I-Flow Corporation Reports Profitable 2009 Second Quarter
Published: Aug 10, 2009
LAKE FOREST, Calif.--(BUSINESS WIRE)--I-FLOW CORPORATION (NASDAQ:IFLO) announced today net income for the second quarter ended June 30, 2009 of $888,000, or $0.04 per basic and diluted share. This compares to a net loss of $11.4 million, or $0.46 per basic and diluted share, for the second quarter of 2008. Operating income for the second quarter of 2009 was $1.1 million compared to an operating loss of $12.7 million for the same period in the prior year. The operating loss for the second quarter of 2008 included $12.2 million of certain litigation and insurance charges, which were comprised of a $3.5 million expense to purchase retroactive insurance policies to significantly increase the Company's product liability insurance coverage and $8.7 million in loss contingency that the Company accrued in connection with ongoing litigation.