Net sales for fiscal 2008 include $0.5 million relating to the license fee of $9.5 million received during the third quarter. It is anticipated that this license fee will be recognized at a quarterly rate of $373,000 through the end of fiscal 2014. The unamortized amount is reflected as deferred revenue in long-term liabilities.
The gross profit for fiscal 2008 represented 83% of net sales compared to 86% in fiscal 2007, primarily due to lower production, and the resulting impact on overhead absorption.
Operating expenses for the fourth quarter of fiscal 2008 totaled $25.0 million, and for fiscal 2008 totaled $108.4 million; for the comparable periods of fiscal 2007 operating expenses were $35.9 million and $162.2 million, respectively.
Included in expenses for the quarter ended April 25, 2008 was a credit of $1.3 million in insurance recoveries, and for fiscal 2008, insurance recoveries totaled $1.7 million.
Expenses for the quarter, and the fiscal year, ended April 25, 2008 included $2.7 million and $11.7 million for stock-based compensation expense respectively. For the comparable periods of fiscal 2007, the amounts were $2.9 million and $19.4 million, respectively.
Operating earnings / (loss)
The company reported operating earnings of $3.0 million in the recently completed quarter, and an operating loss for fiscal 2008 of $8.2 million, compared with an operating loss of $10.2 million, and $49.5 million, in the comparable periods of fiscal 2007, respectively.
Income tax expense / (benefit)
Included in income tax expense for the quarter ended April 25, 2008 was a credit of $0.4 million relating to Texas margin tax changes.
Net income / (loss)
The company reported net i
|SOURCE Cyberonics, Inc.|
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