Guidance for Quarter Ending June 30, 2009 (Fourth Quarter Fiscal 2009)
For the fourth quarter of fiscal 2009, the Company currently anticipates that its net sales will be in a range of $13.1 to $13.5 million, representing a 12% to 10% decrease from the comparable prior fiscal year quarter. The Company expects this decrease primarily due to the change from a direct sales model of the endovascular products in fiscal 2008 to a strategic partnership resulting from the sale of the endovascular business in May 2008. Royalties are expected to be in the range of $6.7 to $7.0 million compared to $7.0 million in the comparable period of the prior year. On a comparative basis, royalty guidance for the fourth quarter of fiscal 2009 has been adversely impacted by an approximate $600,000 negative effect of foreign currency exchange. The U.S. Dollar to Euro exchange rate for the fourth quarter of fiscal 2008 was approximately 1.56; however, the Company's guidance estimates that the U.S. Dollar to Euro exchange rate will decrease to an average of approximately 1.3 for the fourth quarter of fiscal 2009 based on current market conditions. Total revenues are anticipated to be in the range of $19.8 to $20.5 million, representing a 7% to 10% decrease from the comparable period of the prior fiscal year.
The Company expects fiscal 2009 fourth quarter diluted earnings per share of $0.38 to $0.41 per share, compared to a diluted loss per share of ($0.09) for the same period of fiscal 2008. The Company expects this improvement from the prior fiscal year primarily due to the elimination of the endovascular sales and marketing expenses, partially offset by an anticipated increase in research and development expenses related to the cartilage repair and extracellular matrices technologies programs.<
|SOURCE Kensey Nash Corporation|
Copyright©2009 PR Newswire.
All rights reserved