During the quarter the Company reached a settlement with the German Ministry of Finance related to taxes assessed in connection with unreported sales of a company controlled by the former President of Domilens that reduced the Ministry's original claim by two thirds. As a result of the settlement, the Company reversed approximately $460,000 in income tax expense originally recorded in the fourth quarter of 2006.
Net loss for the third quarter of 2007 was $3,830,000 or $0.13 per share. The Company reported a net loss of $2,789,000 or $0.11 per share for the third quarter of 2006, and a net loss of $4,357,000 or $0.16 per share for the second quarter of this year.
STAAR exited the third quarter with approximately $14,196,000 in cash and cash equivalents compared with $7,758,000 at the end of the fourth quarter of 2006. The Company used $1,965,000 in cash for operating activities, compared with $1,673,000 in the third quarter of 2006 and $4,238,000 in the second quarter of this year.
The Company took measures during the quarter aimed at reducing the global cash burn to approximately $2 million per quarter, and expects to manage the global cash burn to approximately this level for the foreseeable future. This objective does not include the effect or potential effect on cash of the recent acquisition of Canon's interest in the Japanese joint venture.
While STAAR will use p
|SOURCE STAAR Surgical Company|
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