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August 3, 2011 10:00 AM ET
Bill Petty – Chairman and CEO
David Petty – President
Joel Phillips – CFO
James Sidoti – Sidoti & Company
William Plovanic – Canaccord Genuity
Jeff Johnson – Robert W. Baird
Jim Quentin – Barrett & Company
Welcome to the ExacTech, Incorporated Second Quarter 2011 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Dr. Bill Petty, CEO of ExacTech. Please, go ahead.
Thank you, Doug, and welcome everyone to our ExacTech Conference Call. I will begin by reading the SEC disclaimer. This release contains various forward-looking statements in the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
They represent the company’s expectations or beliefs concerning future events of the company’s financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements.
These factors, among others, include the effect of competitive pricing, the company’s dependence on the ability of third-party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company’s products, and the effects of government regulation. Results actually achieved may differ from the expected results included in these statements.
For the second quarter of 2011, ExacTech’s revenue was $51.7 million which represents a 9% increase over $47.6 million in the second quarter of 2010. The net income decreased 9% to $2.7 million which represents $0.21 per diluted share compared to $3 million or $0.23 per share in the same quarter last year. Excluding the compliance expenses of $1.5 million, net income for the quarter increased 13% to $3.7 million or $0.28 per share.