The Company's cash balances have increased by $5.1 million since the end of the prior fiscal year. This increase reflects an improvement in operating results, including positive operating cash flow in the most recent quarter and receipt of the licensing fee referred to earlier, offset by the repayment of all amounts owed under the revolving line of credit.
Share repurchase program
The company's Board of Directors ("Board") has authorized the
repurchase of up to one million shares of the company's outstanding common
stock. The company anticipates the share repurchase program will be
implemented using open-market purchases. The number of shares actually
repurchased and the timing of any repurchases will depend on factors such
as the stock price, economic and market conditions, and corporate and
regulatory requirements. The share repurchase program may be suspended or
discontinued at any time. The repurchase program announced today supersedes
the repurchase program announced in May 2006.
Progress towards objectives
As announced previously, the company's objectives are to:
-- Return to positive cash flow and profitability as soon as possible;
-- Build sustainable growth in the company's core epilepsy business;
-- Refine the company's clinical and payor strategies for depression;
-- Continue to seek partnership opportunities; and
-- Improve communication with all stakeholders.
"During our fiscal third quarter, we again made good progress in
several areas. With respect to our first objective, we achieved a small
operating profit, the first in more than three years, and positive
operating cash flow. While we are encouraged by this result, which
|SOURCE Cyberonics, Inc.|
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