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For Immediate Release |
Contact: John Krawczynski |
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| October 31, 2007 |
(860) 644-1551 |
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GERBER SCIENTIFIC, INC. FINALIZES FIRST QUARTER FISCAL 2008 RESULTS SOUTH WINDSOR, CT -- Gerber Scientific, Inc. (NYSE: GRB) today reported net income for the quarter ended July 31, 2007 of $2.8 million, or $0.12 per diluted share, on revenue of $153.7 million, compared with net income of $2.0 million, or $0.09 per diluted share, on revenue of $137.5 million for the first quarter of fiscal 2007. The Company had previously announced its pre-tax earnings on September 12, 2007 but did not report earnings per share or other after-tax results for the fiscal quarter ended July 31, 2007, as certain procedures related to the finalization of the Company's income tax accounting, primarily associated with its adoption effective as of May 1, 2007 of Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109 (FIN 48), were not completed. Gerber Scientific President and Chief Executive Officer, Marc T. Giles, commented, "The Company is pleased to report our complete results for the first quarter of fiscal 2008 and to confirm the operating results previously reported. We have now completed the necessary procedures to finalize the adoption of FIN 48 and as a result recorded an adjustment that decreased opening retained earnings by $0.2 million." The Company filed its Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2007 today. About Gerber Scientific, Inc. Gerber Scientific, Inc. (http://www.gerberscientific.com) is a leading international supplier of sophisticated automated manufacturing systems for sign making and specialty graphics, apparel and flexible materials, and ophthalmic lens processing. Headquartered in South Windsor, Connecticut, the Company operates through four primary business units: Gerber Scientific Products, Spandex, Gerber Technology and Gerber Coburn. Cautionary Note Concerning Factors That May Affect Future Results Statements contained in this news release regarding the Company's expected financial condition, results of operations, cash flows and product launches are forward-looking statements that involve risks and uncertainties. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, readers are referred to the Company's filings with the Securities and Exchange Commission, including but not limited to, the information included in Gerber Scientific's Annual Report on Form 10-K for the fiscal year ended April 30, 2007 under the headings "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations – Cautionary Note Concerning Factors That May Influence Future Results," as well as information included in subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which outline certain important risks regarding the Company's forward-looking statements. These risks include, but are not limited to, delays in the Company's new product development and commercialization, intense competition in markets for each of the Company's operating segments, rapid technological advances, availability and cost of raw materials, volatility in foreign currency exchange rates and fluctuations in interest rates. The Company expressly disclaims any obligation to update any of these forward-looking statements, except as required by law. Actual future results or events may differ materially from these forward-looking statements.
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