HAYWARD, Calif., May 9 /PRNewswire-FirstCall/ -- Cholestech
Corporation (NASDAQ:CTEC) today announced revenue of $18 million
for the fourth quarter ended March 30, 2007 compared to revenue of
$17.6 million in the prior year fourth quarter. Revenue for the
fiscal year ended March 30, 2007 was $69.5 million compared to
prior year's revenue of $64.1 million. -- Gross margin improved to
67.1% in the quarter from 63.9% in the prior year quarter, driven
by higher average sales prices of disposable cassettes, lower
royalty payments and manufacturing efficiencies driven by an
increase in cassette sales volume. Gross margin for the year was
66.9% compared to 62.7% in the prior year. -- Fourth quarter
operating income decreased to $3.0 million from $3.1 million in the
prior year quarter. Operating income for the year was $11.7 million
compared to $8.4 million in the prior year. -- Net income for the
fourth quarter was $3.3 million, a 57% increase over net income of
$2.1 million in the prior year fourth quarter. Net income in the
fourth quarter of the current year was positively impacted by the
completion of a research tax credit study that resulted in the
recognition of an additional $304,000 in tax credits and a $348,000
increase in the deferred tax asset as a result of the change in the
applicable federal statutory rate. Net income for the year was $9.4
million, a 68% increase over net income of $5.6 million in the
prior year. -- Non-GAAP operating income for the fourth quarter was
$3.7 million, a 19% increase compared to $3.1 million in the prior
year fourth quarter. Non-GAAP operating income for the year was
$14.7 million, a 31% increase compared to $11.2 million in the
prior year. -- Non-GAAP net income for the fourth quarter was $3.8
million, an 81% increase compared to $2.1 million in the prior year
fourth quarter. Non-GAAP net income for the year was $11.4 million,
a 56% increase compared to $7.3 million in the prior year. Fourth
quarter and fiscal year ended March 30, 2007 comparisons to the
fourth quarter and fiscal year ended March 31, 2006 were negatively
impacted by a 13 vs. 14 week and a 52 vs. 53 week comparison,
respectively. To aid in period to period comparisons and to
supplement the results presented in accordance with generally
accepted accounting principles (GAAP), Cholestech uses non-GAAP
measures of operating results, net income and net income per
diluted share, which are adjusted from results based on GAAP to
exclude SFAS 123R stock based compensation expenses and prior year
expenses incurred in connection with the development and
distribution agreement with Boule Diagnostics International AB
(Boule). Non-GAAP Reconciliation (in thousands, except per share
amounts) Quarter Ended Fiscal Year Ended 3/30/2007 3/31/2006
3/30/2007 3/31/2006 Operating income $2,971 $3,132 $11,701 $8,372
SFAS 123R stock based compensation expenses 742 -- 2,969 -- Boule
related expenses -- -- -- 2,800 Non-GAAP operating income $3,713
$3,132 $14,670 $11,172 Net income $3,345 $2,105 $9,406 $5,634 SFAS
123R stock based compensation expenses 504 -- 2,015 -- Boule
related expenses, net of tax -- -- -- 1,700 Non-GAAP net income
$3,849 $2,105 $11,421 $7,334 Net income per diluted share $0.21
$0.14 $0.61 $0.38 SFAS 123R stock based compensation expenses, net
of tax 0.03 -- 0.13 -- Boule related expenses, net of tax -- -- --
0.11 Non-GAAP net income per diluted share $0.24 $0.14 $0.74 $0.49
For the fourth quarter ended March 30, 2007, Cholestech generated
revenue of $18 million, representing a 3% increase over revenue of
$17.6 in the fourth quarter of the prior year. Operating income for
the fourth quarter ended March 30, 2007 of $3.0 million, which
includes approximately $742,000 in stock based compensation
expenses related to SFAS 123R, was a decrease over the prior year
operating income of $3.1 million. Excluding the impact of SFAS
123R, non-GAAP operating income for the fourth quarter increased
19% over the prior year fourth quarter. Net income for the fourth
quarter ended March 30, 2007 of $3.3 million, or $0.21 per diluted
share, which includes approximately $504,000 in net stock based
compensation expenses related to SFAS 123R, was an increase over
the prior year fourth quarter of $0.14 per diluted share. Excluding
the impact of SFAS 123R and related tax effects, non-GAAP net
income was $3.8 million or $0.24 per diluted share. Excluding the
impact of SFAS 123R, non-GAAP net income increased 81% over the
