DynaVox Comments On First Quarter Fiscal Year 2011
PITTSBURGH, Sept. 30, 2010 (GLOBE NEWSWIRE) -- DynaVox (Nasdaq:DVOX), the world's leading provider of communication and education products for individuals with significant speech, language and learning disabilities, today commented on its fiscal first quarter which ends October 1, 2010.
In its Form 10-K for the fiscal year ended July 2, 2010 filed on September 30, 2010, the Company indicated that during the first quarter of its fiscal year 2011, which ends on October 1, 2010, the Company experienced a softening of demand for both its speech generating devices and software products. As a result, operating results for the fiscal first quarter will not be consistent with historical performance or indicative of what management believes to be the Company's long-term future operating potential.
As a result of these conditions, management is withdrawing its Fiscal Year 2011 Guidance included in its earnings release dated August 25, 2010 and will provide a further update to the investment community as more information becomes available."During our fiscal fourth quarter conference call, we discussed the impact on our business of the challenges facing international economies and the pressures on U.S. state and school budgets. Unfortunately, the impact of these factors on our fiscal first quarter results was more than we had anticipated," stated Ed Donnelly, DynaVox's Chief Executive Officer. "While we are disappointed by the weaker sales during our first quarter, we continue to believe that the underlying patient need for our products remains unchanged and that we have a large opportunity to capitalize on an underpenetrated market. Our confidence in the long-term outlook for the Company is supported by new products in both education software, as well as a new speech platform, which we plan to introduce on October 4, 2010. We remain committed to our clients, employees and shareholders, and we believe we will be successful in delivering on our goals over the long-term." The Company plans to report first quarter 2011 financial results on Thursday, November 11, 2010, after market close. The Company will also host a conference call to discuss these results and will provide additional comments and details. Participating on the call will be Ed Donnelly, Chief Executive Officer, and Ken Misch, Chief Financial Officer.
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