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Conceptus(R) Reports Fourth Quarter Results

Stocks in this article: CPTS

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%.

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