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Cyberonics Reports Record Fiscal 2011 Results and Provides Fiscal 2012 Guidance

Thursday, June 2, 2011 General News J E 4
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Fiscal 2011 Net Sales of $190.5 million, a 14% increase

CYBERONICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

For the Fifty-Two

Weeks Ended

For the Fifty-Three

Weeks Ended

April 29, 2011

April 30, 2010

Cash Flow From Operating Activities:

Net Income

$

46,725,710

$

78,448,884

Non-Cash items included in Net Income:

Gain on early extinguishment of debt

(83,074)

(3,172,231)

Stock-base compensation

6,365,003

8,622,949

Deferred income taxes

1,101,763

(41,335,107)

Unrealized gain in foreign currency transactions

(1,648,479)

(68,970)

Other

1,764,002

1,078,991

Changes in Operating Assets and Liabilities:

Accounts receivable, net

(1,952,789)

(3,825,340)

Inventories

(819,399)

(1,509,542)

Other

(1,580,630)

4,645,853

Net Cash Provided By Operating Activities

49,872,107

42,885,487

Cash Flow From Investing Activities:

Release of restricted cash

1,000,000

-

Acquired intellectual property

(3,844,401)

(2,000,000)

Purchases of property and equipment

(3,542,599)

(4,122,607)

Investments in convertible debt securities

(5,000,000)

(100,000)

Net Cash Used in Investing Activities

(11,387,000)

(6,222,607)

Cash Flow From Financing Activities:

Repurchase of convertible notes

(8,241,260)

(43,046,250)

Proceeds from exercise of options for common stock

15,230,997

1,024,960

Purchase of treasury stock

(14,177,574)

(1,697,861)

Net Cash Used in Financing Activities

(7,187,837)

(43,719,151)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

(1,213,331)

60,703

Net Increase (Decrease) in Cash and Cash Equivalents

30,083,939

(6,995,568)

Cash and Cash Equivalents at Beginning of Period

59,229,911

66,225,479

Cash and Cash Equivalents at End of Period

$

89,313,850

$

59,229,911

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