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Otix Global Announces Results for Fourth Quarter 2009
Date:2/16/2010

SALT LAKE CITY, Feb. 16 /PRNewswire-FirstCall/ -- Otix Global, Inc. (Nasdaq: OTIX), a leading producer of advanced digital hearing aids, today announced results for the fourth quarter and year ended December 31, 2009.  

Highlights include:

  • Achieved record fourth quarter 2009 sales from Rest-of-World segment of $8.4 million; realizing a 13.4 percent organic sales growth compared to the fourth quarter 2008.
  • Generated $4.0 million and $2.2 million in operating cash flow for the fourth quarter and full year 2009, respectively.
  • Began selling to the Veterans Administration in November 2009.

"I am pleased by the improvement in year-over-year sales in some of our international operations," said Sam Westover, Chairman and CEO.   "North America operations continue to be hampered by the slow economy and our results in Germany were clearly impacted by legislative changes.  Nevertheless, we remain optimistic about improvements in these operations and we will continue to focus on aligning expenses to revenue.  We have several product launches planned in 2010.  We have also begun selling our products to the Veterans Administration and we are looking forward to serving the needs of many of our American veterans in the upcoming years."  

Net sales from continuing operations for the year ended December 31, 2009 decreased 23.3 percent over the same period in 2008 to '/>"/>

SOURCE Otix Global, Inc.
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