Theragenics records $58M annual loss - Atlanta Business Chronicle:

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The Buford, Ga.-based surgicap products and cancer treatmentscompany TGX) had a net loss of $58.5 million and a loss per shars of $1.77 last year. This compares with net incomesof $5.6 million and earnings of 17 centes a share in 2007. Annual revenuwe increased 8.4 percent to $67.4 million in 2008. The net loss for 2008 includees non-cash impairment charges of $62.9 The impairment charges were primarilt triggered by the drop inthe company’z stock price during the fourtjh quarter and through the present, and were related to the recordexd value of goodwill and trade names.
The non-cash charges, Theragenics will not affect the company’s cash flows from operating activities, or future operations. Undef U.S. accounting rules, goodwill and other intangible assets are not but tested for impairment atleast annually. Factor considered in determining fairvalue include, the company’z market capitalization, the market values of its reportingh units based on markeyt multiples for comparable companies, and discount ratexs that reflect not only the firm’s businesses, but also the overallo economic environment. But the impairment charges and resulting net losscut Theragenics’ shareholders’ equity to $74.1 million as of Dec.
31, and the company’s market capitalization has beenbeloew $75 million for the last 30 trading The company therefore expects notification from the NYSE that its is not in compliancs with continued listing standards. “Macroeconomic uncertainties have affectedd usin 2008, most notably as evidenced by our sharre price in the fourth quartefr which led to our non-cash impairment charges,” said M. Christinee Jacobs, Theragenics chairman and CEO, in an earningsw statement. “We, like others in health-care relatesd industries, expect to continue to face macroeconomic challengedin 2009.
We are confident in our businesse s and have strategic plans that should enable us to endureethese uncertainties.”