For the third quarter of 2009, the Company recorded a net profit of
"Our cash generation remains excellent, we have generated
"We have recorded our third consecutive quarter of profitability which is an outstanding achievement given the current economy. Of particular note, we have been profitable at the operating income level for three consecutive quarters, generating
"Looking forward, the outlook for our business is improving. We had a very successful
Conference Call
About
Safe Harbor Statement
This 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 products, growth strategy and prospects. Please see a detailed description of these and other risks contained in our Quarterly Report on From 10-Q for the quarter ended
IRIDEX Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
October 3, September 27, October 3, September 27,
2009 2008 2009 2008
---- ---- ---- ----
Revenues $10,400 $11,987 $31,649 $36,383
Cost of revenues 5,278 6,997 16,650 21,257
----- ----- ------ ------
Gross profit 5,122 4,990 14,999 15,126
Operating expenses:
Research and
development 888 972 2,635 2,995
Sales and
marketing 2,204 2,732 6,766 8,011
General and
administrative 1,061 1,516 3,867 5,345
----- ----- ----- -----
Total
operating
expenses 4,153 5,220 13,268 16,351
--- ---- ----- ------
Income (loss)
from operations 969 (230) 1,731 (1,225)
Legal
settlement - - 800 800
Interest and
other expense,
net (64) (54) (197) (426)
--- --- ---- ----
Income (loss)
before income
taxes 905 (284) 2,334 (851)
Provision for
(benefit from)
income taxes 259 (35) 266 16
--- --- --- ---
Net income (loss) $646 $(249) $2,068 $(867)
==== ===== ====== =====
Net income (loss)
per share - basic
and diluted $0.07 $(0.03) $0.23 $(0.10)
===== ====== ===== ======
Shares used in
computing net
income (loss) per
share - basic 8,845 8,824 8,845 8,824
===== ===== ===== =====
Shares used in
computing net
income (loss) per
share - diluted 8,900 8,824 9,003 8,824
===== ===== ===== =====
IRIDEX Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
October 3, January 3,
2009 2009
---- ----
Assets (unaudited)
------
Current Assets:
Cash and cash equivalents $7,884 $5,307
Accounts receivable, net 7,148 8,199
Inventories, net 9,666 11,644
Prepaids and other current assets 489 540
--- ---
Total current assets 25,187 25,690
Property and equipment, net 547 832
Other intangible assets, net 1,233 1,474
Other long term assets 357 229
--- ---
Total assets 27,324 28,225
====== ======
Liabilities and Stockholders' Equity
------------------------------------
Current Liabilities:
Accounts payable $1,314 $2,415
Bank line of credit 3,500 6,000
Accrued compensation 2,157 1,729
Accrued expenses 2,147 2,249
Accrued warranty 1,168 1,345
Deferred revenue 2,713 2,741
----- -----
Total current liabilities 12,999 16,479
------ ------
Stockholders' Equity:
Convertible preferred stock 5 5
Common Stock 89 89
Additional paid-in capital 39,657 39,105
Accumulated other comprehensive loss (233) (192)
Treasury stock, at cost (430) (430)
Accumulated deficit (24,763) (26,831)
------- -------
Total stockholders' equity 14,325 11,746
------ ------
Total liabilities and stockholders' equity $27,324 $28,225
======= =======
SOURCE
Jim Mackaness, Chief Financial Officer of IRIDEX Corporation, +1-650-940-4700
