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Kensey Nash Reports Acceleration of Stock Awards Triggered by Shareholder Acquisition of Greater Than 20% of Outstanding Shares
Date:9/26/2007

EXTON, Pa., Sept. 26 /PRNewswire-FirstCall/ -- Kensey Nash Corporation (Nasdaq: KNSY) today reported that the acquisition by Ramius Capital Group, L.L.C. and its affiliates on August 30, 2007 of more than 20 percent of the Company's outstanding common stock, as reported by Ramius in filings with the SEC, constituted a "Change in Control" under the Company's equity compensation plan. As a result, all outstanding unvested stock options, stock appreciation rights and restricted stock held by officers, employees, directors and others under this plan automatically became vested (and, in the case of options and stock appreciation rights, exercisable) in full.

The Company continues to anticipate revenue for the quarter at the high end of its guidance range of $17.0 to $17.7 million. In addition, the Company reiterates its pro forma earnings per share guidance of $0.14, excluding $0.03 per share of remaining charges related to the Company's discontinuance of its embolic protection product platform and prior to the impact of the charges related to this event. The accelerated vesting will result in a non-cash, tax-effected charge of approximately $2.2 million, or $0.19 per share, during the quarter ending September 30, 2007. In addition, the Company will take a non-cash mark-to-market adjustment for the remainder of the quarter on the 284,000 fully vested and exercisable stock appreciation rights. The Company anticipates a reported loss per share of $0.08 including the embolic protection and accelerated vesting charges but prior to the impact of the mark-to-market adjustment. The acceleration will remove all future equity compensation expense related to these stock options and restricted shares under the plan. However, st
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SOURCE Kensey Nash Corporation
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