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FOR IMMEDIATE RELEASE
|Fred B. Parks, Chairman and CEO|
UROLOGIX REPORTS FOURTH QUARTER AND FISCAL YEAR 2006 RESULTS
MINNEAPOLIS August 16, 2006 Urologix®, Inc. (NASDAQ:ULGX), today reported financial results for the fiscal fourth quarter and year ended June 30, 2006, both of which include $4.6 million of a non-cash income tax benefit to reduce the valuation allowance related to the Companys deferred tax assets, and provided financial guidance for fiscal 2007.
Revenue for the fourth quarter of fiscal 2006 was $6.6 million, compared to $6.9 million in the same period of fiscal 2005. Treatment catheters accounted for 97% of revenue in the just completed quarter, compared to 95% of revenue in the prior-year period. Net earnings for the current quarter were $4.7 million, or $0.32 per diluted share, which includes $279,000 of equity-based compensation expense and the $4.6 million income tax benefit, compared to $706,000, or $0.05 per diluted share, for the fourth quarter of fiscal 2005. The Company adopted Statement of Financial Accounting Standard No. 123R (SFAS 123R), Share-Based Payment, in fiscal year 2006 as of July 1, 2005. Fiscal 2005 results do not include any equity-based compensation expense.
Annual revenue for fiscal 2006 of $25.9 million was relatively flat with fiscal 2005 revenue of $25.8 million. Net earnings for fiscal 2006 were $5.5 million, or $0.38 per diluted share, including $1.3 million of equity-based compensation expense and the $4.6 million income tax benefit noted previously, compared to net earnings of $2.8 million, or $0.19 per diluted share, in fiscal 2005.
Historically, Urologix has recorded a full valuation allowance on its deferred tax assets, the majority of which are net operating loss tax carry forwards which Urologix generated prior to achieving profitability. During the fourth quarter, it was determined that Urologix will more likely than not be able to realize a partial benefit from these deferred tax assets in the future, and as a result, recorded a non-cash income tax benefit of $4.6 million.
The following information was filed by Urologix Inc (ULGX) on Friday, August 18, 2006 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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