(240)1(478)1Expense on preferred stock
1—232—(4,478)1(6,512)1LOSS BEFORE INCOME TAXES(6,102)(1,057)(8,886)(1,431)INCOME TAX EXPENSE (BENEFIT)(104)89(110)38NET LOSS$
(1,469)PREFERRED STOCK DIVIDENDS AND ACCRETION(267)—(527)—NET LOSS AVAILABLE TO COMMON STOCKHOLDERS$
(1,469)BASIC AND DILUTED LOSS PER COMMON SHARE$
(0.03)BASIC AND DILUTED WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING49,299,67249,206,33949,296,33949,198,005See notes to unaudited condensed consolidated financial statements.Transgenomic, Inc.Summary Financial ResultsModified EBITDA(dollars in thousands)Management uses Modified EBITDA, a non-GAAP measure, to measure the Company's financial performance and to internally manage its businesses. Management believes that Modified EBITDA provides useful information to investors as a measure of comparison with peer and other companies. Modified EBITDA should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with generally accepted accounting principles. Modified EBITDA calculations may vary from company to company. Accordingly, our computation of Modified EBITDA may not be comparable with a similarly-titled measure of another company.The following sets forth the reconciliation of Net Loss to Modified EBITDA for the periods indicated:Three Months EndedSix Months EndedJune 30,June 30,2011201020112010NET LOSS$(5,998)$(1,146)$(8,776)$(1,469)INTEREST EXPENSE (INCOME)240(1)478(1)INCOME (TAXES) BENEFIT(104)89(110)38DEPRECIATION AND AMORTIZATION498169992378PREFERRED STOCK EXPENSES4,239—6,266—STOCK OPTION EXPENSE (RECOVERY
|SOURCE Transgenomic, Inc.|
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