Align Technology Announces Second Quarter Fiscal 20...(it was $4.8million compared to $2.9 mill...),Health

The Company also announced measures to reduce operating expenses.

Prescott said, "As consumer spending has continued to soften, so has our outlook for revenue growth. As a result, we're reducing overall company spending and slowing headcount growth while preserving the important investments in strategic priorities. Unfortunately, valued employees will be affected, and those are decisions that the management team and I do not take lightly. These actions are only the first steps in actively reducing our cost structure and moving towards a financial model with greater operating leverage."

The cost-saving measures include: a reduction in full time headcount of 38, slowing headcount growth for the remainder of 2008, and cuts in discretionary spending. These actions will reduce expenses in the second half of 2008 by approximately $5 million to $6 million. In addition, the company is implementing a phased consolidation of its order acquisition operations in Santa Clara, California into its existing operations in Juarez, Mexico by the end of 2008. Upon completion, 29 positions in Santa Clara will be eliminated, resulting in annualized cost savings of approximately $1.0 to $1.5 million in 2009. As part of these actions, Align will record a restructuring charge estimated to be approximately $2.6 million in the second half of fiscal 2008, of which approximately $2.2 million will be realized in Q3 08. At the end of Q2 08, Align had a regular employee base of approximately 1,400 worldwide.

Q2 08 Operating Results

Key GAAP Operating Results Q2 08 Q1 08 Q2 07

Gross Margin 74.7% 73.8% 73.6%

Operating Expense $55.8M $50.5M $42.9M

Operating Margin 4.8% 6.2% 17.6%

Net Profit $4.0M
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