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Cardiogenesis Reports First Quarter 2008 Results
Date:5/15/2008

gin in the first quarter of 2007. Gross profit in absolute dollars decreased by $270,000, or 10%, to $2,457,000 for the current year quarter as compared with $2,727,000 for the 2007 first quarter.

Research and development costs were $216,000 in the first quarter of 2008 as compared with $212,000 in the first quarter of 2007.

Salaries and employee benefit expenditures of $1,524,000 in the quarter ended March 31, 2008 increased $200,000, or 15%, when compared to $1,324,000 for the quarter ended March 31, 2007.

Sales, general and administrative expenditures for the quarter ended March 31, 2008 totaled $754,000 as compared to $726,000 during the quarter ended March 31, 2007. This represents an increase of $28,000, or 4%.

As the Company noted in its recent filings, due to disruptions of, and the resulting reduced liquidity in certain financial markets, the Company's AAA rated auction rate securities with a total purchased cost of approximately $350,000 experienced failed auctions during 2008. The securities in question do not have stated maturity dates since they are perpetual securities and reset every 7 to 28 days. Due to the failed auctions, the Company was unable to sell the securities at their respective costs, resulting in a temporary decrease in fair value. As a result, the Company has classified $350,000 of auction rate securities as long-term investments in marketable securities. The Company has concluded that any unrealized losses on these investments are temporary because the Company believes that the decline in market value that has occurred is due to general market conditions, the auction rate securities continue to be of a high credit quality and interest is paid as due and the Company has the intent and ability to hold these investments to maturity or until a recovery in market value occurs. The fair value of these securities could change significantly in the future and the Company may be required to record other-than-temporary
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SOURCE Cardiogenesis Corporation
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