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STAAR Surgical Generates $464,000 in Cash from Operations During Third Quarter
Date:11/2/2009

MONROVIA, Calif., Nov. 2 /PRNewswire-FirstCall/ -- STAAR Surgical Company (Nasdaq: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today reported that it generated $464,000 in cash from operating activities during the third quarter. The cash generated was the largest amount from operating activities for any quarterly period in the past six years. This achievement was made possible due to continued significant progress in the management of domestic operating expense despite recording over $400,000 in legal expenses during the quarter related to former sales representative litigation, net of approximately $300,000 in estimated insurance recoveries.

Third Quarter Financial Highlights

  • Cash provided by operating activities was $464,000, compared to cash used in operating activities of $1.1 million during the third quarter of 2008. This reflects continuous improvement for the past seven quarters as shown below:
              CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (000'S)

    Q1 2008   Q2 2008  Q3 2008  Q4 2008  Q1 2009  Q2 2009  Q3 2009
    --------  -------  -------  -------  -------  -------  -------
    ($3,370)  ($2,760) (1,107)   ($991)   ($448)    $286     $464
    -------   -------  ------    -----    -----     ----     ----
  • Global sales for the third quarter were $18.1 million, unchanged on a constant currency basis, as compared to $18.1 million during the third quarter of 2008. Global sales for the third quarter of 2009 were impacted by the Company's decision in late 2008 to de-emphasize sales of low margin products. Sales of these lower margin products declined by 15% or $821,000 during the third quarter and represented 26% of total sales versus 30% in the third quarter of 2008. For the nine mo
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SOURCE STAAR Surgical Company
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