STAAR Surgical Reports 33% Third Quarter Reve...(lion or$0.08 per share compared with $3....),Health

Date:10/28/2008

lion or $0.08 per share, compared with $3.8 million or $0.13 for the third quarter of 2007. The net loss for the quarter includes $1.6 million in non-cash expenses. For the nine months ended September 28, 2008, the net loss was $13.7 million or $0.47 per share, compared with $11.7 million or $0.42 for the nine months ended September 26, 2007. The net loss associated with STAAR Japan for the nine months of 2008 was $6.1 million, largely resulting from non-cash purchase accounting charges recorded during the first quarter. Excluding Japan, the net loss for the nine months was $7.6 million, or $0.26 per share, a 38% improvement over 2007. Non-cash expenses for the first nine months of 2008 were $8.2 million.

At September 26, 2008, cash and cash equivalents were $6.7 million, compared to $8.9 million at June 27, 2008. During the quarter the Company used $1.1 million of cash for operating activities compared with $3.4 million in the first quarter of 2008, $2.8 million in the second quarter of 2008 and $1.5 million in third quarter of 2007. Cash used in operating activities for the nine months ended September 26, 2008 was $7.2 million compared with the $8.5 million reported for the nine months ended September 28, 2007. Excluding Japan, for the nine months, cash used in operating activities has declined 50% from the amount used during the first nine months of 2007. STAAR Japan generated $31,000 in cash from operating activities in third quarter of 2008 and used $2.9 million in the first nine months of 2008. "We've carefully watched our spending and cash position and continue to have no plans to return to the market to raise additional capital to fund our current operations," stated Mr. Caldwell.

Conference Call

The Company will host a conference call and webcast on Tuesday, October 28, 2008 at 5:00 p.m. Eastern Time to discuss the Company's third quarter and current corporate developments. The dial-in number for the conference call is 800-240-5318 for
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SOURCE STAAR Surgical Company Copyright©2008 PR Newswire. All rights reserved

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