Conceptus(R) Reports Fourth Quarter Results
MOUNTAIN VIEW, Calif., Feb. 24, 2011 (GLOBE NEWSWIRE) -- Conceptus, Inc. (Nasdaq:CPTS), developer of the Essure® procedure, the most effective non-surgical permanent birth control method available, today reported financial results for the three and 12 months ended December 31, 2010.
Net sales for the fourth quarter of 2010 were $36.6 million, a decrease of 1% compared with the fourth quarter of 2009 net sales of $37.0 million. Fourth quarter of 2010 net sales were in line with the Company's preliminary expected net sales range of $36.3 million to $36.6 million announced on January 6, 2011. Net sales for 2010 were $140.7 million, an increase of 7% compared with net sales of $131.4 million for 2009.
Earnings before interest, taxes, depreciation, amortization and equity-based compensation ("EBITDA") for the fourth quarter of 2010 were $10.1 million, compared with EBITDA for the fourth quarter of 2009 of $11.9 million. EBITDA for 2010 was $24.8 million, compared with $26.4 million for 2009.Net income for the fourth quarter of 2010 was $83.7 million, or $2.66 per diluted share. This compares with net income for the fourth quarter of 2009 of $6.6 million, or $0.21 per diluted share. The fourth quarter of 2010 included a net income tax benefit of $79.2 million. Income before provision for income taxes was $4.5 million in 2010 compared to $6.6 million in 2009. Net income for 2010 was $82.0 million, or $2.59 per diluted share. This compares with net income for 2009 of $7.9 million, or $0.25 per diluted share. 2010 included a tax benefit of $78.7 million. Income before provision for income taxes was $3.3 million in 2010 compared to $8.3 million in 2009. In accordance with ASC 740 and related literature, the Company released valuation allowances against its deferred income tax assets. The net income tax benefit in the fourth quarter of 2010 was largely attributed to the release of the Company's valuation allowances and the recording of the associated net deferred tax assets on its balance sheet. Based on a history of cumulative profitability and its analysis of business prospects for 2011 and beyond, the Company determined that it is more likely than not that future profitability will be sufficient to realize deferred income tax assets. The effective income tax rate for 2011 is currently anticipated to be in the range of 36% to 40%.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV