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IRIDEX Reports Record 2012 Fourth Quarter Results



              IRIDEX Reports Record 2012 Fourth Quarter Results

Board Approves New $3.0 Million Stock Repurchase Program

PR Newswire

MOUNTAIN VIEW, Calif., Feb. 28, 2013

MOUNTAIN VIEW, Calif., Feb. 28, 2013 /PRNewswire/ -- IRIDEX Corporation
(Nasdaq: IRIX) today reported financial results for the fourth quarter ended
December 29, 2012.  

  o Ophthalmology revenues in the fourth quarter were $9.2 million, compared
    to $8.6 million in the prior year period and $7.9 million in the 2012
    third quarter. The fourth quarter results were a record high for
    ophthalmology sales in a quarter.
  o Gross margin for the fourth quarter was 47.0%, compared to 49.6% in both
    the prior year period and the 2012 third quarter. Margins were impacted in
    the quarter by a shift in product mix towards the sale of laser systems –
    including a greater-than-expected response to promotional pricing during a
    key trade show during the period.
  o Operating expenses were $4.0 million in the fourth quarter compared to
    $3.1 million in the prior year period, which included a one-time credit
    for a legal settlement of $1.3 million; and $4.5 million in the 2012 third
    quarter, which included one-time severance expenses of approximately $0.7
    million.
  o Income from continuing operations for the fourth quarter was $0.3 million
    or $0.03 per diluted share, compared with income from continuing
    operations of $0.8 million, or $0.08 per diluted share, in the prior year
    period.  
  o Guidance for first quarter 2013: The Company expects to achieve revenues
    between $8.7 million and $9.0 million and gross margins between 47% and
    49%.   Operating expenses are expected to be between $3.8 million and $4.0
    million. Additionally, the Company received $0.5 million in the form of a
    cash distribution from an insurance carrier which will be recorded in the
    first quarter.  

CEO William M. Moore said, "We have implemented a number of changes to the
organization flattening the management structure and making the focus more
customer-centric and market driven with an eye to profitability. We are now
investing in products that our customers want, that can be delivered to the
market in a reasonable amount of time and that are aligned with growing
clinical trends in ophthalmology.  And we are making these changes in the
framework of fiscal controls and a focus on generating cash and enhancing
shareholder value."

Moore continued, "Going forward, we will look to grow and increase
profitability, we will be opportunistic in acquiring or partnering with
ophthalmic companies that have developed excellent technologies and we will
continue to deploy cash from our strong balance sheet and profitable
operations to directly benefit our shareholders through our share buyback
program. For the last two years we had committed up to $4.0 million to our
stock repurchase program which ended this February. Today, the Board approved
a new one year $3.0 million stock repurchase program that replaces our prior
two year $4.0 million program."

The preceding commentary relates to the results of the Company's continuing
ophthalmology business. In February 2012, the Company sold its aesthetics
laser business and the financial statements reflect the results of its
aesthetics laser business as discontinued operations.

Fourth Quarter Business Highlights

  o The Company completed a tender offer that resulted in the repurchase of an
    aggregate of 487,500 shares of its common stock at a purchase price of
    $4.10 per share, for a total cost of approximately $2.0 million.  Those
    shares represented approximately 5.5 percent of IRIDEX's then issued and
    outstanding shares of common stock. 
  o The Company announced FDA 510(k) and CE clearance of the TxCell™ Scanning
    Laser Delivery System.   This new product saves significant time in a
    variety of laser photocoagulation procedures by allowing physicians to
    deliver the laser in a multi-spot scanning mode, a more efficient method
    for these procedures than the traditional single spot mode.  Management
    believes that the clinical and practice benefits of this technology will
    accelerate the adoption of IRIDEX' proprietary MicroPulse™  technology as
    it applies to several clinical procedures.

Conference Call

IRIDEX management will conduct a conference call later today, Thursday,
February 28, 2013 at 5:00 p.m. Eastern Time.  Interested parties may access
the live conference call via telephone by dialing (866) 225-8754 (U.S.) or
(480) 629-9818 (International) and quoting Conference ID 4603021, or by
visiting the Company's website at www.iridex.com. A telephone replay will be
available beginning on Thursday, February 28, 2013 through Thursday, March 7,
2013 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and
entering Access Code 4603021. In addition, later today an archived version of
the webcast will be available on the Company's website at www.iridex.com.

