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Sonic Innovations Announces Results for Third Quarter 2008
Date:10/28/2008

nuing operations of $20.1 million in the third quarter 2008 increased 6.5 percent from 2007. Gross margin from continuing operations for the third quarter was 64.3 percent in 2008 compared to last year's third quarter level of 62.9 percent as a result of cost reductions in manufacturing, distribution activities, lower warranty costs, and changes in foreign currency exchange rates.

The Company's gross profit from continuing operations increased to 63.5 percent for the nine months ended September 30, 2008 from 62.8 percent for the same nine months of 2007.

Selling, general and administrative expense as a percentage of net sales from continuing operations increased from 54.4 percent in the third quarter 2007 to 57.5 percent in the third quarter 2008 as a result of retail acquisitions and changes in foreign currency exchange rates. Research and development expense in the third quarter 2008 of $2.0 million was down $0.1 million from $2.1 million in the prior year.

The Company expects that consolidation activities will result in total restructuring charges of approximately $2.5 million in non-cash charges and $2.4 million in cash charges in 2008. Restructuring charges from continuing operations are expected to be $0.3 million and $2.3 million in non-cash and cash charges, respectively. For the third quarter of 2008, the Company recorded total restructuring charges of $0.4 million, or $0.01 per share, and $4.1 million, or $0.15 per share, on a year-to-date basis. In the third quarter of 2008, the Company recorded restructuring charges from continuing operations of $0.2 million, or $0.01 per share, and $1.6 million, or $0.06 per share, on a year-to-date basis.

Income from continuing operations for the third quarter of 2008 was $0.6 million, or $0.02 per share, compared to income $0.7 million, or $0.03 per share, for the third quarter 2007.

The year-to-date loss from continuing operations for the nine months ended September 30, 2008 was $0.
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SOURCE Sonic Innovations, Inc.
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