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IRIDEX Reports Growing Revenue and Profits in 2011 First Quarter

Friday, May 6, 2011 General News J E 4
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Announces Stock Repurchase Program

IRIDEX Corporation

Condensed Consolidated Balance Sheets

(In thousands, except for share data)

April 2,

January 1,

2011

2011

Assets

(unaudited)

Current Assets:

Cash and cash equivalents

$8,569

$ 9,014

Accounts receivable, net

8,119

7,526

Inventories, net

9,197

9,212

Prepaid expenses and other current assets

601

620

Total current assets

26,486

26,372

Property and equipment, net

325

360

Other intangible assets, net

1,749

1,797

Goodwill

473

473

Other long-term assets

271

218

Total assets

$29,304

$ 29,220

Liabilities and Stockholders' Equity

Current Liabilities:

Accounts payable

$ 2,007

$ 1,981

Accrued compensation

2,070

2,304

Accrued expenses

1,654

1,822

Accrued warranty

837

956

Deferred revenue

2,222

2,134

Total current liabilities

8,790

9,197

Long Term Liabilities:

Other long-term liabilities

605

596

Total liabilities

9,395

9,793

Stockholders' Equity:

    Convertible preferred stock

5

5

Common Stock

91

89

Additional paid-in capital

41,408

41,168

Accumulated other comprehensive loss

(228)

(205)

Treasury stock, at cost

(733)

(430)

Accumulated deficit

(20,634)

(21,200)

Total stockholders' equity

19,909

19,427

Total liabilities and stockholders' equity

$ 29,304

$  29,220

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