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FOR IMMEDIATE RELEASE
|Stryker Warren, Jr., CEO|
UROLOGIX REPORTS FISCAL 2008 FOURTH QUARTER & FISCAL YEAR 2008 RESULTS
MINNEAPOLIS August 28, 2008 Urologix®, Inc. (NASDAQ:ULGX), today reported financial results for the fourth quarter ended June 30, 2008 and for fiscal year 2008. Revenue for the fourth quarter was $3.7 million or 24 percent less than the $4.8 million reported in the same period of fiscal 2007 and 18 percent more than the $3.1 million reported in the third quarter of this fiscal year. Net loss for the fourth quarter was $2.2 million, or a loss of $0.16 per diluted share. This loss is compared to a net loss of $12.1 million or $0.84 per diluted share for the fourth quarter of fiscal 2007, and $2.1 million or $0.15 per diluted share in the third quarter of fiscal 2008.
Revenue for the entire fiscal year ended June 30, 2008 was $14.9 million or 30 percent less than the $21.3 million in revenue reported for fiscal year 2007. The net loss for the fiscal year ended June 30, 2008 was $14.9 million, or a loss of $1.04 per diluted share, compared to a net loss of $13.2 million, or a loss of $0.92 per diluted share, for the fiscal year ended June 30, 2007. The net loss for the fiscal year ended June 30, 2008 includes a net non-cash impairment charge of $8.6 million, or $0.60 per share taken in the quarter ended December 31, 2007. The net loss for the fourth quarter and fiscal year ended June 30, 2007 includes total non-cash charges of $11.2 million, or $0.78 per diluted share, consisting of a $6.4 million non-cash impairment and inventory write-down charge as well as a $4.8 million non-cash income tax charge to increase the Companys tax valuation allowance. At June 30, 2008, the Companys cash balance was $11.0 million, a decrease of $674,000 from the prior quarter.
Fourth quarter highlights included Urologix launch of the new CTC Advance Cooled ThermoTherapy treatment catheter at the American Urological Association (AUA) annual meeting in May 2008. Another highlight was the presentation at the AUA of interim five-year durability data from a multi-center study that demonstrated 90% freedom from secondary procedures with the Companys CTC catheter. In addition, on June 24, 2008 the Company announced the appointment of Stryker Warren, Jr. as its Chief Executive Officer.
While new to Urologix as an employee, I have had positive experience with the Companys Cooled ThermoTherapy (CTT) technology dating back to 1997 when I was CEO of Urology Healthcare Group, a customer of Urologix at the time. In addition, since accepting the CEO role
The following information was filed by Urologix Inc (ULGX) on Friday, August 29, 2008 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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