UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of report (Date of earliest event
reported) July 23, 2009
ALIGN TECHNOLOGY, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State or
Other Jurisdiction of Incorporation)
|
0-32259
|
94-3267295
|
|
(Commission
File Number)
|
(IRS
Employer Identification
No.)
|
|
881
Martin Avenue, Santa Clara, California
|
95050
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(408)
470-1000
(Registrant’s
Telephone Number, Including Area Code)
Not
applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2.
below):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
2.02 RESULTS OF OPERATIONS AND FINANCIAL
CONDITIONS
On July 23, 2009, Align Technology,
Inc. ("Align") is issuing a press release and holding a conference call
regarding its financial results for its second quarter ended June 30, 2009. The
full text of the press release is furnished as Exhibit 99.1 to this Form
8-K.
This information shall not be deemed
"filed" for purposes of Section 18 of the Securities and Exchange Act of 1934,
as amended (the "Exchange Act"), or incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
shall be expressly set forth by specific reference in such a
filing.
Align is
making reference to non-GAAP financial information in both the press release and
the conference call. A reconciliation of non-GAAP financial measures contained
in the attached press release to the comparable GAAP financial measures is
contained in the attached press release and a reconciliation of these and
certain other non-GAAP financial information provided on the conference call (to
the extent not reconciled on such call) is contained on the Investor Relations
section of our website at investor.aligntech.com.
ITEM
9.01 Financial Statements and Exhibits
(d)
Exhibits
|
Exhibit
No.
|
Description
|
|
|
99.1
|
Press
Release of Align Technology, Inc. dated July 23,
2009
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
Dated:
July 23, 2009
|
ALIGN
TECHNOLOGY, INC.
|
|
|
By:
|
/s/Kenneth B. Arola
|
|
|
Kenneth
B. Arola
|
||
|
Vice
President, Finance and Chief Financial
Officer
|
||
INDEX
TO EXHIBITS
|
Exhibit
No.
|
Description
|
|
|
99.1
|
Press
Release of Align Technology, Inc. dated July 23,
2009
|
 |
 |
FOR
RELEASE ON JULY 23, 2009 AT 1:00 PM PACIFIC TIME
|
Press Contact
|
|
|
Shirley
Stacy
|
Shannon
Mangum Henderson
|
|
Align
Technology, Inc.
|
Ethos
Communication, Inc.
|
|
(678)
261-7803
|
|
|
sstacy@aligntech.com
|
align@ethoscommunication.com
|
Align
Technology Announces Second Quarter Fiscal 2009 Results
|
·
|
Net
revenues increased 9% sequentially to $76.3
million
|
|
·
|
International
revenues increased 27% sequentially to $18.1 million or 24% of worldwide
revenues
|
|
·
|
Invisalign
Teen cases increased 53% sequentially to 11% of worldwide
cases
|
|
·
|
GAAP
diluted EPS of $0.07 exceeded outlook of breakeven to a
penny
|
SANTA
CLARA, Calif., July 23, 2009 — Align Technology, Inc. (Nasdaq: ALGN) today
reported financial results for the second quarter, ended June 30,
2009.
Total net
revenues for the second quarter of fiscal 2009 (Q2 09) were $76.3 million
compared to $70.1 million reported in the first quarter of 2009 (Q1 09) and
compared to $79.9 million reported in the second quarter of 2008 (Q2
08). Invisalign case shipments for Q2 09 were 53.0 thousand, compared
to 50.1 thousand in Q1 09 and compared to 54.9 thousand in Q2 08.
Net
profit for Q2 09 was $4.5 million, or $0.07 per diluted share. This is compared
to net profit of $2.6 million, or $0.04 per diluted share in Q1 09 and net
profit of $4.0 million, or $0.06 per diluted share in Q2
08. Stock-based compensation expense included in Q2 09 net profit was
$4.3 million compared to $3.7 million in Q1 09 and $4.8 million in Q2
08.
“Overall,
we had a good quarter with better than expected results across the board,
including record gross margins and continued profitability,” said Thomas M.
