We undertake no obligation to revise
our forward-looking statements to
reflect events or circumstances after the date hereof as a result
of new
information, future events or otherwise.
scams nose
(Nasdaq: SNCI), a leading producer of advanced
digital hearing aids, today
announced the release of its Innova product family. Net loss
was
$3,477,000, or $.
North American sales of $9,594,000 in the first quarter 2005 were in line
with
first quarter 2004 sales of $9,605,000, but first quarter 2005 included
sales from Tympany, which
was acquired in December 2004.audiology assistive
In addition,
Innova provides a complete line of hearing aid models
from completely-in-the-
canal (CIC) to an innovative behind-the-ear (BTE) product.pathology closely
Raguskus further
stated, "Innova delivers unique technology solutions
for even the most challenging listening environments
. I expect Innova
to drive an improvement in sales, gross margin and earnings in the future. European
sales of
$12,278,000 in the first quarter 2005 were down 2% from first quarter 2004
sales of
$12,584,000.0 million, and debt of $7.
The company will host a teleconference call in connection
with this
release on Thursday, April 28, 2005 at 3:00 p.easier hearing
With the development of
Innova, Sonic
Innovations has continued its focus on delivering features that
translate into real-world benefit
for the hearing impaired. Company Launches Next Generation Innova Product Family
SALT LAKE CITY, Sonic Innovations, Inc.5% in the first quarter 2005 was down from last year's first
quarter level
of 55.nose sensible
Actual
results may differ materially and adversely from those described
herein
depending on a number of factors including, but not limited to, the following
risks: we
face aggressive competition in our business; acquisitions could be
difficult to integrate, disrupt
our business and harm our operating results;
we may lose a large customer or suffer a reduction in
orders from a large
customer; we must have innovative, technologically superior products to
compete
effectively; our products, due to their complexity, may contain errors
or defects that are only discovered
after sales by our customers, thus harming
our reputation and business; we may have issues with intellectual
property; we
may harm our relationships with our traditional customers by selling in
non-traditional
ways, such as to high volume general retail or electronics
retail stores, or through ear-nose-throat
physicians, or by having the primary
care physician make referrals of Otogram-tested hearing impaired
patients
through our Hearing Health Network; and we have important international
operations, particularly
in Germany and Australia, which expose us to a
variety of risks that could result in lower sales
.16) $.tronics nose
Sonic Innovations designs, develops, manufactures and markets advanced
digital
hearing aids designed to provide the highest levels of satisfaction
for hearing impaired consumers
, and proprietary auditory testing equipment
that automates the four most commonly performed hearing
tests. For additional information
regarding the risks inherent in our business, please see "Factors
That May
Affect Future Performance" included in our Annual Report on Form 10-K for the
year ended
December 31, 2004, as filed with the Securities and Exchange
Commission.intech hearing
The early reactions to
Innova by our hearing care
professional customers and hearing impaired consumers have been very positive
,
and we very much expect Innova to fuel our sales growth beginning immediately.
We undertake
no obligation to revise our forward-looking statements to
reflect events or circumstances after the
date hereof as a result of new
information, future events or otherwise.S.
If you wish to hear
a digital playback of the call, please call
(888) 286-8010 within the U.nose jade
m.
Consolidated
Statement of Operations Information
(In thousands, except per share data)
(Unaudited)
Quarter ended
March 31
2005 2004
Net sales
$25,891 $26,306
Cost of sales
12,034 11,729
Gross profit 13,857
14,577
Selling, general and administrative expense 14,854 10,044
Research and development expense 2,352 2,554
Operating profit
(loss) (3,349) 1,979
Other expense, net
40 49
Income (loss) before income tax provision
(3,389) 1,930
Income tax provision 88
342
Net income (loss) $(3,477) $1,588
Basic
earnings (loss) per common share $(.16) $.audiologist throat
Sonic Innovations Inc. Introduces Premium
Digital Hearing Aid Line
stethtron assistive
audiological pathology
07 per share, in the first quarter 2004. Gross margin of
53.throat respiration
Innova
launched last week at the
American Academy of Audiology Convention in Washington, D."
Capitalizing
on what it believes to be an advanced understanding of human
hearing, Sonic Innovations designs,
develops, manufactures and markets
advanced digital hearing aids intended to provide the highest
levels of
satisfaction for hearing-impaired consumers.
(Nasdaq: SNCI), a leading producer of advanced
digital hearing aids, today
announced results for the first quarter ended March 31, 2005. Operating
expenses in the first quarter 2005 of $17,206,000 increased 37% from operating
expenses of $12
,598,000 in last year's first quarter principally as a result
of Tympany and significant training
and marketing costs associated with the
introduction of the Company's next generation hearing aid
product, Innova.
