Urologix, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended June 30, 2014; Reports Impairment of Goodwill for the Second Quarter Ended June 30, 2014; Provides Earnings Guidance for the Full Year 2015
August 19, 2014 at 04:00 pm EDT
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Urologix, Inc. reported unaudited earnings results for the fourth quarter and year ended June 30, 2014. For the quarter, the company reported sales of $3.294 million compared to $4.184 million a year ago. Operating loss was $3.408 million compared to $1.282 million a year ago. Loss before income taxes was $3.587 million compared to $1.281 million a year ago. Net loss was $3.525 million or $0.17 per basic and diluted share compared to $1.247 million or $0.06 per basic and diluted share a year ago. The sequential decrease in revenue was driven primarily by reduced sales of Cooled ThermoTherapy(TM) (CTT) products partially offset by a slight increase in Prostiva(R) products. The year-over-year decline in revenue was driven by a decline in sales of CTT and Prostiva products compared to the prior year.
For the year, the company reported sales of $14.235 million compared to $16.59 million a year ago. Operating loss was $6.93 million compared to $3.922 million a year ago. Loss before income taxes was $7.624 million compared to $4.278 million a year ago. Net loss was $7.608 million or $0.36 per basic and diluted share compared to $4.292 million or $0.21 per basic and diluted share a year ago. The year-over-year decline in revenue was driven by similar declines in sales of Cooled ThermoTherapy (CTT) products and Prostiva Radio Frequency (RF) Therapy products. Net cash used for operating activities was $1.53 million against $1.959 million a year ago. Purchases of property and equipment was $0.032 million against $0.079 million a year ago.
For the quarter, the company recorded impairment of goodwill of $3.036 million.
For the full year 2015, the company expects to generate positive cash flow from operations.
Urologix, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended June 30, 2014; Reports Impairment of Goodwill for the Second Quarter Ended June 30, 2014; Provides Earnings Guidance for the Full Year 2015