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Cyberonics Reports Operating Profit for Third Quarter FY08 and Announces Share Repurchase Program
Date:2/20/2008

d 83% of net sales compared with an 84% gross margin reported in the second quarter of fiscal 2008 and an 84% gross margin in the third quarter of fiscal 2007. For the nine months ended January 25, 2008 gross margin represented 83% of net sales, as compared with 87% in the first nine months of fiscal 2007.

Operating expense reduction

Operating expenses for the third quarter of fiscal 2008 totaled $24.0 million, a reduction of $4.0 million from the $28.0 million reported in the second quarter of fiscal 2008, and a reduction of $21.4 million from the $45.4 million reported for the third quarter of fiscal 2007. For the nine months ended January 25, 2008, operating expenses totaled $83.4 million, a reduction of $42.9 million from the $126.3 million reported in the comparable period of fiscal 2007.

The reduction in operating expenses was facilitated primarily by previously announced expense reduction efforts. The prior year periods, which ended on January 26, 2007, included $8.2 million of charges relating to the resignations of former executives.

Included in expenses for the quarter ended January 25, 2008 was $2.7 million for stock-based compensation expense, compared to $7.2 million in the comparable period of the prior year. For the nine-month periods, the comparable amounts were $9.0 million in fiscal 2008 and $16.4 million in fiscal 2007.

Operating earnings / (loss)

The company reported an operating profit of $0.3 million in the recently completed quarter, compared with an operating loss of $18.7 million in the third quarter of fiscal 2007.

Other expenses, net

Included in interest expense for the quarter ended January 25, 2008 was $0.6 million relating to the previously announced termination of the revolving line of credit.

Net loss

The company reported a net loss of $1.0 million, or $0.04 per share for the third quarter, compared to a loss of $19.4 million, or $0.76 per share, in the same period
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SOURCE Cyberonics, Inc.
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