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Theragenics Reports Revenue And Earnings For The Second Quarter And First Half Of 2012

Theragenics Corporation ® (NYSE: TGX), a medical device company serving the surgical products and prostate cancer treatment markets, today announced consolidated financial results for the second quarter ended June 30, 2012.

  • Consolidated revenue
    • $22.0 million for the second quarter of 2012, up 2% over 2011
    • $43.5 million for the first half of 2012, up 4% over 2011
  • Segment revenue
    • Surgical products revenue up 3% in second quarter over 2011 and up 5% for the first half of 2012
    • Brachytherapy revenue up 1% in second quarter over 2011 and up 3% for the first half of 2012
  • Incremental revenue in Brachytherapy segment from acquired Core customers was $1.2 million in the second quarter of 2012 and $1.8 million for the first half of 2012
  • Earnings per share
    • $0.02 in the second quarter of 2012 compared to $0.04 in 2011
    • $0.05 for the first half of 2012 compared to $0.05 in 2011
  • Adjusted EBITDA
    • $3.7 million in the second quarter of 2012 compared to $4.0 million in 2011
    • $7.5 million for the first half of 2012 compared to $6.8 million in 2011
  • Pursuant to our modified Dutch Auction tender offer, we repurchased 4,761,904 common shares on July 17, 2012 for an aggregate purchase price of $10.0 million. Total cost including transaction costs was approximately $10.4 million.
  • Cash flow
    • At June 30, 2012, cash, cash equivalents and marketable securities were $38.7 million and credit facility borrowings were $22.0 million, resulting in a net positive position of $16.7 million.
      • Cash flow from operations was $4.9 million for the first half of 2012, compared to $3.4 million in 2011.
      • $4.8 million in cash was used in the first half of 2012 for the Core transaction, which closed in February 2012.
        • Another $4.6 million is expected to be paid through September 2013 for remaining payments on this earn-out based asset acquisition.
      • Capital expenditures were $982,000 in the first half of 2012.
      • $1.7 million of principal payments were made on the term loan in the first half of 2012. At June 30, 2012 the term loan was completely paid in full. Our $30 million line of credit facility matures on October 31, 2012.
    • On a pro forma basis, assuming our Dutch Auction share repurchase was completed on June 30, 2012, our net positive position was $6.3 million.

Segment Results

Surgical Products Segment

Revenue in our surgical products segment was $15.9 million in the second quarter of 2012, an increase of 3% over the second quarter of 2011 and our highest quarterly revenue ever in our surgical products segment. For the first half of 2012 revenue was $31.4 million, an increase of 5% over 2011. Operating income for the quarter was $588,000 compared to $498,000 in 2011. For the first half of 2012 operating income was $787,000 compared to $307,000 in 2011. Pre-tax charges for special items totaling $35,000 and $218,000 were included in the second quarter and first half, respectively, of 2011. The pre-tax charges for special items are detailed in Table V to this press release. No such special items were incurred in the 2012 periods.

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