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

5 million, or $0.02 per share, as compared with income from continuing operations of $1.1 million or $0.04 per share, for the nine months ended September 30, 2007.

During the third quarter 2008, the Company recognized a tax benefit on the reversal of a deferred tax asset valuation allowance of $1.3 million related to its Australian operation.

In the third quarter 2008, the Company closed one of its European operations and sold another operation in Europe as part of the consolidation efforts. These units have been classified as discontinued operations for the three and nine months ended September 30, 2008, and 2007, respectively.

As of September 30, 2008, the Company had cash and cash equivalents of $13.6 million and an available line of credit of $6.0 million.

Sonic Innovations designs, develops, manufactures and markets advanced digital hearing aids designed to provide the highest levels of satisfaction for hearing impaired consumers.

This press release contains "forward-looking statements" as defined under securities laws including, (i) our expectation that our consolidation efforts will improve our earnings growth going forward. Actual results may differ materially and adversely from those described herein depending on a number of factors but not limited to, the following risks: we face aggressive competition in our business; acquisitions could be difficult to integrate and disrupt our current business and therefore may harm our operating results; we may poorly operate newly acquired businesses; our consolidation initiative may not produce the cost savings or may take longer or be more difficult than we anticipate; our consolidation initiative may divert a significant amount of management's resources and attention away from other matters or may adversely affect other segments of our business; our new products may not increase sales; we may lose a large customer or suffer a reduction in orders from a large customer; we must have
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SOURCE Sonic Innovations, Inc.
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