About IRIDEX

IRIDEX Corporation was founded in 1989 and is a worldwide leader in
developing, manufacturing, and marketing innovative and versatile laser-based
medical systems, delivery devices and consumable instrumentation for the
ophthalmology market. We maintain a deep commitment to the success of our
customers, with comprehensive technical, clinical, and service support
programs. IRIDEX is dedicated to a standard of excellence, offering superior
technology for superior results. IRIDEX products are sold in the United States
through a direct sales force and internationally through a combination of a
direct sales force and a network of approximately 70 independent distributors
into over 100 countries. For further information, visit the Company's website
at http://www.iridex.com/.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Act of 1934, as amended, relating to the size and growth of and
trends in the markets in which the Company operates, the success of the
Company's development, marketing and sales efforts, MicroPulse laser therapy,
the Company's growth strategy, the Company's acquisition strategy, sales
revenue growth, operational plans, profitability, the Company's projected
fiscal 2013 financial results and the Company's share repurchase program.
These statements are not guarantees of future performance and actual results
may differ materially from those described in these forward-looking statements
as a result of a number of factors.  Please see a detailed description of
these and other risks contained in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2011 and Quarterly Reports on Form 10-Q for the
fiscal quarters ended March 31, 2012, June 30, 2012 and September 29, 2012
which were filed with the Securities and Exchange Commission. Forward-looking
statements contained in this announcement are made as of this date and will
not be updated.

TABLES FOLLOW

 

IRIDEX Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
                        Three Months Ended          Twelve Months Ended
                        December 29,  December 31,  December 29,  December 31,
                        2012          2011          2012          2011
Total revenues          $    9,228    $    8,620    $    33,859   $    33,159
Cost of revenues        4,890         4,342         17,513        16,869
Gross profit            4,338         4,278         16,346        16,290
Operating expenses:
Research and            1,091         1,166         4,385         3,913
development
Sales and marketing     2,034         2,147         7,895         7,458
General and             908           1,066         4,926         4,259
administrative
Legal settlement, net   -             (1,274)       -             (1,274)
of expenses
Total operating         4,033         3,105         17,206        14,356
expenses
Income (loss) from      305           1,173         (860)         1,934
operations
Legal settlement        -             -             800           800
Other expense, net      (18)          (250)         (210)         (296)
Income (loss) from
continuing operations   287           923           (270)         2,438
before income taxes
Provision for (benefit  34            122           (100)         297
from) income taxes
Income (loss) from      253           801           (170)         2,141
continuing operations
Income (loss) from
discontinued            149           (15)          (264)         469
operations, net of tax
(Loss) gain on sale of
discontinued            (160)         -             1,872         -
operations, net of tax
(Loss) income from
discontinued            (11)          (15)          1,608         469
operations, net of tax
Net income              $             $             $             $        
                           242          786         1,438         2,610
Net (loss) income per
share:
 Basic:
  Continuing operations $0.03         $0.09         ($0.02)       $0.24
  Discontinued          ($0.00)       ($0.00)       $0.18         $0.05
operations
                        $0.03         $0.09         $0.16         $0.29
 Diluted:
  Continuing operations $0.03         $0.08         ($0.02)       $0.21
  Discontinued          ($0.01)       ($0.00)       $0.18         $0.05
operations
                        $0.02         $0.08         $0.16         $0.26
Weighted average shares
used in computing net
income per share
  Basic                 8,820         8,945         8,935         8,958
  Diluted               10,071        10,200        8,935         10,225

 

IRIDEX Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
                                                 December 29,  December 31,
                                                 2012          2011
Assets
Current Assets:
Cash and cash equivalents                        $    11,901   $    10,789
Accounts receivable, net                         5,480         5,551
Inventories, net                                 8,035         6,659
Prepaids and other current assets                1,129         464
Current assets of discontinued operations        510           6,043
Total current assets                             27,055        29,506
   Property and equipment, net                   483           325
Other long-term assets                           287           199
   Other intangible assets, net                  554           745
   Goodwill                                      533           533
   Non-current assets of discontinued operations -             841
Total assets                                     $   28,912    $  32,149
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable                                 $    2,105    $    1,580
Accrued compensation                             1,563         1,180
Accrued expenses                                 1,242         1,920
Accrued warranty                                 453           556
Deferred revenue                                 1,004         1,014
 Current liabilities of discontinued operations  -             2,663
Total current liabilities                        6,367         8,913
Long Term Liabilities:
Other long-term liabilities                      640           810
      Total liabilities                          7,007         9,723
Stockholders' Equity:
   Convertible preferred stock                   5             5
Common stock                                     94            92
Additional paid-in capital                       38,958        42,032
Accumulated other comprehensive loss             -             (35)
Treasury stock, at cost                          -             (1,078)
Accumulated deficit                              (17,152)      (18,590)
Total stockholders' equity                       21,905        22,426
Total liabilities and stockholders' equity       $   28,912    $   32,149

 

SOURCE IRIDEX Corporation

Website: http://www.iridex.com
Contact: Company, Jim Mackaness, CFO & COO, +1-650-940-4700; or Investor
Relations, Matt Clawson for Allen & Caron, +1-949-474-4300,
matt@allencaron.com
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