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Last Post: 12/27/2009 6:37:21 AM - Followers: 1 - Board type: Free - Posts Today: 0

Sonic Innovations is now Otix Global

  

       Gotta check out what the product does......... Attach your hearing aid to your wireless cellphone ?
      http://www.sonici.com/index.php/consumer/about-sonic

 

  

 

Record Annual Sales from Continuing Operations

SALT LAKE CITY, Feb. 5 /PRNewswire-FirstCall/ -- Sonic Innovations, Inc. (NASDAQ:SNCI), a leading producer of advanced digital hearing aids, today announced results for the fourth quarter and year ended December 31, 2008.

Highlights include:

-- Achieved record annual sales from continuing operations of $124.9 million; realizing a 4.9 percent sales growth compared to 2007.

-- Strengthened product lineup by launching one new product during the fourth quarter.

-- Entered into an agreement with Bose Corporation to sell a digital signal processing patent while retaining the rights to utilize such technology in Sonic-branded products and services.

-- Completed restructuring activities which were initiated in the first quarter of 2008.

 

 

"I am pleased by the increase in year-over-year sales growth in a soft economy," said Sam Westover, Chairman and CEO. "Our on-going international operations continue to improve. North American operations continue to be hampered by the economy; however, we remain committed to expense reductions that are responsive to revenue fluctuations. The launch of an additional product in the fourth quarter continues to enhance our product offerings and I am looking forward to several product launches in 2009."

Net sales from continuing operations for the year ended December 31, 2008 increased 4.9 percent over the same period in 2007 to $124.9 million. Net sales decreased 2.9 percent in North America, increased 8.5 percent in Europe, and increased 12.6 percent for Rest-of-World for the year ended December 31, 2008 compared to 2007.

Fourth quarter 2008 net sales from continuing operations of $27.3 million were 14.5 percent lower than fourth quarter 2007 net sales of $31.9 million primarily due to the challenging global economic situation and the strengthening of the U.S. dollar. The stronger U.S. dollar reduced sales by $3.1 million or 9.7 percent on a year-over-year basis for the fourth quarter 2008. North American sales of $9.3 million in the fourth quarter 2008 decreased 18.9 percent from 2007. European sales of $12.5 million in the fourth quarter 2008 decreased 5.1 percent from 2007 and Rest-of-World sales of $5.5 million in the fourth quarter 2008 were down 24.6 percent from 2007.

Gross profit from continuing operations of $17.0 million in the fourth quarter 2008 decreased 17.6 percent from 2007. Gross margin from continuing operations for the fourth quarter was 62.3 percent in 2008 compared to 64.6 percent in the same period of 2007 primarily as a result of the strengthening of the U.S. dollar and lower average selling prices in North America. The Company's gross margin from continuing operations remained flat at 63.3 percent for the years ended December 31, 2008 and 2007.

Selling, general and administrative expense as a percentage of net sales from continuing operations increased from 54.5 percent in 2007 to 56.5 percent in 2008, and increased from 55.5 percent in the fourth quarter 2007 to 56.8 percent in the fourth quarter 2008 primarily as a result of retail acquisitions, which carry a higher percentage of selling, general and administrative expense. Research and development expense was $8.3 million in 2008 compared to $8.6 million in 2007, a year-over-year decline of $0.3 million. Research and development expense in the fourth quarter 2008 of $1.9 million decreased $0.1 million from $2.0 million in the prior year.

For the fourth quarter of 2008, the Company recorded total restructuring charges of $0.6 million, or $0.02 per share. For the full year 2008, the Company recorded total restructuring charges of $4.7 million, or $0.17 per share, of which $2.5 million was non-cash and $2.2 million was cash. Excluding discontinued operations, in the fourth quarter of 2008, the Company recorded restructuring charges of $0.5 million, or $0.02 per share, and $2.1 million, or $0.08 per share, on a year-to-date basis. The Company also recorded a $2.1 million charge related to goodwill impairment during the fourth quarter 2008.

During the fourth quarter of 2008, the Company entered into an agreement with Bose Corporation to sell a digital signal processing patent while retaining the rights to utilize such technology in Sonic-branded products and services. This gain is recognized as a component of Other Income in the Condensed Consolidated Statements of Operations.

During 2008, the Company closed one of its European operations and sold another operation in Europe as part of its consolidation efforts. These units have been classified as discontinued operations for the three months and years ended December 31, 2008, and 2007, respectively.

Loss from continuing operations for the year ended December 31, 2008 was $3.6 million or $0.13 per share, as compared with income from continuing operations of $1.8 million or $0.07 per share, for the year ended December 31, 2007. Excluding restructuring charges and goodwill impairment, the annual income from continuing operations for year ended 2008 was $0.6 million, or $0.02 per share, as compared with income from continuing operations of $1.8 million or $0.07 per share, for the year ended December 31, 2007.

As of December 31, 2008, the Company had cash and cash equivalents of $13.4 million and an available line of credit of $6.0 million.

Sonic Innovations designs, develops, manufactures and markets advanced digital hearing aids designed to provide the highest levels of satisfaction for hearing impaired consumers.

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#44   Congratulations to the company for their donation of happymario 12/27/09 06:37:21 AM
#43   Looking pretty strong this afternoon after the morning DOLLARLAND 05/21/09 03:06:54 PM
#42   I think we'll head for .87 at a minimum. DOLLARLAND 05/18/09 05:19:54 PM
#41   Do you think that means we head north? Blind Date 05/18/09 05:11:03 PM
#40   I like the hook on the 10dma: DOLLARLAND 05/18/09 04:30:26 PM
#39   What are your thoughts on ....picked up some Blind Date 05/18/09 12:04:18 PM
#38   same here. patience. I think we will get $1. langlui 05/15/09 12:58:34 PM
#37   Good to see you here, langlui. We DOLLARLAND 05/15/09 12:57:25 PM
#36   got out at a small loss....GL sheepdog 05/15/09 12:33:46 PM
#35   some familiar faces here. :-) langlui 05/15/09 12:23:56 PM
#34   I agree, and think it will happen. DOLLARLAND 05/15/09 11:09:14 AM
#33   need to knock down tha t .72 wall rhino.. MCKINLEY MORGANFIELD 05/15/09 11:04:18 AM
#32   What a difference a day makes... looks like DOLLARLAND 05/15/09 11:02:35 AM
#31   failed pinch it happens...look for .59 sheepdog 05/15/09 09:09:38 AM
#29   thx,rhino.. MCKINLEY MORGANFIELD 05/14/09 02:35:21 PM
#28   I've been gone most the day, but it DOLLARLAND 05/14/09 02:34:14 PM
#27   rhino,hows she holdin up today??..tia MCKINLEY MORGANFIELD 05/14/09 02:17:14 PM
#25   Well, this one looks like a winner to phrantic 05/13/09 02:22:41 PM
#24   I used to just look at fundamentals, but DOLLARLAND 05/13/09 02:08:20 PM
#23   Yeah, I'm not much for reading charts, just phrantic 05/13/09 02:04:47 PM
#22   I think most of us here are playing DOLLARLAND 05/13/09 02:02:58 PM
#21   Is there something in the wind here? Doing phrantic 05/13/09 02:00:19 PM
#20   Boardmarks going up 8 now - should be chevdawg18 05/13/09 01:59:23 PM
#19   .7015 x .72 - 1400 shares away from chevdawg18 05/13/09 01:59:01 PM
#18   I will not complain at all about .90s. DOLLARLAND 05/13/09 01:58:28 PM
#17   Yeah lookin for a .73/.74 close today and chevdawg18 05/13/09 01:57:10 PM
#16   We're starting to gain a little attention here. DOLLARLAND 05/13/09 12:57:03 PM
#15   THANK YOU :) It's a great chart! di4 05/13/09 12:53:08 PM
#14   I just added are beautiful chart to the IBOX. DOLLARLAND 05/13/09 12:40:18 PM
#13   What's your target here, Chevdawg? I'm thinking DOLLARLAND 05/13/09 11:34:58 AM
#12   SAR flipped today. Need to get back DOLLARLAND 05/13/09 11:20:32 AM
#11   In .70 chevdawg18 05/13/09 09:35:27 AM
#10   Pre-Market, looks poised to bust into the mid-.70s DOLLARLAND 05/13/09 08:39:06 AM
#9   Very nice looking pincher setup here: DOLLARLAND 05/12/09 07:37:39 AM
#8   Over a dollar we go!!!! *MARINE 1* 04/27/09 07:14:26 PM
#7   Nice going.....time to re-evaluate this one *MARINE 1* 04/03/09 06:55:21 AM
#6   Lets hit a dollar this week!!!!!!!!! *MARINE 1* 03/19/09 06:31:27 AM
#5   NICE!!!! *MARINE 1* 03/11/09 08:12:54 PM
#4   Last Price (USD) $ 0.88 *MARINE 1* 03/10/09 08:36:19 PM
#3   Uuugly week for sure *MARINE 1* 03/08/09 09:51:04 PM
#2   getting shorted...........Come back soon *MARINE 1* 02/24/09 08:22:07 PM
#1   Current report filing (8-K) *MARINE 1* 02/12/09 04:21:00 PM
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