The company will hold a conference call and simultaneous webcast to discuss its operating results for the second quarter and first half of 2008 tomorrow morning, August 6, 2008 at 9:00 a.m., Eastern Time. Additional information relating to that call and webcast is provided below.
Operating highlights for the second quarter of 2008, compared to the 2007 second quarter, were as follows:
- Revenue increased by $0.2 million to $36.7 million, primarily due to higher materials’ sales and higher service revenue, that were almost completely offset by a decline in systems’ sales.
- Gross profit decreased by 1% to $13.3 million, as lower margins on systems and services more than offset higher materials’ margins. This resulted in a 0.7 percentage point gross profit margin decrease to 36.3%.
- Continuing a trend, operating expenses declined by 12% to $16.1 million.
- Operating loss declined by 43% to $2.8 million while net loss declined by 37% to $3.3 million.
- Net loss per share declined by 44% to $0.15 per share.
|
Operating Highlights Second Quarter and First Six Months of 2008 ($ in millions except for per share amounts) |
|||||||||||||||||
| Operating Highlights | Second Quarter | First Six Months | |||||||||||||||
| 2008 |
2007 |
%
Change |
2008 |
2007 |
% Change | ||||||||||||
| Revenue | $ | 36.7 | $ | 36.4 | 0.6 | % | $ | 68.4 | $ | 73.4 | (6.7 | %) | |||||
| Gross profit | $ | 13.3 | $ | 13.5 | $ | 26.7 | $ | 29.4 | |||||||||
| % of Revenue | 36 | % | 37 | % | (1.2 | %) | 39 | % | 40 | % | (9.0 | %) | |||||
| Operating expenses | $ | 16.1 | $ | 18.4 | $ | 32.8 | $ | 36.4 | |||||||||
| % of Revenue | 44 | % | 51 | % | (12.3 | %) | 48 | % | 50 | % | (9.9 | %) | |||||
|
Operating loss |
($2.8 |
) |
($4.9 |
) |
42.8 | % |
($6.0 |
) |
($7.0 |
) |
13.6 | % | |||||
|
Net loss |
($3.3 |
) |
($5.3 |
) |
37.3 |
% |
($7.0 |
) |
($8.4 |
) |
16.7 | % | |||||
| Diluted loss per share | ($0.15 | ) | ($0.27 | ) | 44.4 | % | ($0.31 | ) | ($0.44 | ) | 29.5 | % | |||||
| Unrestricted cash | $ | 19.1 | $ | 29.2 | (34.5 | %) | $ | 19.1 | $ | 29.2 | (34.5 | %) | |||||
| Depreciation and amortization | $ | 1.8 | $ | 1.8 | $ | 3.1 | $ | 3.6 | |||||||||
| % of Revenue | 5 | % | 5 | % | (3.4 | %) | 5 | % | 5 | % | (14.4 | %) | |||||
