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Synergetics USA Reports Fiscal 2009 Third Quarter Results

Posted by Dana in June 16th 2009

Synergetics USA, Inc. (NASDAQ: SURG), a medical device company that designs, manufactures, and markets innovative microsurgical instruments and other devices, announced its financial results for the third fiscal quarter ended May 4, 2009.

For the third fiscal quarter, the Company realized revenue of $13.2 million compared to $13.5 million in the corresponding fiscal 2008 period. Net income for the fiscal 2009 third quarter was $458,000, or $0.02 per share, as compared to $1.1 million, or $0.05 per share, for the same quarter last year.

For the nine months ended May 4, 2009, the Company realized revenue of $39.1 million, which compares to $35.6 million for the same period last year. Earnings for the period were $1.5 million, or $0.06 per share, essentially equal to the comparable period of fiscal 2008.

Cash and cash equivalents at May 4, 2009, totaled $603,000, an increase of approximately $103,000 as compared to July 31, 2008. The Company had a working capital surplus of approximately $13.4 million at the end of the third fiscal 2009 quarter, compared to a surplus of approximately $12.7 million as of July 31, 2008.

The Company reported a 16.6% reduction in long term liabilities from $10.2 million at the fiscal 2008 year end to $8.5 million at the end of the 2009 third fiscal quarter. Stockholders’ equity as of May 4, 2009 increased to approximately $38.1 million as compared to $36.4 million at the end of fiscal 2008. The Company reports that its borrowing availability was approximately $3.0 million under its various lines of credit as of May 4, 2009.