WAYNE, Pa., May 15 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq: ESMC) today announced results for its fiscal third quarter and nine months ended March 31, 2008.
For the third quarter of fiscal 2008, product revenue increased 18% to $8,139,000 compared with $6,900,000 reported in the same period last fiscal year. Product revenues were driven by increased sales in each of the Company's business units.
Net revenue for the third quarter of fiscal 2008 totaled $8,188,000 compared with $16,559,000 reported in the prior year period. Fiscal third quarter 2007 revenue reflected a settlement agreement that the Company entered into with IntraLase Corp. to acquire the intellectual property under the licensing agreement and to resolve all outstanding disputes and litigation between the parties. Under the terms of the settlement agreement, IntraLase made a lump sum payment to the Company of $9.6 million.
For the third quarter of fiscal 2008, the Company reported a net loss of $(1,943,000), or $(0.30) per diluted share, compared with net income of $8,271,000, or $1.32 per diluted share, in the third quarter of fiscal 2007. This was attributable to decreased royalties received as a result of the settlement agreement relating to the IntraLase license agreement, as well as increased expenses for the ongoing development of new products and increased headcount and marketing efforts across the Company's business segments. Cost of goods sold totaled approximately $4,912,000, or 60% of product revenue, for the three-month period ended March 31, 2008 as compared with $4,036,000, or 59% of product revenue, for the same period last fiscal year.
For the nine-month period ended March 31, 2008, the Company reported
|SOURCE Escalon Medical Corp.|
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