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Tutogen Medical, Inc. Reports Year-End Fiscal 2007 Financial Results
Date:12/10/2007

es of $53.8 million compared to $37.9 million in fiscal 2006; an increase of 42%. A gross margin of 57% for fiscal year 2007 was comparable to that of the previous year. Total operating expenses for fiscal year 2007 were $27.3 million versus $21.9 million in the previous year. The increase in expenses was primarily related to: 1) increased marketing fees to Zimmer of $2.6 million directly related to the growth in U.S. dental sales; 2) an increase in stock option expenses of $310,000; 3) unusual general and administrative expenses in the fourth quarter associated with Sarbanes Oxley compliance of $427,000 and the relocation of Company executives of $290,000; and, 4) $942,000 for increased personnel, sales and marketing and facility expenses related to the Company's growth in fiscal year 2007. Interest expense increased $905,000 to $1.2 million in 2007 due to the Company issuing a $3.0 million debenture and incurring other debt to finance plant expansions in the U.S. and Germany. Interest expense is expected to be 50% lower in 2008 than 2007 as the debenture fully converted into common stock in the third quarter of 2007, and, as of September 30, 2007, the Company had paid down all of the outstanding balances on its short term lines of credit in the U.S. and Germany.

The Company had a $4.2 million tax benefit in 2007 due to a reversal of the full valuation allowance in the U.S. of $6.2 million offset by income tax expense of $334,000 as a result of the reduction of the Company's German tax rate, with the remaining $1.7 million related primarily to the utilization of net operating losses associated with taxable income.

The Company reported net income of $6.8 million, or $0.36 per fully diluted share in fiscal year 2007 compared to a net loss of $0.6 million, or $(0.04) per fully diluted share, in the previous fiscal year. Excluding the $4.2 million tax benefit, the Company generated a net income of $2.6 million or $.15 basic and $.14 diluted income per sha
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SOURCE Tutogen Medical, Inc.
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