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For the fourth quarter of fiscal 2008, Accuray reported total revenue of$50.9 million, a 16 percent increase over fourth quarter of fiscal 2007 totalrevenue of $44.0 million. For the fiscal year ended June 28, 2008, totalrevenue was $210.4 million, a 50 percent increase over the $140.5 million intotal revenue for the fiscal year ended June 30, 2007.
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Net income for the fourth quarter of fiscal 2008 was $191,000, orbreakeven on a per diluted share basis, compared to net income of $502,000, or$0.01 per diluted share, in the fourth quarter of fiscal 2007. Net income forfiscal year 2008 was $5.4 million, or $0.09 per diluted share, compared to anet loss of $5.6 million, or $0.18 per diluted share, for the fiscal year2007.
Non-cash, stock based compensation charges for the fourth quarter offiscal 2008 were $4.1 million, or $0.07 per diluted share. For the fullfiscal year 2008, non-cash stock-based compensation charges were $16.9million, or $0.28 per diluted share.
During the fourth quarter of fiscal 2008, the company signed 28 newcontracts with a value of $115.5 million which were entered into backlog. Ofthe 28 contracts, 17 came from international customers.
At June 28, 2008, backlog was approximately $647 million, withapproximately $359 million associated with CyberKnife(R) Robotic RadiosurgerySystem contracts and approximately $288 million associated with services andother recurring revenue. Accuray's backlog is composed of signed contractsthat the company believes have a substantially high probability of beingrecognized as revenue in future periods. Of the $647 million in backlog atfiscal year end, 71 percent consisted of non-contingent contracts,representing backlog for which contractual contingencies have been satisfied.
Accuray's cash and investment balances at the end of the quarter totaled$159.5 million, consisting of cash and cash equivalents of $36.9 million,short-term investments of $85.5 million and long-term investments of $37.0million. At the end of the fourth quarter the company continued to have zerodebt.
"We ended the fiscal year with strong momentum in new contracts and thequality of our sales pipeline, confirming the growing demand for ourCyberKnife Robotic Radiosurgery System," said Euan S. Thomson, Ph.D.,president and CEO of Accuray. "Cancer patients, physicians and hospitalsworldwide are benefiting from the non-invasive, painless, outpatient treatmentoffered by our System."
Outlook
The following statement is forward-looking and actual results may differmaterially. Accuray expects revenue for fiscal 2009 to be in the range of$230 million to $250 million.
Additional Information
Additional information regarding backlog segmentation which will bediscussed during the conference call, is available in the Investor Relationssection of the corporate Web site at http://www.accuray.com.
Earnings Call Open to Investors
Accuray will hold a conference call for financial analysts and investorstoday, August 19, 2008 at 2:00 p.m. PT / 5:00 p.m. ET. The conference calldial-in numbers are (866) 575-6539 (USA) or (913) 981-5530 (International),Access Code: 9058024. A live webcast of the call will also be available fromthe Investor Relations section of the corporate Web site athttp://www.accuray.com. In addition, a recording of the call will beavailable by calling (888) 203-1112 (USA) or (719) 457-0820 (International),Access Code: 9058024, beginning at 5:00 p.m. PT / 8:00 p.m. ET, August 19,2008 and will be available through August 29, 2008. A webcast replay willalso be available from the Investor Relations section of the corporate Website at http
