MOUNTAIN VIEW, Calif., March 3, 2011 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported that growing demand for new products and consumables drove sales and improved financial results for the fourth quarter ended January 1, 2011.
"We had an excellent fourth quarter. Excluding OEM revenue, our ophthalmology business grew 14% from $7.8 million in the fourth quarter 2009 to $8.9 million in the 2010 period driven by both increased equipment and consumable sales," stated Theodore A. Boutacoff, President and CEO. "We had our best quarter to date for sales of our recently introduced IQ577 and have seen increased and broader interest in our MicroPulse™ technology, which customers are using to perform tissue sparing laser photocoagulation."
Diluted earnings for fiscal 2010 increased 18% to $3.0 million, or $0.30 per diluted share, from $2.6 million, or $0.26 per diluted share, for fiscal 2009. For fiscal 2010, total sales were $43.7 million, up modestly from the $43.2 million in fiscal 2009. Gross profits and operating expenses were also slightly higher in 2010 over the prior year.
"We achieved a record $2.8 million operating income for the year and maintained excellent cash generation. We started the year with $3.5 million in debt and $9.4 million in cash and closed the year with no debt and $9 million in cash. Having executed a difficult financial and operational turnaround over the past 2 years, we enter 2011 with increased financial strength and important new technologies available to market. That improved operating platform positions us well to now accelerate growth through executing our strategy of organic initiatives supplemented by smart acquisitions," continued Mr. Boutacoff.
2010 Business Highlights
Conference Call IRIDEX management will conduct a conference call later today, Thursday, March 3, 2011 at 5:00 p.m. Eastern Time. Interested parties may access the live conference call via telephone by dialing (877) 941-0844 (U.S.) or (480) 629-9645 (International) and quoting Conference ID 4414639, or by visiting the Company's website at www.iridex.com. A telephone replay will be available beginning on Thursday, March 3, 2011 through Wednesday, March 9, 2011 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and entering Access Code 4414639. In addition, later today an archived version of the webcast will be available on the Company's website at www.iridex.com.
About IRIDEX IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems and delivery devices. We provide solutions for multiple specialties, including ophthalmology, dermatology and otolaryngology. We maintain a deep commitment to the success of our customers, with comprehensive technical, clinical, and service support programs. IRIDEX is dedicated to a standard of excellence, offering superior technology for superior results. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 100 independent distributors into 107 countries. For further information, visit the Company's website at http://www.iridex.com.
Safe Harbor StatementThis announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, relating to the Company's strategic plans, growth initiatives, new products and projected 2011 financial results. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended January 2, 2010 and our Quarterly Report on Form 10-Q for the third quarter ended October 2, 2010, each of which was filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
TABLES FOLLOWIRIDEX CorporationCondensed Consolidated Statements of Operations(In thousands, except per share data)(unaudited)Three Months EndedYear EndedJanuary 1,January 2,January 1,January 2,2011201020112010Revenues
$ 12,228$ 11,563$ 43,694$ 43,212Cost of revenues
5,8935,27420,90320,273Operating expenses:Research and development
9019743,8143,609Sales and marketing
2,8202,5079,8049,273General and administrative
9981,0064,4884,873Total operating expenses
4,7194,48718,10617,755Income from operations
--800800Interest and other expense, net
(29)(40)(78)(237)Income before income taxes
1,1457473,5193,081Provision for income taxes
837$ 517$ 3,046$ 2,585Net income per share - basic
$ 0.09$ 0.06$ 0.34$ 0.29Net income per share - diluted
$ 0.08$ 0.05$ 0.30$ 0.26Shares used in computing net income per share - basic
8,9828,8478,9438,840Shares used in computing net income per share - diluted
10,2009,92810,1349,940IRIDEX CorporationCondensed Consolidated Balance Sheets(In thousands)
(unaudited)January 1,January 2,20112010Assets(unaudited)Current Assets:Cash and cash equivalents
$ 9,014$ 9,378Accounts receivable, net
9,2128,999Prepaids and other current assets
620470Total current assets
26,37226,329Property and equipment, net
360486Other long-term assets
218323Other intangible assets, net
$ 29,220$ 28,291Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable
$ 1,981$ 1,872Bank line of credit
2,1342,405Total current liabilities
9,19713,116Long Term Liabilities:Other long-term liabilities
9,79313,265Stockholders' Equity:Convertible preferred stock
8989Additional paid-in capital
41,16839,820Accumulated other comprehensive loss
(205)(212)Treasury stock, at cost
(21,200)(24,246)Total stockholders' equity
19,42715,026Total liabilities and stockholders' equity
$ 29,220$ 28,291
|SOURCE IRIDEX Corporation|
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