This press release contains "forward-looking statements" as defined under
securities laws, including statements concerning the Innova product family
fueling sales growth
beginning immediately and the Tympany business gaining
traction and producing less dilution through
the balance of 2005.audiological tronics
"We have developed a new hearing aid product line that offers not only the
high-end features required today for a premium digital hearing aid, but also
advanced patent-pending
features that are unavailable elsewhere in the
marketplace," stated Andy Raguskus, the Company's
President and CEO. Innova's most exciting new feature, DIRECTIONALfocus(TM),
delivers an unprecedented
directional measure of 11 dB through a revolutionary
new form of patent-pending adaptive directionality
.closely hearing
Mr. These and
other risk factors are described in "factors that may affect future
performance
" included in our annual report on Form 10-K for the year ended
December 31, 2004, as filed with the
Securities and Exchange Commission.
Eastern Time)., and ask to be connected to
the Sonic Innovations
teleconference.S., and enter
confirmation code 39020754 (available through May 3, 2005), or access
the
playback through our website.
Sonic Innovations, Inc.08
Diluted earnings (loss) per common share $(.listening murmurs
Actual results may differ materially
and adversely from those
described herein depending on a number of factors, including the competitive
performance and features of our products; demand for and market acceptance of
our products; delays
in completing or introducing our new products; and the
announcement or introduction of new products
by our competitors.scams nidcd
m.
To participate in the conference call, please call toll free
(800) 561
-2731, or (617) 614-3528 outside the U.sonici.stethoscope stethtron
Innova is the Company's
next generation of high-end
digital hearing aid technology offering unmatched
hearing aid consumer benefits and features.
Gross profit of $13,857,000 in the first quarter 2005 was down 5% from
gross profit of $14,577
,000 in last year's first quarter.nose stethoscope
This press release contains "forward-looking statements
" as defined under
securities laws, including statements concerning the performance of the Innova
product family and potential improvement in sales, gross margin and earnings
in the future.com
.closely aids
C.S.listening throat
Innova(TM) Product Family Debuts at the
American Academy
of Audiology Convention
SALT LAKE CITY, Sonic Innovations, Inc."
As of March 31,
2005, Sonic Innovations had cash and marketable
securities, including restricted and long-term marketable
securities, of
$30. Mountain Time (5:00 p. A live webcast will also be available
through our
website at http://www.respiration closely
Net sales were
$25,891,000 in the first quarter 2005, down 2% from the Company
's all time
quarterly record net sales of $26,306,000 in the first quarter 2004.07
Weighted
average number of common shares
outstanding:
Basic
21,215 20,408
Diluted 21,215
22,790
Sonic Innovations, Inc.
Consolidated
Balance Sheet Information
(In thousands)
(Unaudited)
March 31, December
31,
2005 2004
Assets:
Cash and marketable securities $29,971 $32,349
Accounts receivable
15,586 16,092
Inventories
11,170 9,799
Property and equipment 9,779
10,086
Goodwill and intangibles 41,023 42,300
Other
5,348 4,660
Total assets
$112,877 $115,286
Liabilities:
Accounts payable
$9,311 $8,315
Accrued liabilities and other
20,683 17,444
Loan payable 7,748
8,525
Deferred revenue 8,543 9,899
Total liabilities 46,285 44,183
Shareholders'
equity:
Common stock 22 22
Additional
paid-in capital 118,211 118,135
Accumulated deficit
(54,274) (50,797)
Other 2
,633 3,743
Total shareholders' equity 66,592 71,103
Total liabilities and shareholders' equity $112,877 $115,286
audiology amplification
Continuing
Sonic Innovations' legacy of outstanding Noise Reduction
algorithms, Innova features Adaptive Noise
Reduction, which intelligently
varies the level of noise reduction applied in different listening
environments.Sonic Innovations Announces Results for First Quarter 2005
Rest-of-world sales
of $4,019,000 in the first quarter
2005 were also down 2% from first quarter 2004 sales of $4,117
,000.4% as a result of lower-margin Tympany sales in 2005.7 million.stethoscope audiologist
In addition, we expect the results
from Tympany to be less dilutive through
the balance of 2005 as our diagnostics business gains traction
. You may also visit our website for an
archive of prior press releases and earnings announcements
., or (617) 801-6888 outside the U.audiology murmurs
Directionality is a
proven way to enhance speech understanding
in background noise by emphasizing
sounds arriving in front of the hearing aid wearer (speech) and
de-emphasizing
sounds that arrive to the side of and behind the wearer (noise).
16 per
share, in the first quarter 2005 compared to net
income of $1,588,000, or $.
Andy Raguskus
, President and CEO, stated, "I am pleased that we were able
to achieve our principal goal of launching
our revolutionary Innova product
family in late March.ear aids
Working overtime to stay the Web's best reference!
-> Show SiteSeek's List of Web Sites For This Topic (Not Yet Peer Reviewed)
Loading...
(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)