Zila Releases Preliminary Unaudited Financial Information
August 20 2008 - 1:00PM
Business Wire
Zila, Inc. (NASDAQ:ZILA) today announced that, based on an
unaudited, preliminary assessment, it has achieved positive
adjusted EBITDA for its fiscal fourth quarter-ended July 31, 2008.
The Company utilizes adjusted EBITDA to determine compliance with a
financial covenant in its senior secured convertible notes. The
amount is subject to audit adjustments and will be incorporated
into the audited financials that are included in the Form 10-K
filed with the SEC for the year-ended July 31, 2008. "Achieving
positive adjusted EBITDA is a key measure of our progress and,
importantly, allows us to remove the EBITDA covenant from our
senior notes,� said David Bethune, chairman and chief executive
officer of Zila. "The management team is to be commended for its
hard work and sacrifice, as we continue toward our goal of creating
a sustainable long term growth company.� Bethune noted that some of
the extraordinary expense reductions taken in the fourth quarter,
such as salary reductions and the suspension of 401(k) matching,
will be added back in during the fiscal year beginning August 1,
2008. �While we will continue to control expenses going forward, it
will be necessary to fund initiatives that will help grow the
business.� About Zila, Inc. Zila, Inc., is a fully integrated oral
diagnostic company dedicated to the prevention, detection and
treatment of oral cancer and periodontal disease. ViziLite� Plus,
the company's flagship product for the early detection of oral
abnormalities that could lead to cancer, is the first and only
adjunctive medical device cleared by the FDA for use in a
population at increased risk for oral cancer. In addition, Zila
designs, manufactures and markets a suite of proprietary products
sold exclusively and directly to dental professionals for
periodontal disease, including the Rotadent� Professional Powered
Brush, the Pro-Select Platinum� ultrasonic scaler and a portfolio
of oral pharmaceutical products for both in-office and home-care
use. This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The unaudited
preliminary financial information set forth in this release is
subject to change based on the pending independent audit of the
Company�s financial statements and further analysis by the Company.
The Company can give no assurance that all adjustments are final
and that all necessary adjustments have been identified. Therefore,
the results reported herein should be considered preliminary until
the Company files its annual report on Form 10-K for the fiscal
year ended July 31, 2008 or the related earnings release for the
fourth quarter and fiscal year ended July 31, 2008. Actual results
could differ materially from the forward-looking statements
contained herein. A wide variety of factors could cause or
contribute to such differences. There can be no assurance that the
forward-looking statements contained in this press release will, in
fact, transpire or prove to be accurate. For a more detailed
description of these and other cautionary factors that may affect
Zila's future results, please refer to Zila's Form 10-K for its
fiscal year ended July 31, 2007 and Form 10-Q for the quarter ended
April 30, 2008. For more information about the company and its
products, please visit www.zila.com.
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