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DynaVox Reports Second Quarter Fiscal Year 2013 Results

Stocks in this article: DVOX

PITTSBURGH, Feb. 11, 2013 (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 second quarter ended December 28, 2012.

Net sales were $17.6 million, a decrease of 24%, compared to net sales of $23.2 million for the second quarter ended December 30, 2011. Sales for the Company's speech generating devices decreased 26% to $14.9 million and sales from its special education software declined 16% to $2.7 million from the prior year.

Gross profit for the second quarter of fiscal year 2013 decreased 23% to $12.8 million, compared to gross profit of $16.6 million in the second quarter of the prior year. The Company's gross margin for the second quarter increased 100 basis points to 72.7%, compared to a gross margin of 71.7% in the second quarter of the prior year. The increase in margin is mainly the result of decreased costs offset to some degree by lower sales volume.

Operating expenses in the second quarter of fiscal year 2013 decreased 19% to $11.4 million, compared to $14.1 million in the prior year. Operating income for the second quarter was $1.4 million, compared to $2.5 million in the same period a year ago.

GAAP net income for the second quarter of fiscal year 2013 was $0.1 million, or $0.01 per share, compared to GAAP net income of $0.3 million, or $0.03 per share, for the same quarter a year ago.

Adjusted pro forma net income, as defined below, was $0.4 million, or $0.01 per share, compared to adjusted pro forma net income of $1.2 million, or $0.04 per share, in the prior year.

Adjusted EBITDA, as defined below, decreased 34% to $2.8 million, compared to $4.2 million in the previous year.

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