STAAR Surgical Generates Cash From Operations During Seco...( ...),Health

MONROVIA, Calif., Aug. 3 /PRNewswire-FirstCall/ -- STAAR Surgical Company (Nasdaq: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today reported that it generated $286,000 in cash from operating activities during the second quarter. The cash generation marked the first time since the first quarter of 2003 that the company generated cash from operating activities. This milestone was made possible due to improvement in sales mix and the significant progress in the management of operating expenses and working capital. That progress also contributed to the positive EBTIDA reported during the quarter and year to date, which STAAR has not achieved since the first quarter of 2003.

Second Quarter Financial Highlights

• Cash provided by operating activities was $286,000, compared to cash used in operating activities of $2.8 million during the second quarter of 2008. This reflects continuous improvement for the past six quarters as shown below:
  

         Cash Provided by (Used in) Operating Activities (000's)
        Q1 2008     Q2 2008    Q3 2008   Q4 2008   Q1 2009    Q2 2009
         $(3,370)   $(2,760)   $(1,107)   $(991)    $(448)     $286

• Global sales for the second quarter were $19.1 million, or $19.8 million on a constant currency basis, as compared to $20.7 million during the second quarter of 2008. Global sales for the second quarter of 2009 were impacted by the Company's decision in late 2008 to de-emphasize sales of low margin products. Sales of these lower margin products declined by 23.5% or $1.5 million during the second quarter.
• Gross profit margin w
  '/>"/>