This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Spectranetics Reports Third Quarter Revenue Up 7% to $28.8 Million 2009-10-28 06:00 ET - News Release Profitability Achieved, Excluding Special Items Conference Call Begins at 11:00 a.m. Eastern Time Today
COLORADO SPRINGS, Colo. -- (Business Wire)
Spectranetics Corporation (Nasdaq:SPNC) today reported financial results
for the quarter and nine months ended September 30, 2009.
Revenue for the third quarter of 2009 was $28.8 million, up 7% compared
with revenue of $26.8 million for the third quarter of 2008.
The pre-tax loss for the third quarter of 2009 was $2,492,000, compared
with pre-tax income of $615,000 for the third quarter of 2008. The
pre-tax loss during the third quarter of 2009 includes $3,133,000 of
special items, consisting of $602,000 of costs associated with the
federal investigation; $1,090,000 of costs associated with previously
announced ongoing litigation, which is unrelated to the federal
investigation; $1,075,000 relating to the discontinuation of the
marketing and sales of the Safe-Cross® product line; and $366,000 of
employee termination and lease abandonment costs. Pre-tax income during
the third quarter of 2008 included $422,000 of costs associated with the
federal investigation. Excluding these special items in both periods,
adjusted pre-tax income was $641,000 in the third quarter of 2009,
compared with adjusted pre-tax income of $1,037,000 in the third quarter
of 2008. A further description of these special items and a
reconciliation of these non-GAAP financial measures to the most directly
comparable financial measure calculated in accordance with GAAP is
provided immediately following the financial tables under Reconciliation
of Non-GAAP Financial Measures.
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