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Avitar Reports Fourth Quarter and Fiscal Year 2007 Financial Results
Date:12/28/2007

CANTON, Mass., Dec. 28 /PRNewswire-FirstCall/ -- Avitar, Inc. (OTC Bulletin Board: AVTI) today announced financial results for the three and 12 months ended September 30, 2007.

For the year ended September 30, 2007, Avitar reported revenues of $3,106,000 from continuing operations compared to $4,519,000 from continuing operations for the year ended September 30, 2006. The operating loss from continuing operations amounted to $2,733,000 versus $2,893,000. The net loss was $2,260,000, or $0.09 per basic and diluted share, for the year ending September 30, 2007 compared with a net loss of $3,703,000, or $0.80 per basic and diluted share, for the year ended September 30, 2006. The changes in net loss for Fiscal 2007 occurred primarily from an increase in non-cash income from the change in the fair value of derivative securities and warrants of $1,090,000, a decrease in operating expenses of $1,573,000 resulting from the reduced sales volume and an expense reduction program implemented in April 2007, lower interest and financing costs related to short-term and long-term borrowings of $96,000 and a decrease in the loss from discontinued operations of $97,000, offset in part by a reduction in sales of $1,413,000 due mainly to the transition to a new distributor for the Hydrasorb(R) wound dressing products.

Revenues from continuing operations for the fourth quarter of fiscal 2007 were $666,000 compared to $1,357,000 from continuing operations in the prior year's fourth fiscal quarter ended September 30, 2006. The operating loss from continuing operations amounted to $596,000 versus $600,000. The net loss was $718,000, or $0.02 per basic and diluted share, for the quarter ended September 30, 2007 compared with net loss of $447,000, or $0.08 per basic and diluted share, for the quarter ended September 30, 2006. The net loss for the quarter ended September 30, 2007 reflected a reduction in sales of $691,000 due mainly to the transition to a new distributor
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SOURCE Avitar, Inc.
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