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Cyberonics Reports Record Sales and Operating Profit in Fiscal 2010 Second Quarter
Date:11/18/2009

income

During the recently completed quarter, the company repurchased $7.5 million of its outstanding convertible debt for a total consideration of $6.7 million and recorded a net gain of approximately $0.7 million, including the impact of tax and the accelerated amortization of deferred issuance costs. Convertible debt outstanding as of October 23, 2009 totaled $39.2 million. Subsequent to quarter end, the company repurchased a further $8.3 million of its outstanding convertible debt, for total consideration of $7.6 million, and expects to record a net gain of approximately $0.5 million in its fiscal third quarter.

Income taxes

The company recorded a non-cash tax benefit in the second quarter of fiscal 2010 of $40.5 million resulting from the reversal of its tax valuation allowance related to net operating losses. This benefit represents approximately 40% of the valuation allowance previously recorded against the company's deferred tax asset.

Net income

The company reported net income of $50.1 million, or $1.73 per diluted share, for the second quarter of fiscal 2010, compared with a net income of $8.4 million, or $0.14 cents per diluted share, for the second quarter of fiscal 2009.

For the second quarter of fiscal 2010, the company reported adjusted non-GAAP net income and adjusted non-GAAP diluted earnings per share of $9.1 million and $0.32 cents per share, respectively, compared with $3.9 million and $0.14 cents per share for the second quarter of fiscal 2009.

The number of diluted shares for the quarter and the year to date includes approximately 940,000 shares resulting from the dilutive effect of the remaining convertible notes on an as if converted basis. Although the gain on early extinguishment of the convertible debt is included in the calculation of net income, as per the applicable accounting rules, it is excluded from the calculation of net income pe
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SOURCE Cyberonics, Inc.
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