prior year. The effective tax rate in the fourth quarter of the
current year was positively impacted by the completion of a
research tax credit study that resulted in the recognition of an
additional $304,000 in tax credits and a $348,000 increase in the
deferred tax asset as a result of the change in the applicable
federal statutory rate. For the fiscal year ended March 30, 2007,
revenue was $69.5 million, compared to revenue of $64.1 million for
the prior fiscal year. Operating income for the fiscal year ended
March 30, 2007 of $11.7 million, which includes approximately $3.0
million in stock based compensation expenses related to SFAS 123R,
was an increase over the prior year operating income of $8.4
million, which included $2.8 million of costs related to the Boule
transaction. Excluding the impact of SFAS 123R and Boule, non-GAAP
operating income increased 31% over the prior year. Operating
margin for the fiscal year ended March 30, 2007 increased to 16.8%
compared to 13.1% for the prior year. Net income for fiscal 2007 of
$9.4 million, or $0.61 per diluted share, which includes
approximately $2.0 million in net stock based compensation expenses
related to SFAS 123R, was an increase over the prior year net
income of $5.6 million, which included $1.7 million of net costs
related to the Boule transaction. Excluding the impact of SFAS 123R
and related tax effects, non- GAAP net income was $11.4 million or
$0.74 per diluted share. This compares to non-GAAP net income,
excluding Boule transaction costs, of $7.3 million, or $0.49 per
diluted share in fiscal 2006. Excluding the impact of SFAS 123R and
Boule, non-GAAP net income increased 56% over the prior year.
Warren E. Pinckert II, President and Chief Executive Officer of
Cholestech said, "This past year reflected the improvements we have
made in the operations of Cholestech. We are proud of the 31%
growth in non-GAAP operating income and the fact that our cash and
equivalents rose this year to over $62 million, an increase of
46%." Pinckert added, "We believe your company is well positioned
for the future." Non-GAAP Measures To supplement our results
presented in accordance with generally accepted accounting
principles (GAAP), Cholestech uses non-GAAP measures of operating
results, net income and net income per diluted share, which are
adjusted from results based on GAAP to exclude SFAS 123R stock
based compensation expenses and prior year expenses incurred in
connection with the Boule transaction. This non-GAAP financial
presentation is given in part to enhance the understanding of the
Company's historical financial performance and comparability
between periods in light of a change in accounting standards and
operating expenses incurred in connection with the Boule
transaction that are not indicative of the Company's core operating
results, particularly since the Company has not included
stock-based compensation under SFAS 123R as an expense in financial
statements before. In addition, the Company believes that the
non-GAAP presentation to exclude stock-based compensation is
relevant and useful information that will be widely used by
analysts, investors and other interested parties. Cash earnings is
not a GAAP defined measure. The Company believes this measure
provides meaningful supplemental information regarding Cholestech's
operating results given the current accumulated tax loss
carryforwards and because it excludes amounts that are not related
to Cholestech's core operating results and facilitates the
comparison of results for the current period with results for past
periods. Further, these non-GAAP results are one of the primary
indicators management uses for assessing our performance,
allocating resources and planning and forecasting future periods.
Accordingly, the Company is disclosing this information to permit
additional analysis of the Company's performance. These measures
should be considered in addition to results prepared in accordance
with GAAP, but should not be considered a substitute for or
superior to GAAP results. Investor Conference Call Cholestech will
conduct a conference call on its fiscal 2007 fourth quarter results
beginning at 7 a.m. PT today. The call will be available to all
investors by dialing (800) 896-8445 or, from international
locations, (785) 830-1916. A replay of the call will be available
until 9 p.m. PT on May 23rd by dialing (800) 283-8217 or from
international locations, (402) 220- 0868. There is no pass code.
