Cyberonics Provides Update on Ta... ( HOUSTON Nov. 16 /- Cyberonics Inc....)

Cyberonics Provides Update on Tax Position

Date:11/16/2009

HOUSTON, Nov. 16 /PRNewswire-FirstCall/ -- Cyberonics, Inc. (Nasdaq: CYBX) today announced an update with respect to its tax position.

In its fiscal second quarter ended October 23, 2009, Cyberonics expects to record a non-cash GAAP tax benefit of approximately $40 million resulting from the reversal of its tax valuation allowance related to net operating losses. The recognition of this tax benefit follows from the determination that U.S. operations have achieved sustainable profitability and expect to continue to be profitable for a reasonable period. The non-cash tax benefit represents approximately 40 percent of the valuation allowance previously recorded against the company's deferred tax asset.

Cyberonics expects that, except for the impact of benefit referred to above, its effective income tax rate will range from 1 to 2 percent for fiscal 2010 and approximately 37 percent for fiscal 2011, subject to the possible future recognition of additional tax valuation allowance benefits. In both years, the company expects that cash income tax expense will range from 1 to 2 percent of taxable income, although future changes in our tax net operating loss limitation position could affect this expectation.

"We are pleased to have reached the point in our financial turnaround where it is appropriate to recognize a significant part of the value of our net operating loss carry-forwards," said Greg Browne, Chief Financial Officer. "Our balance sheet already reflects improved cash and debt positions, and shareholders equity will, as a result of this recognition, provide additional confirmation of the underlying strength of our capital structure."

Further details will be provided on the company's scheduled conference call with investors to review fiscal 2010 second quarter results on November 19, 2009.

SOURCE Cyberonics, Inc.
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