DynaVox Reports Fourth Quarter And Fiscal Year 2010 Results
Adjusted EBITDA increased 6.7% year-over-year for the fourth quarter of 2010 to $12.1 million, compared to $11.4 million in the previous year. Excluding the estimated $0.7 million benefit from the extra week in the prior year period, Adjusted EBITDA increased 13.2% for the fourth quarter of 2010.
Fiscal Year 2010 Results
For the year ended July 2, 2010, aggregated net sales increased 25.4% to $114.3 million, compared to net sales of $91.2 million in the prior year. Excluding the estimated incremental net sales resulting from the extra week in the prior year, fiscal 2010 aggregated net sales increased 28.4%.
The Company's aggregated gross profit margin increased 230 basis points to 75.6%, compared to gross profit margin of 73.3% in the prior year.Aggregated operating income for the year was $23.2 million, compared to operating income of $19.4 million in the prior year. GAAP net income for DynaVox Inc. was $1.0 million or $0.10 per diluted share for the period April 28, 2010 through July 2, 2010. For the period July 4, 2009 through April 27, 2010 DynaVox Systems Holdings LLC reported GAAP net income of $7.1 million. Adjusted pro forma net income and adjusted pro forma net income per share for fiscal year 2010 was $8.2 million or $0.27 per diluted share and included $3.2 million of after-tax expenses related to the early retirement of debt from the IPO proceeds, acquisition related costs, and employee severance and other costs. Excluding these expenses, fiscal year 2010 adjusted pro forma net income and adjusted pro forma net income per share would have been $11.4 million or $0.38 per diluted share, respectively. Adjusted EBITDA increased 34.6% to $32.9 million, compared to $24.5 million in the same period last year. Excluding the estimated benefit from the extra week in the prior year, fiscal 2010 Adjusted EBITDA increased 38.3%.
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