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DynaVox Reports Third Quarter Fiscal Year 2013 Results

Stocks in this article: DVOX

PITTSBURGH, May 17, 2013 (GLOBE NEWSWIRE) -- DynaVox (OTC:DVOX) today announced results for the third quarter ended March 29, 2013.

Results for the Thirteen Weeks Ended March 29, 2013

Net sales were $14.9 million, a decrease of 38%, compared to net sales of $24.0 million for the third quarter ended March 30, 2012. Sales for the Company's speech generating devices decreased 39% to $12.5 million and sales from its special education software declined 28% to $2.4 million from the prior year.

Gross profit for the third quarter of fiscal year 2013 decreased 40% to $10.4 million, compared to gross profit of $17.4 million in the third quarter of the prior fiscal year. The Company's gross margin for the third quarter decreased 230 basis points to 70.0%, compared to a gross margin of 72.3% in the third quarter of the prior fiscal year. The decrease in margin is mainly the result of lower sales volume in both devices and special education software and changes within the mix of product sales.

Operating expenses, excluding impairment losses, in the third quarter of fiscal year 2013 decreased 18% to $11.4 million, compared to $13.9 million in the prior fiscal year. Operating income (loss), excluding impairment charges, for the third quarter was $(0.9) million, compared to $3.5 million in the same period a year ago. An impairment charge of $2.0 million was recorded in the third quarter of fiscal year 2013 of which $1.9 million related to indefinite-lived intangible assets and $0.1 million related to the abandonment of certain leasehold improvements. Operating expenses in the third quarter of fiscal year 2012 included impairment charges of $62.1 million related to goodwill and other intangible assets.

GAAP net loss for the third quarter of fiscal year 2013 was $(6.6) million, or $(0.58) per share, compared to GAAP net loss of $(14.1) million, or $(1.33) per share, for the same quarter a year ago. GAAP net loss for the third quarter of fiscal year 2013 reflects other income of $43.9 million for a change in estimate relating to amounts payable to related parties pursuant to a tax receivable agreement and income tax expense of $49.4 million related to a substantial valuation allowance on deferred tax assets.

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