Prescott, president and CEO of Align Technology. “Second quarter revenues
increased 9% sequentially to $76.3 million on case shipments of 53.0 thousand,
driven by strong international growth and continued uptake of Invisalign
Teen.”
To
supplement our consolidated financial statements, we use the following non-GAAP
financial measures: non-GAAP operating expense, non-GAAP operating margin,
non-GAAP net profit and non-GAAP earnings per share. For Q2 09, the
non-GAAP financial measures excluded the impact of the Company’s restructuring
plan announced previously. A detailed reconciliation between GAAP and non-GAAP
information is contained in the tables following the financial tables of this
release.
Align
Technology Inc. 881 Martin Avenue Santa Clara, CA 95050 Tel: (408)
470-1000 Fax: (408) 470-1201
Align
Technology, Inc. Q2 Fiscal 2009 Earnings Release
Non-GAAP
net profit for Q2 09 was $4.8 million, or $0.07 per diluted share. This is
compared to non-GAAP net profit of $3.2 million, or $0.05 per diluted share in
Q1 09. In Q2 08, there was no difference between GAAP and non-GAAP net
profit.
Q2 09 Operating
Results
|
Key
GAAP Operating Results
|
Q2 09 | Q1 09 | Q2 08 | |||||||||
|
Gross
Margin
|
76.0 | % | 75.2 | % | 74.7 | % | ||||||
|
Operating
Expense
|
$ | 51.7M | $ | 47.4M | $ | 55.8M | ||||||
|
Operating
Margin
|
8.2 | % | 7.5 | % | 4.8 | % | ||||||
|
Net
Profit
|
$ | 4.5M | $ | 2.6M | $ | 4.0M | ||||||
|
Earnings
Per Diluted Share (EPS)
|
$ | 0.07 | $ | 0.04 | $ | 0.06 | ||||||
|
Key
Non-GAAP Operating Results
|
Q2 09 | Q1 09 | Q2 08 | |||||||||
|
Non-GAAP
Operating Expense
|
$ | 51.3M | $ | 46.5M | $ | 55.8M | ||||||
|
Non-GAAP
Operating Margin
|
8.7 | % | 8.8 | % | 4.8 | % | ||||||
|
Non-GAAP
Net Profit
|
$ | 4.8M | $ | 3.2M | $ | 4.0M | ||||||
|
Non-GAAP
Earnings Per Diluted Share (EPS)
|
$ | 0.07 | $ | 0.05 | $ | 0.06 | ||||||
Liquidity and Capital
Resources
As of
June 30, 2009, Align had $143.1 million in cash, cash equivalents, and
short-term marketable securities compared to $110.2 million as of December 31,
2008.
Key Business
Metrics
The
following table highlights business metrics for Align’s second quarter of
2009. Additional historical information is available on the Company’s
website at http://investor.aligntech.com.
|
Revenue
by Channel ($M):
|
Q2
09
|
%
of Total
Revenue
|
Q2
09/Q1 09
%
Change
|
|||||||||
|
North
American Orthodontists
|
$ | 21.6 | 28.3 | % | 2.3 | % | ||||||
|
North
American GP Dentists
|
$ | 31.7 | 41.6 | % | 2.7 | % | ||||||
|
International
|
$ | 18.1 | 23.6 | % | 26.6 | % | ||||||
|
Non-case
Revenue*
|
$ | 4.9 | 6.5 | % | 27.6 | % | ||||||
|
Total
Revenue
|
$ | 76.3 | 100 | % | 8.8 | % | ||||||
|
*includes
training, ancillary products, and retainers
|
||||||||||||
|
Cases
Shipped by Channel:
|
Q2
09
|
%
of Total
Cases
|
Q2
09/Q1 09
%
Change
|
|||||||||
|
North
American Orthodontists
|
17,470 | 33.0 | % | 3.4 | % | |||||||
|
North
American GP Dentists
|
23,525 | 44.4 | % | 0.8 | % | |||||||
|
International
|
12,010 | 22.6 | % | 22.1 | % | |||||||
|
Total
Cases Shipped
|
53,005 | 100 | % | 5.9 | % | |||||||
|
Cases
Shipped by Product:
|
Q2
09
|
%
of Total
Cases
|
Q2
09/Q1 09
%
