CryoLife Reports Record Quarterly Revenues of $28...(for the first six months of 2009 to $7.7...),Health

Net income for the first six months of 2009 was $4.5 million, or $0.16 per basic and fully diluted common share, compared to $6.7 million, or $0.24 per basic and fully diluted common share for the first six months of 2008. If the Company had recorded 2008 income taxes at a normalized 41 percent effective tax rate, net income for the first six months of 2008 would have been $4.1 million and fully diluted earnings per share would have been $0.15. The Company has net operating loss carryforwards that will largely reduce required cash payments for federal and state income taxes for the 2009 tax year.

Tissue processing revenues for the second quarter of 2009 increased 3 percent to $14.1 million compared to $13.7 million for the second quarter of 2008. Excluding orthopaedic tissue processing revenues of $44,000 and $297,000 for the second quarter of 2009 and 2008, respectively, tissue processing revenues increased 5 percent to $14.0 million for the second quarter of 2009 compared to $13.4 million for the second quarter of 2008. The increase in tissue processing revenues was primarily due to increased revenues from vascular tissue for the second quarter of 2009 of $7.6 million as compared to $7.1 million for the second quarter of 2008.

Tissue processing revenues for the first six months of 2009 increased 2 percent to $27.6 million compared to $27.1 million for the first six months of 2008. Excluding orthopaedic tissue processing revenues of $129,000 and $624,000 for the first six months of 2009 and 2008, respectively, tissue processing revenues increased 4 percent to $27.5 million for the first six months of 2009 compared to $26.5 million for the first six months of 2008. The increase in tissue pr
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