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Cyberonics Continues Strong Sales Growth and Profitability in Fiscal 2009 Third Quarter
Date:2/18/2009

rted operating income. During the third quarter of fiscal 2009, the company's income from operations was $5.0 million compared with $0.3 million in the comparable period of fiscal 2008. This operating profit is the highest ever recorded by the company.

For the nine-month period ended January 23, 2009, income from operations of $12.3 million compared to a loss from operations of $11.3 million in the same period of fiscal 2008.

Debt repurchase / other income

During the recently completed quarter, the company repurchased $19.8 million of its outstanding convertible debt for total cash consideration of $13.6 million, and recorded a net gain of $5.7 million, including the impact of tax and the accelerated amortization of deferred issuance costs. In the last five quarters, the Company has retired a total of $67.7 million of debt, including $60.2 million of convertible debt.

Net income

The company reported net income of $9.8 million, or $0.15 per diluted share, for the third quarter, compared with a net loss of $1.0 million, or $0.04 cents per share, in the third quarter of fiscal 2008. Although the gain on early extinguishment of the convertible debt is included in the calculation of net income, it is excluded from the calculation of net income per diluted share as per the applicable accounting rules.

Balance sheet and cash flow

The company generated positive operating cash flow of $7.7 million during the quarter. Despite the expenditure of $13.6 million on repurchasing notes during the recently completed quarter, overall cash decreased by only $6.4 million to $62.9 million.

Results and objectives

"Fiscal 2009 performance continues to be strong," commented Dan Moore, Cyberonics' President and Chief Executive Officer. "Our financial results have improved in each of the last seven quarters. Our core U.S. epilepsy business
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SOURCE Cyberonics, Inc.
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