Change
|
|||||||||
|
Invisalign
Full
|
37,840 | 71.4 | % | 1.6 | % | |||||||
|
Invisalign
Express
|
8,000 | 15.1 | % | (0.1 | )% | |||||||
|
Invisalign
Teen
|
5,940 | 11.2 | % | 52.5 | % | |||||||
|
Invisalign
Assist
|
1,225 | 2.3 | % | 34.7 | % | |||||||
|
Total
Cases Shipped
|
53,005 | 100 | % | 5.9 | % | |||||||
- 2 -
Align
Technology, Inc. Q2 Fiscal 2009 Earnings Release
|
Average
Selling Price (ASP), as billed:
|
Q2
09
|
|||
|
Total
Worldwide Blended ASP
|
$
|
1,400
|
||
|
International
ASP
|
$
|
1,530
|
|
Number
of Doctors Cases were Shipped to:
|
Q2
09
|
|||
|
North
American Orthodontists
|
3,750
|
|||
|
North
American GP Dentists
|
10,630
|
|||
|
International
|
3,385
|
|||
|
Total
Doctors Cases were Shipped to Worldwide
|
17,765
|
|
Number
of Doctors Trained Worldwide:
|
Q2
09
|
Cumulative
|
||||||
|
North
American Orthodontists
|
65
|
8,805
|
||||||
|
North
American GP Dentists
|
900
|
34,375
|
||||||
|
International
|
515
|
15,030
|
||||||
|
Total
Doctors Trained Worldwide
|
1,480
|
58,210
|
||||||
|
Doctor
Utilization Rates*:
|
Q2
09
|
Q1
09
|
Q2
08
|
|||||||||
|
North
American Orthodontists
|
4.7
|
4.6
|
4.9
|
|||||||||
|
North
American GP Dentists
|
2.2
|
2.2
|
2.5
|
|||||||||
|
International
|
3.6
|
3.2
|
3.3
|
|||||||||
|
Total
Utilization Rate
|
3.0
|
2.9
|
3.1
|
*
Utilization = # of cases shipped/# of doctors to whom cases were
shipped
|
Total
Invisalign Patients (cases shipped):
|
Q2
09
|
Cumulative
|
||||||
|
Number
of Patients Treated or in Treatment (cases)
|
53,005 | 1,047,120 | ||||||
Q3 Fiscal 2009 Business
Outlook
For the
third quarter of fiscal 2009 (Q3 09), Align Technology expects net revenues to
be in a range of $71.0 million to $74.5 million. GAAP earnings per diluted share
for Q3 09 is expected to be in a range of $0.03 to $0.05. Stock-based
compensation expense for Q3 09 is expected to be approximately $4.6
million.
A more
comprehensive business outlook is available following the financial tables of
this release.
Align Web Cast and
Conference Call
Align
Technology will host a conference call today, July 23, 2009 at 4:30 p.m. ET,
1:30 p.m. PT, to review its second quarter fiscal 2009 results, discuss future
operating trends and business outlook. The conference call will also be web cast
live via the Internet. To access the web cast, go to the “Events
& Presentations” section under Company Information on Align Technology’s
Investor Relations web site at http://investor.aligntech.com. To
access the conference call, please dial 201-689-8341 approximately fifteen
minutes prior to the start of the call. If you are unable to listen
to the call, an archived web cast will be available beginning approximately one
hour after the call's conclusion and will remain available for approximately 12
months. Additionally, a telephonic replay of the call can be accessed by dialing
877-660-6853 with account number 292 followed by # and conference number 327280
followed by #. The replay must be accessed from international locations by
dialing 201-612-7415 and using the same account and conference numbers
referenced above. The telephonic replay will be available through 5:30 p.m. ET
on August 6, 2009.
