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Endocare Reports Financial Results for Second Quarter 2008
Date:8/6/2008

believe that this is an area where we have a potentially substantial competitive advantage."

Net loss for the second quarter of 2008 was $2.0 million, or $0.17 loss per share, compared to a net loss of $2.3 million, or $0.21 loss per share, in the second quarter of 2007. Included in the net loss for the second quarter was $828,000 of legal expenses related to the legal proceedings of the Company's former CEO and former CFO, compared to a credit (a reduction of expense) of $280,000 from refunded legal expenses in the second quarter of 2007.

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) was a loss of $1.1 million for the second quarter of 2008, equal to a loss of $1.1 million for the second quarter of 2007. A reconciliation of the differences between the GAAP net losses and the adjusted EBITDA losses is included in an accompanying table.

Chief Financial Officer Michael Rodriguez reported cash and cash equivalents of $4.8 million, total assets of $17.8 million, and total stockholders' equity of $8.4 million as of June 30, 2008. The Company also has potentially up to $5.0 million in additional capital available under the stock purchase agreement announced in October 2006, depending on its prevailing stock price, as well as amounts available on its credit facility with Silicon Valley Bank. Rodriguez added that, in light of the investments required to fund the growth initiatives described above as well as the ongoing legal proceedings referred to above, the Company continues to assess the adequacy of its capital resources and may use both existing and new sources of capital to finance the growth of the business.

Conference Call

As previously announced, Endocare will host a conference call today to discuss the Company's results for its second quarter ended June 30, 2008. The call will take place at 11:00 a.m. (Eastern) and be broadcast live over the Internet. To participate on the call, dial 1-
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SOURCE Endocare, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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