluted per share compared to $61.757 million or $2.42 diluted per share for the same period a year ago. For fiscal 2012, the company's revenue growth is expected to be approximately 6%-7%. Full year adjusted gross margin is expected to finish in a range of 51%-52%, operating income of between $108 million - $110 million, earnings per share of $3.00 - $3.10 and free cash flow in excess of $70 million. The company's outlook for the tax rate is approximately 28%, slightly improved from its previous estimate, which was 28.5%.