- 3 -
Align
Technology, Inc. Q2 Fiscal 2009 Earnings Release
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 teens. Align Technology was founded in March
1997 and received FDA clearance to market Invisalign in 1998. Today, the
Invisalign product family includes Invisalign, Invisalign Teen, Invisalign
Assist, Invisalign Express, and Vivera Retainers.
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.
About non-GAAP Financial
Measures
To
supplement our consolidated financial statements and our business outlook, we
use the following non-GAAP financial measures: non-GAAP operating expenses,
non-GAAP profit from operations, non-GAAP net profit, and non-GAAP earnings per
share, which exclude the effect of charges associated with the
restructuring,
and the related tax effect. The presentation of this financial
information is not intended to be considered in isolation or as a substitute
for, or superior to, the financial information prepared and presented in
accordance with GAAP. For more information on these non-GAAP financial measures,
please see the tables captioned “Business Outlook Summary” included at the end
of this release.
We use
these non-GAAP financial measures for financial and operational decision making
and as a means to evaluate period-to-period comparisons. Our management believes
that these non-GAAP financial measures provide meaningful supplemental
information regarding our “core operating performance”. Management believes that
“core operating performance” represents Align’s performance in the ordinary,
ongoing and customary course of its operations. Accordingly, management excludes
from “core operating performance” certain expenditures and other items that may
not be indicative of our operating performance including discrete cash charges
that are infrequent or one-time in nature. We believe that both management and
investors benefit from referring to these non-GAAP financial measures in
assessing our performance and when planning, forecasting and analyzing future
periods. These non-GAAP financial measures also facilitate management's internal
evaluation of period-to-period comparisons. We believe these non-GAAP financial
measures are useful to investors both because (1) they allow for greater
transparency with respect to key metrics used by management in its financial and
operational decision making and (2) they are provided to and used by our
institutional investors and the analyst community to facilitate comparisons with
prior and subsequent reporting periods.
Forward-Looking
Statement
This news
release, including the tables below, contains forward-looking statements,
including statements regarding, certain business metrics for the third quarter
of 2009, including anticipated revenue, gross margin, operating expense,
operating income, earnings per share, case shipments and cash. Forward-looking
statements contained in this news release and the tables below relating to
expectations about future events or results are based upon information available
to Align as of the date hereof. Readers are cautioned that these forward-looking
statements are only predictions and are subject to risks, uncertainties and
assumptions that are difficult to predict. As a result, actual results may
differ materially and adversely from those expressed in any forward-looking
statement. Factors that might cause such a difference include, but are not
limited to, difficulties predicting customer and consumer purchasing behavior as
well as the willingness and ability of our customers to adopt the expected
baseline requirements set forth in our recently announced proficiency program
and the willingness and ability of our customers to maintain and/or increase
utilization to meet the new proficiency standards in sufficient numbers,
potential losses or damages arising from any legal settlements or
judgments related to the Ormco litigation, including the issuance of a permanent
injunction, or other equitable relief, the possibility that the
development and release of new products does not proceed in accordance with the
anticipated timeline, the possibility that the market for the sale of these new
products may not develop as expected, the risks relating to Align's ability to
sustain or increase profitability or revenue growth in future periods while
controlling expenses, continued customer demand for Invisalign and new products,
changes in consumer spending habits as a result of, among other things,
prevailing economic conditions, levels of employment, salaries and wages and
consumer confidence, the timing of case submissions from our doctors within a
quarter, acceptance of Invisalign by consumers and dental professionals, Align's
third party manufacturing processes and personnel, foreign operational,
political and other risks relating to Align's international manufacturing
operations, Align's ability to protect its intellectual property rights,
competition from manufacturers of traditional braces and new competitors,
Align's ability to develop and successfully introduce new products and product
enhancements, and the loss of key personnel. These and other risks are detailed
from time to time in Align's periodic reports filed with the Securities and
Exchange Commission, including, but not limited to, its Annual Report on Form
10-K for the fiscal year ended December 31, 2008, which was filed with the
Securities and Exchange Commission on February 27, 2009. Align undertakes no
obligation to revise or update publicly any forward-looking statements for any
reason.
