SOUTH EASTON, Mass., March 4 /PRNewswire-FirstCall/ -- Pressure BioSciences, Inc. (Nasdaq: PBIO) ("PBI" or the "Company") today announced that total revenue for the fourth quarter of 2008 was $334,041 compared to $174,071 for the comparable period in 2007, a 92% increase. Revenue from the sale of PCT products and services was $233,256 for the three months ended December 31, 2008 compared to $118,703 for the same period in 2007, a 97% increase. During the fourth quarter of 2008, the Company completed the installation of ten Barocycler instruments, as compared to seven during the same period of 2007. Eight of the ten were domestic installations and two were international sales, compared to three domestic installations and four international sales for the same quarter in 2007.
Operating loss for the fourth quarter of 2008 was $900,100 compared to $1,297,975 for the same period in 2007, a decrease of $(397,875) or 30%. This decrease in operating loss was primarily related to the Company's restructuring program announced on December 1, 2008, the cost containment initiatives that the Company instituted during the second and third quarters of 2008, and the record revenues of the 2008 fourth quarter. The Company currently expects its operating loss to continue to decrease to an average of less than $600,000 per quarter during 2009.
As the Company is completing its annual financial reporting and auditing process, the revenue and operating numbers mentioned in this release are unaudited.
Richard T. Schumacher, President and CEO of Pressure BioSciences, Inc. said: "The fourth quarter of 2008 was extremely difficult for PBI. Faced with a very tough economic climate and decreasing cash, we made the difficult decision to significantly restructure the Company. Changes related to the restructuring program included a reductio
|SOURCE Pressure BioSciences, Inc.|
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