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Endocare Reports 2009 First Quarter Financial Results
Date:5/15/2009

008 fourth quarter. Gross margin in the 2008 fourth quarter was affected by approximately $315,000 in costs associated with reworking certain of the Company's finished goods inventory to incorporate recent product enhancements and certain adjustments to inventory reserves. Operating expenses in the 2009 first quarter were $7.7 million, compared to $7.4 million in the 2008 first quarter, and included more than $1.3 million in expenses related to the proposed merger with Galil Medical Ltd. Operating expenses in the 2008 fourth quarter were $8.8 million, and included more than $1.5 million in merger related expenses and a $0.9 million loss from the impairment of an investment in Sanarus Medical, a privately-held minority investee, in connection with a strategic alliance formed in 2001.

Net loss for this year's first quarter was $2.0 million, or $0.16 loss per share, compared to a net loss of $1.7 million for the first quarter of 2008, or $0.14 loss per share. Net loss for the fourth quarter of 2008 was $3.8 million, or $0.31 loss per share.

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) was a loss of $1.2 million for the first quarter of 2009 including $1.3 million in merger related expenses, compared to a loss of $0.7 million for the first quarter of 2008. A reconciliation of the differences between GAAP net losses and adjusted EBITDA losses is included in an accompanying table. Adjusted EBITDA was a loss of $3.1 million for the fourth quarter of 2008, including $1.5 million in merger related expenses and the $0.9 million impairment loss as noted above.

In November 2008, Endocare announced the execution of a definitive merger agreement with Galil to together create a larger combined company focused on the promotion and development of cryoablation, a minimally invasive method to freeze and destroy cancerous tumors.

Regarding the proposed merger with Ga
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SOURCE Endocare, Inc.
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