- 4 -
Align
Technology, Inc. Q2 Fiscal 2009 Earnings Release
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in
thousands, except per share data)
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
|
June
30,
2009
|
June
30,
2008
|
June
30,
2009
|
June
30,
2008
|
||||||||||||
|
Net
revenues
|
$ | 76,316 | $ | 79,902 | $ | 146,448 | $ | 154,678 | ||||||||
|
Cost
of revenues
|
18,338 | 20,243 | 35,763 | 39,851 | ||||||||||||
|
Gross
profit
|
57,978 | 59,659 | 110,685 | 114,827 | ||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Sales
and marketing
|
29,108 | 32,464 | 56,962 | 60,523 | ||||||||||||
|
General
and administrative
|
16,539 | 16,322 | 30,007 | 31,510 | ||||||||||||
|
Research
and development
|
5,669 | 7,001 | 10,860 | 14,296 | ||||||||||||
|
Restructuring
|
409 | - | 1,319 | - | ||||||||||||
|
Total
operating expenses
|
51,725 | 55,787 | 99,148 | 106,329 | ||||||||||||
|
Profit
from operations
|
6,253 | 3,872 | 11,537 | 8,498 | ||||||||||||
|
Interest
and other income, net
|
557 | 443 | 705 | 1,409 | ||||||||||||
|
Profit
before income taxes
|
6,810 | 4,315 | 12,242 | 9,907 | ||||||||||||
|
Provision
for income taxes
|
(2,265 | ) | (285 | ) | (5,061 | ) | (573 | ) | ||||||||
|
Net
profit
|
$ | 4,545 | $ | 4,030 | $ | 7,181 | $ | 9,334 | ||||||||
|
Net
profit per share
|
||||||||||||||||
|
-
basic
|
$ | 0.07 | $ | 0.06 | $ | 0.11 | $ | 0.14 | ||||||||
|
-
diluted
|
$ | 0.07 | $ | 0.06 | $ | 0.11 | $ | 0.13 | ||||||||
|
Shares
used in computing net profit per share
|
||||||||||||||||
|
-
basic
|
66,285 | 68,581 | 66,135 | 68,817 | ||||||||||||
|
-
diluted
|
67,373 | 69,916 | 66,941 | 70,478 | ||||||||||||
- 5 -
Align
Technology, Inc. Q2 Fiscal 2009 Earnings Release
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
June
30,
2009
|
December
31,
2008
|
|||||||
|
ASSETS
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 122,182 | $ | 87,100 | ||||
|
Marketable
securities, short-term
|
20,895 | 23,066 | ||||||
|
Accounts
receivable, net
|
53,236 | 52,362 | ||||||
|
Inventories,
net
|
2,111 | 1,965 | ||||||
|
Other
current assets
|
15,324 | 13,414 | ||||||
|
Total
current assets
|
213,748 | 177,907 | ||||||
|
Property
and equipment, net
|
24,518 | 26,979 | ||||||
|
Goodwill
and intangible assets, net
|
6,866 | 8,266 | ||||||
|
Deferred
tax asset
|
61,133 | 61,696 | ||||||
|
Other
long-term assets
|
1,529 | 4,493 | ||||||
|
Total
assets
|
$ | 307,794 | $ | 279,341 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable
|
$ | 6,473 | $ | 5,580 | ||||
|
Accrued
liabilities
|
40,200 | 38,282 | ||||||
|
Deferred
revenue
|
23,138 | 16,710 | ||||||
|
Total
current liabilities
|
69,811 | 60,572 | ||||||
|
Other
long term liabilities
|
205 | 229 | ||||||
|
Total
liabilities
|
70,016 | 60,801 | ||||||
|
Total
stockholders' equity
|
237,778 | 218,540 | ||||||
|
Total
liabilities and stockholders' equity
|
$ | 307,794 | $ | 279,341 | ||||
- 6 -
Align
Technology, Inc. Q2 Fiscal 2009 Earnings Release
ALIGN
TECHNOLOGY, INC.
