IRIDEX Reports Fourth Quarter and Full Year 2007 Financi... (at the time of the acquisition and reali...)

IRIDEX Reports Fourth Quarter and Full Year 2007 Financial Results

Date:4/10/2008

at the time of the acquisition and realizing an impairment charge of $14.7 million to reflect our current expectations for the business. We believe that the products acquired in the transaction remain attractive to the market but we recognize that we have yet to establish an adequate sales channel to exploit its potential, particularly in the US. Our focus in 2008 is to establish that channel."

Balance Sheet

Cash and cash equivalents were $5.8 million as of December 29, 2007 (this does not include $3.8 million in restricted cash), down from $21.1 million at December 30, 2006. Inventories were $16.0 million as of December 29, 2007, compared with inventories of $9.5 million at December 30, 2006. Inventory turns were 1.3 turns in 2007, compared with 1.9 turns for the full year 2006. Accounts receivable were $8.9 million as of December 29, 2007, compared with $6.1 million as of December 30, 2006. Quarterly days' sales outstanding improved to 57 days in 2007 compared with 61 days for 2006.

The Company's financial statements and audit opinion for the fiscal year ended December 29, 2007, which were filed with its Annual Report on Form 10-K on April 10, 2008, included a going concern qualification received from its independent registered public accounting firm. This announcement is being made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's 2007 financial statements or to its Annual Report on Form 10-K.

Conference Call

IRIDEX Management will conduct a conference call later today, Thursday April 10, 2008 at 5:00 pm EDT. Interested parties may access the live conference call via telephone by dialing (800) 240-7305 (US) or (303) 262-2130 (International), or visit the Company's website at http://www.iri
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Related medicine news :

1. IRIDEX Announces Fourth Quarter and Full Year 2007 Conference Call and Release Date
2. IRIDEX Reports Third Quarter Financial Results
3. IRIDEX Announces Third Quarter 2007 Conference Call and Release Date
4. Theodore A. Boutacoff Appointed President & CEO of IRIDEX
5. James B. Hawkins Appointed to IRIDEX Board of Directors
6. IRIDEX Appoints Burr, Pilger & Mayer New Independent Auditor
7. William Moore Appointed to IRIDEX Board of Directors
8. IRIDEX Announces Closing of $5.0 Million Private Placement
9. Haemacure Reports on its annual general and special meeting of shareholders
10. Obesity Costs U.S. Companies as Much as $45 Billion a Year, The Conference Board Reports
11. Consumer Reports: If Your Gums Could Speak

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IRIDEX Reports Fourth Quarter and Full Year 2007 Financi...(at the time of the acquisition and reali...),Health