CYBERONICS INC

CIK:0000864683|SEC Filings

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended
Condensed Consolidated Statements of Income - USD ($)	Jul. 24, 2015	Jul. 25, 2014
Income Statement [Abstract]
Net sales	$ 81,010,801	$ 72,003,966
Cost of sales	9,433,096	6,410,392
Gross profit	71,577,705	65,593,574
Operating expenses
Selling, general and administrative	33,705,749	33,027,606
Research and development	10,061,267	10,562,754
Merger related expenses	6,548,842	0
Total operating expenses	50,315,858	43,590,360
Income from operations	21,261,847	22,003,214
Interest income, net	24,846	37,666
Impairment of investment	(2,064,283)	0
Other income (expense), net	(3,948)	171,455
Income before income taxes	19,218,462	22,212,335
Income tax expense	6,799,294	8,693,513
Net income	$ 12,419,168	$ 13,518,822
Basic income per share (in Dollars per Share)	$ 0.48	$ 0.51
Diluted income per share (in Dollars per Share)	$ 0.47	$ 0.50
Shares used in computing basic income per share	25,995,664	26,674,134
Shares used in computing diluted income per share	26,227,801	26,915,388

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jul. 24, 2015	Jul. 25, 2014
Cash Flows From Operating Activities
Net income	$ 12,419,168	$ 13,518,822
Non-cash items included in net income:
Depreciation	1,240,806	1,235,902
Amortization of intangible assets	256,772	324,712
Stock-based compensation	3,108,138	3,512,443
Deferred income tax (benefit) expense	(1,384,639)	3,402,023
Loss from impairment of investment	2,064,283	0
Unrealized loss (gain) in foreign currency transactions and other	236,118	(160,061)
Changes in operating assets and liabilities
Accounts receivable, net	(4,544,652)	2,129,438
Inventories	(707,677)	(1,057,344)
Other current and non-current assets	602,096	238,129
Current and non-current liabilities	5,447,710	(5,046,273)
Net cash provided by operating activities	18,738,123	18,097,791
Cash Flow From Investing Activities
Purchase of short-term investments	(6,995,139)	(4,993,541)
Maturities of short-term investments	27,033,367	5,000,000
Purchase of property, plant and equipment	(1,683,892)	(1,815,500)
Net cash provided by (used in) investing activities	18,354,336	(1,809,041)
Cash Flows From Financing Activities:
Purchase of treasury stock	(2,230,154)	(13,782,231)
Proceeds from exercise of options for common stock	3,458,205	1,509,758
Cash settlement of compensation-based stock units	(708,264)	(786,361)
Realized excess tax benefits - stock-based compensation	518,769	1,264,795
Net cash provided by (used in) financing activities	1,038,556	(11,794,039)
Effect of exchange rate changes on cash and cash equivalents	40,566	(114,465)
Net increase in cash and cash equivalents	38,171,581	4,380,246
Cash and cash equivalents at beginning of period	124,187,094	103,299,116
Cash and cash equivalents at end of period	162,358,675	107,679,362
Supplementary Disclosures of Cash Flow Information
Cash paid for interest	14,338	242
Cash paid for income taxes	$ 3,917,014	$ 1,115,197

Condensed Consolidated Balance Sheets - USD ($)	Jul. 24, 2015	Apr. 24, 2015
Current assets
Cash and cash equivalents	$ 162,358,675	$ 124,187,094
Short-term investments	6,995,800	27,019,597
Accounts receivable, net	54,991,188	50,569,375
Inventories	24,737,577	23,963,303
Deferred tax assets current, net	7,785,835	7,198,726
Other current assets	6,745,856	7,782,875
Total Current Assets	263,614,931	240,720,970
Property, plant and equipment, net	40,735,064	40,286,676
Intangible assets, net	9,911,467	10,168,239
Investment in equity securities	15,062,643	17,126,927
Deferred tax assets non-current, net	6,895,311	6,077,854
Other assets	2,007,970	1,563,529
Total Assets	338,227,386	315,944,195
Current liabilities
Accounts payable	5,792,435	7,251,213
Accrued liabilities	30,510,268	24,197,963
Total Current Liabilities	36,302,703	31,449,176
Long-term liabilities	8,741,476	7,921,288
Total Liabilities	$ 45,044,179	$ 39,370,464
Commitments and Contingencies
Stockholders’ equity
Preferred stock, $.01 par value per share; 2,500,000 shares authorized; no shares issued and outstanding	$ 0	$ 0
Common stock, $.01 par value per share; 50,000,000 shares authorized; 32,094,186 shares issued and 25,999,942 shares outstanding at July 24, 2015 and 32,054,236 shares issued and 25,996,102 shares outstanding at April 24, 2015	320,942	320,542
Additional paid-in capital	451,618,047	445,362,045
Treasury stock, 6,094,244 and 6,058,134 common shares at July 24, 2015 and April 24, 2015, respectively, at cost	(245,765,042)	(243,534,888)
Accumulated other comprehensive loss	(3,236,710)	(3,400,770)
Retained earnings	90,245,970	77,826,802
Total Stockholders' Equity	293,183,207	276,573,731
Total Liabilities and Stockholders' Equity	$ 338,227,386	$ 315,944,195