Hologic Announces First Quarter Fiscal 2008 Operati...(he firstquarter of fiscal 2008 results w...)

Date:1/31/2008

he first quarter of fiscal 2008 results were charges relating to the Cytyc merger of $370.0 million attributable to acquired in-process research and development costs, $41.5 million attributable to the increase in cost of revenues relating to the write-up of inventory to fair market value, and $20.4 million attributable to the amortization of intangibles.

The Company's non-GAAP adjusted net income for the first quarter of fiscal 2008 increased 213% to $61.4 million compared to the Company's non-GAAP adjusted net income of $19.7 million in the first quarter of fiscal 2007. The Company's fiscal 2008 first quarter non-GAAP adjusted net income excludes the following:

-- a $370.0 million charge for the in-process research and development

costs related to Cytyc;

-- a $41.5 million increase in cost of revenues relating to the write-up

of acquired inventory to fair value;

-- a $26.2 million charge to operating expenses to amortize the intangible

assets acquired from Cytyc, AEG, BioLucent, Fischer, R2 and Suros;

-- a $2.9 million impairment charge for certain intangible assets acquired

from Cytyc and written-off; and

-- a $7.6 million charge for stock-based compensation expense.

Non-GAAP adjusted net income is a non-GAAP financial measure. A reconciliation of this adjusted net income to the Company's net income for the first quarters of fiscal 2008 and 2007 is set forth in the supplemental disclosure schedule attached to this press release. The Company believes this non-GAAP measure is useful to investors in comparing the results of operations in fiscal 2008 to the comparable period in fiscal 2007 by eliminating certain of the more significant effects of the acquisitions that took place since fiscal 2006, as well as the Company's non-cash compensation expense associated with its stock option and other equity awards. Management uses this non-GAAP financial measure for this purpose, and thes
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SOURCE Hologic, Inc. Copyright©2008 PR Newswire. All rights reserved

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