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DynaVox Reports Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: DVOX

PITTSBURGH, Sept. 20, 2012 (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 announced results for the fourth quarter and fiscal year ended June 29, 2012.

For the fourth quarter ended June 29, 2012, net sales were $23.9 million, a decrease of 26%, compared to net sales of $32.3 million for the fourth quarter ended July 1, 2011. Sales of the Company's speech generating devices decreased 22% to $20.9 million, and sales of its special education software declined 48% to $3.0 million from the prior year.

Gross profit for the fourth quarter of fiscal year 2012 declined 26% to $16.7 million, compared to $22.6 million in the fourth quarter of the prior year. The Company's gross margin for the fourth quarter was essentially flat at 70.1%, compared to the prior year's comparable quarter.

Operating expenses, excluding impairment charges, in the fourth quarter of fiscal year 2012 decreased 5% to $16.1 million, compared to $16.9 million in the prior year. Operating income, excluding impairment charges, in the fourth quarter totaled $0.6 million, a decrease of 89%, compared to $5.7 million in the fourth quarter of 2011.

GAAP net loss for the fourth quarter of fiscal year 2012 was $5.1 million, or $0.47 per share, compared to GAAP net income of $0.9 million, or $0.10 per share, a year ago. Adjusted pro forma loss, as defined below, was less than $0.1 million, or $0.00 per share, compared to adjusted pro forma net income of $3.6 million, or $0.12 per share, in the prior year.

Adjusted EBITDA, as defined below, declined 62% year-over-year in the fourth quarter of 2012 to $3.0 million from $8.1 million in the previous year.

"Macroeconomic factors, particularly as it relates to the education sector, continued to impact our operating environment during the fourth quarter, and both devices and educational software experienced substantial declines in sales. However, despite these challenging times, we remained focused on delivering positive operating cash flow through cost discipline," said Michelle Heying Wilver, DynaVox's Chief Executive Officer.

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