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Theragenics® Reports Highest Annual Revenue in its History
2010 REVENUE GROWS 11% IN THE FOURTH QUARTER AND 5% FOR THE YEAR
BUFORD, Ga.--(BUSINESS WIRE)--February 15, 2011--Theragenics Corporation (NYSE: TGX), a medical device company serving the surgical products and prostate cancer treatment markets,, today announced consolidated financial results for the fourth quarter and year ended December 31, 2010, reporting the highest consolidated annual revenue in the Company’s history.
“We are pleased to enter 2011 by reporting another year of record revenue performance. In spite of a challenging economy and ongoing uncertainty in the healthcare segment, our consolidated revenue hit an all-time high. Our surgical products segment continues to produce increasing revenue and the downward trend that had significantly impacted our brachytherapy business has showed signs of stabilizing. In fact, fourth quarter was our second consecutive quarter of year over year product revenue growth in brachytherapy, after almost five years of such declines,” states M. Christine Jacobs, Chairman and CEO. “In addition, we completed the move to a new needle manufacturing facility and continued implementation of our new ERP system – both examples of how we continue to seek ways to improve profitability and efficiency, and ultimately, enhance shareholder value.”
Consolidated revenue of $20.7 million in the fourth quarter
represented an 11% increase over 2009. For the year, consolidated
revenue of $82.2 million was the highest annual revenue in our history
and an increase of 5% over 2009.
- Surgical products segment revenue increased 12% in the fourth quarter of 2010 over fourth quarter 2009. For the year, surgical products segment revenue increased 10% over 2009.
- Brachytherapy segment revenue increased 8% in the fourth quarter of 2010 over 2009. For the year, brachytherapy segment revenue decreased 5% from 2009.
- Earnings per share in 2010 were $0.01 in the fourth quarter and $0.06 for the year, compared to 2009 EPS of $0.01 in the fourth quarter and $0.09 for the year.
Special items occurring in 2010 and their effect on earnings per share
- Pre-tax charges for accounts receivables due from Core Oncology for which we believe collection is doubtful totaling $1.1 million in the fourth quarter and $2.0 million for the year. These charges affected both our brachytherapy and surgical products segments.
- Pre-tax expenses associated with our legal action against the former owner of CP Medical totaling $20,000 in the fourth quarter and $629,000 for the year.
- Pre-tax moving related expenses in connection with our new needle manufacturing facility totaling $570,000 for the year. No moving related expenses were incurred in the fourth quarter.
- Other income related to the settlement of our legal action totaling $200,000 before income taxes for the fourth quarter and for the year.
- These special items had the effect of reducing our EPS by $0.02 in the fourth quarter and $0.06 for the year.
- On February 1, 2011, we announced the termination of our brachytherapy supply and reseller agreement with Core Oncology. Sales to Core represented 14% of brachytherapy segment revenue and 5% of consolidated revenue in 2010.
- Capital expenditures were $1.1 million in the quarter and $9.1 million for the year 2010, primarily reflecting our investments in our new specialty needle manufacturing facility and our corporate-wide information technology (“IT”) initiative. Construction of our new facility was completed in the third quarter of 2010. Remaining payments on the construction are not expected to be material.
- At December 31, 2010 we had cash, cash equivalents, and marketable securities of $40.6 million and outstanding borrowings under our credit agreement of $27.0 million for a net positive position of $13.6 million.
The following information was filed by Theragenics Corp (TGX) on Tuesday, February 15, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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