The conference call will also be available via the Cholestech
website, http://www.cholestech.com/. About Cholestech Cholestech is
committed to enabling people to lead longer, healthier and more
active lives. Cholestech provides easy to use, accessible
diagnostic tools and information to health care practitioners in
over 35 countries around the world. Cholestech offers efficient and
economic diagnostic testing for cholesterol and related lipids,
blood glucose and glycemic control, and liver enzymes at the point
of care. Health care providers can use the CLIA-waived Cholestech
LDX(R) and GDX(TM)* Systems and the hs-CRP test, which is cleared
by the FDA for use in moderate complexity labs, to initiate and
monitor the progress of patient therapy. By providing effective
disease management solutions, Cholestech's goal is to be a leading
provider of diagnostic tools and information for immediate risk
assessment and therapeutic monitoring of heart disease,
inflammatory disorders and diabetes. *The GDX system is 510(k)
cleared for prescription home use and, accordingly, is CLIA waived.
Cholestech LDX is a registered trademark and Cholestech GDX is a
trademark of Cholestech Corporation. All other trademarks mentioned
in this document are the property of their respective owners. For
more information about Cholestech and its products visit us on the
web at http://www.cholestech.com/. CTEC-F Safe Harbor Statement of
Cholestech Corporation Under the Private Securities Litigation
Reform Act of 1995: This release contains forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Actual results may differ materially from those in the
forward-looking statements due to risks and uncertainties,
including: risks inherent to the regulatory approval process;
market acceptance and demand for our current and future products;
further regulatory changes and guidelines affecting the healthcare
system in the United States; risks inherent to future sales growth
and the research and development process; the ability to execute
proposed initiatives and other factors. Additional considerations
and important risk factors are described in Cholestech's Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other
filings with the Securities and Exchange Commission. CONDENSED
STATEMENTS OF OPERATIONS (in thousands, except per share amounts,
unaudited) Fourth Quarter Ended Fiscal Year Ended 3/30/2007
3/31/2006 3/30/2007 3/31/2006 Revenue $18,032 $17,577 $69,526
$64,093 Cost of revenue 5,936 6,353 23,042 23,902 Gross profit
12,096 11,224 46,484 40,191 Operating expenses: Sales and marketing
3,898 3,710 14,785 13,036 Research and development 1,586 1,582
6,280 7,553 General and administrative 3,641 2,800 13,718 11,230
Total operating expenses 9,125 8,092 34,783 31,819 Operating income
2,971 3,132 11,701 8,372 Net interest and other income 630 306
2,158 923 Income before provision for income taxes 3,601 3,438
13,859 9,295 Provision for income taxes 256 1,333 4,453 3,661 Net
income $3,345 $2,105 $9,406 $5,634 Net income per share: Basic
$0.22 $0.14 $0.62 $0.38 Diluted $0.21 $0.14 $0.61 $0.38 Shares used
to compute net income per share: Basic 15,450 14,768 15,106 14,687
Diluted 15,873 15,178 15,468 15,013 Net income to cash earnings
reconciliation: Net income $9,406 $5,634 Depreciation and
amortization 2,490 2,916 Stock-based compensation 3,211 100
Provision for income taxes 4,453 3,661 Cash paid during the year
for taxes (514) (381) Cash earnings $19,046 $11,930 CONDENSED
BALANCE SHEET DATA (in thousands, unaudited) 3/30/2007 3/31/2006
Cash, cash equivalents, marketable securities and long-term
marketable securities $62,452 $42,676 Total assets $100,701 $80,702
Long-term debt -- -- Shareholders' equity $94,215 $74,132
DATASOURCE: Cholestech Corporation CONTACT: John F. Glenn, Vice
President Finance and Chief Financial Officer of Cholestech
Corporation, +1-510-732-7200, or ; or investors and media, Brendan
Lahiff of FD (Financial Dynamics), +1-415-439-4504, or , for
Cholestech Corporation Web site: http://www.cholestech.com/
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