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Theragenics Corporation Reports Second Quarter 2013 Results
BUFORD, Ga.--(BUSINESS WIRE)--August 8, 2013--Theragenics Corporation® (NYSE: TGX), a medical device company serving the surgical products and prostate cancer treatment markets, today announced consolidated financial results for the second quarter ended June 30, 2013.
- $20.3 million in Q2 2013, down 8% from Q2 2012. $40.2 million in the first half of 2013, down 8% from 2012.
Earnings per share
- $0.00 in Q2 2013 compared to $0.02 in Q2 2012 and $0.00 in the first half of 2013 compared to $0.05 in 2012.
- Special items reduced EPS by $0.03 in both Q2 2013 and in the first half of 2013.
- $131,000 in Q2 2013 compared to $1.3 million in Q2 2012. $148,000 for the first half of 2013, compared to $2.9 million in 2012.
- Excluding special items, operating income was $1.4 million in Q2 2013 and $1.5 million in the first half of 2013. See Table V.
- $2.5 million in Q2 2013 compared to $3.7 million in Q2 2012. $4.8 million in the first half of 2013 compared to $7.5 million in 2012.
- Excluding special items, adjusted EBITDA was $3.7 million in Q2 2013 and $6.1 million in the first half of 2013. See Table IV.
- Capital expenditures were $1.5 million in the first half of 2013.
- The Medical Device Excise Tax, effective January 1, 2013, totaled $212,000 in Q2 and $405,000 in the first half of 2013.
- At June 30, 2013, cash, cash equivalents and marketable securities were $37.2 million and credit facility borrowings were $22.0 million, resulting in a net positive position of $15.2 million.
- In July 2013, we were notified by a customer that it would discontinue purchasing our wound closure products during the second half of this year. The loss of this customer is a result of increased pricing competition. Sales to this customer were $1.8 million in the first half of 2013.
Restructuring activities related to the closing of our Galt Medical
facility in Texas continued, with an estimated completion date of
- The Galt Medical brand represents a growth platform business for us in which we intend to continue to invest and expand product offerings.
- We incurred restructuring expenses and operational transition expenses related to the restructuring of $300,000 in the second quarter of 2013 and $393,000 in the first half of 2013.
- We expect to incur incremental expenses totaling $3.7 million to $4.1 million (including expenses incurred through June 30, 2013) through 2014 to complete this restructuring. These incremental costs, expected to be recorded over the restructuring period through December 2014, primarily include severance related expenses and project implementation costs. No significant non-cash charges are expected to be recorded related to this restructuring.
- Capital expenditures related to restructuring are expected to be $2.5 million to $2.7 million through 2014.
- Upon completion of the restructuring, net cost reductions are expected to be $3.3 million to $3.6 million annually.
The following information was filed by Theragenics Corp (TGX) on Thursday, August 8, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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