RECONCILIATION
OF GAAP TO NON-GAAP KEY FINANCIAL METRICS
|
Reconciliation
of GAAP to Non-GAAP Operating Expenses
|
||||||||||||
|
(in
thousands)
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
June
30,
2009
|
March
31,
2009
|
June
30,
2008
|
||||||||||
|
GAAP
Operating expenses
|
$ | 51,725 | $ | 47,423 | $ | 55,787 | ||||||
|
Restructuring
|
(409 | ) | (910 | ) | - | |||||||
|
Non-GAAP
Operating expenses
|
$ | 51,316 | $ | 46,513 | $ | 55,787 | ||||||
|
Reconciliation
of GAAP to Non-GAAP Profit from Operations
|
||||||||||||
|
(in
thousands)
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
June
30,
2009
|
March
31,
2009
|
June
30,
2008
|
||||||||||
|
GAAP
Profit from Operations
|
$ | 6,253 | $ | 5,284 | $ | 3,872 | ||||||
|
Restructuring
|
409 | 910 | - | |||||||||
|
Non-GAAP
Profit from Operations
|
$ | 6,662 | $ | 6,194 | $ | 3,872 | ||||||
|
Reconciliation
of GAAP to Non-GAAP Net Profit
|
||||||||||||
|
(in
thousands, except per share amounts)
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
June
30,
2009
|
March
31,
2009
|
June
30,
2008
|
||||||||||
|
GAAP
Net profit
|
$ | 4,545 | $ | 2,636 | $ | 4,030 | ||||||
|
Restructuring
|
409 | 910 | - | |||||||||
|
Tax
effect on non-GAAP adjustments
|
(127 | ) | (355 | ) | - | |||||||
|
Non-GAAP
Net profit
|
$ | 4,827 | $ | 3,191 | $ | 4,030 | ||||||
|
Diluted
Net profit per share:
|
||||||||||||
|
GAAP
|
$ | 0.07 | $ | 0.04 | $ | 0.06 | ||||||
|
Non-GAAP
|
$ | 0.07 | $ | 0.05 | $ | 0.06 | ||||||
|
Shares
used in computing diluted net profit per share
|
67,373 | 66,447 | 69,916 | |||||||||
- 7 -
Align
Technology, Inc. Q2 Fiscal 2009 Earnings Release
ALIGN
TECHNOLOGY, INC.
BUSINESS
OUTLOOK SUMMARY
(unaudited)
The
outlook figures provided below and elsewhere in this press release are
approximate in nature since Align’s business outlook is difficult to
predict. Align’s future performance involves numerous risks and
uncertainties and the company’s results could differ materially from the outlook
provided. Some of the factors that could affect Align’s future
financial performance and business outlook are set forth under “Forward Looking
Information” above in this press release.
GAAP
Financials
(in
millions, except per share amounts and percentages)
|
Q3
2009
|
||||
|
Net
Revenue
|
$71.0
- $74.5
|
|||
|
Gross
Margin
|
75.0%
- 75.5%
|
|||
|
|
||||
|
Operating
Expenses
|
$49.0
- $50.5
|
|||
|
Operating
Margin
|
6%
- 8%
|
|||
|
|
||||
|
Net
Income per Diluted Share
|
$0.03
- $0.05
|
|||
|
Stock
Based Compensation Expense:
|
||||
|
Cost
of Revenues
|
$0.4
|
|||
|
Operating
Expenses
|
$4.2
|
|||
|
Total
Stock Based Compensation Expense
|
$4.6
|
|||
|
Business
Metrics:
|
||||
|
Q3
2009
|
||||
|
Case
Shipments
|
51.0K
- 53.0K
|
|||
|
Cash
|
$150M
- $155M
|
|||
|
DSO
|
mid
60's
|
|||
|
Capex
|
$2.0M
- $4.0M
|
|||
|
Depreciation
& Amortization
|
$2.0M
- $3.0M
|
|||
|
Diluted
Shares Outstanding
|
68M
|
|||
|
Full
Year 2009:
|
FY
2009
|
|||
|
Stock
Based compensation
|
$16.8M
|
|||
|
Diluted
Shares Outstanding
|
68M
|
|||
- 8 -