Kensey Nash Reports Second Quarter EPS of $0.21 and Revenue of $19...(e which are adjusted from ourGAAP result...),Health

Date:1/25/2008

e, which are adjusted from our GAAP results to exclude certain expenses. These non-GAAP adjustments are provided to enhance the user's overall understanding of our historical and current financial performance and our prospects for the future. We believe the non- GAAP results provide useful information to both management and investors by excluding certain expenses that we believe are not indicative of our core operating results.

We have adjusted our GAAP results for the discontinuance of our embolic protection platform and for the accelerated vesting of stock awards. As previously announced, the Company has excluded the impact of write-offs of inventory, certain dedicated embolic protection equipment, and other assets related to the Company's decision in June 2007 to discontinue the embolic protection product line. Additional charges related to severance and clinical trial closeout costs were recorded in the first fiscal quarter of 2008, as set forth in the reconciliation. In addition, the Company is excluding the impact of the acceleration of vesting of the stock awards from the first quarter results due to the "Change in Control" as defined in the Company's equity compensation plan on August 30, 2007 when Ramius Capital Group, L.L.C. and its affiliates acquired more than 20 percent of the Company's outstanding common stock.

These non-GAAP measures will provide investors and management with an alternative method for assessing Kensey Nash's operating results in a manner consistent with the presentation prior to the discontinuance of our embolic protection division and the accelerated vesting of stock awards. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting in future periods. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States.

'/>"/>

SOURCE Kensey Nash Corporation Copyright©2008 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5 6 7 8 9 10 11 12 13
Related medicine news :

1. Kensey Nash Corporation Announces Its Second Quarter 2008 Earnings Release Date and Teleconference
2. Kensey Nash to Present at the 19th Annual Piper Jaffray Health Care Conference
3. Kensey Nash Announces Exclusive License of Optical Guidance Patent to Enhance Chronic Total Occlusion Platform
4. Kensey Nash Reports First Quarter Fiscal Year 2008 Results
5. Kensey Nash Reports Acceleration of Stock Awards Triggered by Shareholder Acquisition of Greater Than 20% of Outstanding Shares
6. Kensey Nash Announces $25 Million Stock Repurchase Program
7. Kensey Nash Corporation Announces its First Quarter 2008 Earnings Release Date and Teleconference
8. WellPoint Reports Fourth Quarter and Full Year 2007 Results
9. Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EPS Guidance
10. TeamStaff Reports Fourth Quarter and Fiscal 2007 Results; Posts Fourth Quarter Income From Operations
11. Health care reform and 2008 elections: New reports examine candidates plans, publics views