Cardiac Science Corporation (Cardiac Science) has reported preliminary results for the fourth quarter and year ended December 31, 2008. For the year, company now expects about $206 million, up 13%, compared with$182.1 million in revenue in fiscal 2007 and is in line with the company's earlier guidance. For the fourth quarter, company now expects revenues of about $51 million.
“Our business remained strong through the fourth quarter and we achieved an important corporate milestone by exceeding $200 million in revenue for the full year,” said John Hinson, president and chief executive officer. “In 2009 we see the potential for slower demand due to the weakening world economy. Consequently, we will proactively reduce our cost structure, which will position the company to operate profitably under a broad range of economic scenarios and to take advantage of strategic opportunities that may arise,” Hinson added.
The restructuring involves reducing current work force by about 12% and reducing other expenses. As part of the plan, certain functions, including marketing and product development, will be reorganized to increase efficiency and support future growth. The company projects to incur pre-tax charges of between $1.0 and $1.2 million in the first quarter of 2009 to reflect expenses associated with the restructuring.
The fourth quarter and full year 2008 revenue forecasts are preliminary. The company plans to announce complete financial results for fourth quarter and full year 2008 in late February 2009.