CARDIOGENESIS REPORTS 2002 FOURTH QUARTER, YEAR END RESULTS
PAGE 4-4-4
CARDIOGENESIS CORPORATION
CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Fourth Quarter Ended
Year Ended
December 31,
December 31,
2002
2001 2002
2001
Net revenues
$ 3,670
$ 2,791
$ 13,048
$ 14,153
Cost of revenues
742
1,032
2,935
5,777
Gross profit
2,928
1,759
10,113
8,376
Operating expenses:
Research and development
(1)
55
277
657
1,863
Sales, general and administrative
(2)
2,726
3,646
12,297
15,119
Restructuring costs
-
171
-
1,033
Total operating expenses
2,781
4,094
12,954
18,015
Income (loss) from operations
147
(2,335)
(2,841)
(9,639)
Non-operating income (expense), net
2
(27)
2,311
(608)
Net income (loss)
$ 149
$ (2,362)
$ (530)
$(10,247)
Net income (loss) per share
Basic and diluted
$ 0.00
$ (0.07)
$ (0.01)
$ (0.31)
Shares used in per share computations
Basic
37,090
34,415
36,911
33,311
Diluted
37,146
34,415
36,911
33,311
(1)
Includes the effects of reductions of accrued liabilities in the 2002 fourth quarter and year ended of
$598,000 and $1,282,000, respectively, which were recorded in prior years for research and development
costs associated with estimated clinical obligations.
(2)
Includes the effect of a $567,000 reduction of accrued liabilities in the 2002 fourth quarter, which had
been recorded in the first three quarters of 2002 in connection with the Company's management incentive
program.
MORE-MORE-MORE
