Press Release
| << Back |
Mar 03, 2005
International Fixed Asset Write-Off Yields Minor Change to Q4/FY 2004 Net Income; EPS Remains the Same
International Fixed Asset Write-Off Yields Minor Change to Q4/FY 2004 Net Income; EPS Remains the Same
International Fixed Asset Write-Off Yields Minor Change to Q4/FY 2004 Net Income; EPS Remains the SameSANTA CLARA, Calif., March 3, 2005 /PRNewswire-FirstCall via COMTEX/ -- Align Technology, Inc. (Nasdaq: ALGN), the inventor of Invisalign®, a proprietary method of straightening teeth without wires and brackets, today announced that subsequent to the January 26, 2005 earnings announcement, a write-off in fixed assets at an international manufacturing facility yielded a minor change to Q4 and fiscal year 2004 net income. Both basic and diluted earnings per share (EPS) remain the same.
As the Company explains in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 3, 2005, costs of revenues were adjusted to include an additional $383,000 resulting from the write-off of manufacturing fixed assets identified by the Company at an international manufacturing facility. Net profit for the quarter and year ended December 31, 2004 was therefore reduced by $383,000, and there was no change to basic or diluted EPS.
The reconciliation for the quarter and for the year ending December 31, 2004 as outlined in the Annual Report on Form 10-K is as follows (in thousands, except per share data):
Net profit includes stock-based compensation expense of $0.2 million and $5.6 million for the fourth quarter and fiscal year 2004, respectively.
About Align Technology, Inc.
Align Technology designs, manufactures and markets Invisalign, a proprietary method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, Invisalign significantly reduces the aesthetic and other limitations associated with braces. Invisalign is appropriate for treating adults and older teens. Align Technology was founded in March 1997 and received FDA clearance to market Invisalign in 1998.
To learn more about Invisalign or to find a certified Invisalign doctor in your area, please visit www.invisalign.com or call 1-800-INVISIBLE.
SOURCE Align Technology, Inc.
Barbara Domingo of Align Technology, Inc., +1-408-470-1000, or investorinfo@aligntech.com; or Shannon Mangum Henderson of Ethos Communication, Inc. +1-678-417-1767, or shannon@ethoscommunication.com, for Align Technology, Inc.
As the Company explains in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 3, 2005, costs of revenues were adjusted to include an additional $383,000 resulting from the write-off of manufacturing fixed assets identified by the Company at an international manufacturing facility. Net profit for the quarter and year ended December 31, 2004 was therefore reduced by $383,000, and there was no change to basic or diluted EPS.
The reconciliation for the quarter and for the year ending December 31, 2004 as outlined in the Annual Report on Form 10-K is as follows (in thousands, except per share data):
For the quarter ended December 31, 2004
Reported in Previously Increase Annual Announced (Decrease) Report
Consolidated Statement of Operations Data: Cost of revenues $14,578 $383 $ 14,961 Operating profit 1,039 (383) 656 GAAP Net profit 1,504 (383) 1,121 Basic and fully diluted GAAP EPS $0.02 $0.00 $0.02
For the year ended December 31, 2004 Reported in Previously Increase Annual Announced (Decrease) Report
Consolidated Statement of Operations Data: Cost of revenues $57,143 $383 $ 57,526 Operating profit 10,148 (383) 9,765 Net profit 9,151 (383) 8,768 Basic GAAP EPS $0.15 $0.00 $0.15 Fully diluted GAAP EPS $0.14 $0.00 $0.14
Net profit includes stock-based compensation expense of $0.2 million and $5.6 million for the fourth quarter and fiscal year 2004, respectively.
About Align Technology, Inc.
Align Technology designs, manufactures and markets Invisalign, a proprietary method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, Invisalign significantly reduces the aesthetic and other limitations associated with braces. Invisalign is appropriate for treating adults and older teens. Align Technology was founded in March 1997 and received FDA clearance to market Invisalign in 1998.
To learn more about Invisalign or to find a certified Invisalign doctor in your area, please visit www.invisalign.com or call 1-800-INVISIBLE.
Investor Relations Contact Press Contact
Barbara Domingo Shannon Mangum Henderson
Align Technology, Inc. Ethos Communication, Inc.
408-470-1000 678-417-1767
investorinfo@aligntech.com shannon@ethoscommunication.com
SOURCE Align Technology, Inc.
Barbara Domingo of Align Technology, Inc., +1-408-470-1000, or investorinfo@aligntech.com; or Shannon Mangum Henderson of Ethos Communication, Inc. +1-678-417-1767, or shannon@ethoscommunication.com, for Align Technology, Inc.