Navigation Links
Encision Reports First Fiscal Quarter Results
Date:7/31/2008

BOULDER, Colo., July 31 /PRNewswire-FirstCall/ -- Encision Inc. (Amex: ECI), a medical device company owning patented surgical technology that is emerging as a standard of care in minimally-invasive surgery, reported its financial results for its first quarter ended June 30, 2008.

Net sales for the first quarter of fiscal year 2009, the three-months period ended June 30, 2008, totaled $3.09 million, representing a 16% increase over net sales of $2.66 million for the prior fiscal year's first quarter. The Company recorded a net loss of $164 thousand or $.03 per share for the first quarter of fiscal year 2009 compared to a net loss of $295 thousand or $.05 per share for the first quarter of fiscal year 2008. Gross profit margin for the first quarter of fiscal year 2009 was 60.3% as compared to 61.2% for the first quarter of fiscal year 2008. The gross profit margin decrease was primarily due to increased scrap costs of 0.9% and increased sales of lower gross profit margin products. The decrease was partially offset by a higher gross profit margin for our internally manufactured disposable scissor inserts.

"Over the past two years, we have made major investments in our company to increase long-term value for our shareholders," said Jack Serino, President and CEO of Encision Inc. "We have made a major investment in manufacturing equipment, thereby reducing manufacturing costs, expanding our manufacturing capabilities, and opening the possibility of original equipment manufacturing. Additionally, we have made a major investment in expanding our direct sales force to provide a focused selling effort for our patented patient safety technology and to provide improved customer service. Finally, we have made a major investment in developing disposable product alternatives for all of our reusable products and implementing redesigns to existing products to elevate them to best of class status. It is our belief that the major investments we have made will begin to benefit our shareholders in our current fiscal year."

Encision Inc. designs, develops, manufactures and markets innovative surgical devices that allow surgeons to optimize technique and patient safety during a broad range of surgical procedures. Based in Boulder, Colorado, the Company pioneered the development of patented AEM(R) Laparoscopic Instruments to improve electrosurgery and reduce the chance for patient injury in minimally invasive surgery.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward- looking statements. Factors that could cause the Company's actual results to differ materially include, among others, its ability to increase net sales through the Company's distribution channels, insufficient quantity of new account conversions, insufficient cash to fund operations, scale up production to meet delivery obligations, delay in developing new products and receiving FDA approval for such new products and other factors discussed in the Company's filings with the Securities and Exchange Commission.

CONTACT: Marcia McHaffie, Encision Inc., 303-444-2600,

mmchaffie@encision.com

Encision Inc.

Condensed Statements of Operations

(Unaudited)

(Amounts in thousands, except per share information)

June 30, June 30,

Three Months Ended 2008 2007

NET SALES $3,094 $2,659

COST OF SALES 1,229 1,031

GROSS PROFIT 1,865 1,628

OPERATING EXPENSES:

Sales and marketing 1,374 1,214

General and administrative 367 372

Research and development 289 330

Total operating expenses 2,030 1,916

OPERATING LOSS (165) (288)

Interest and other income (expense), net 1 (7)

LOSS BEFORE PROVISION FOR INCOME TAXES (164) (295)

Provision for income taxes -- --

NET LOSS $(164) $(295)

Net loss per share-basic and diluted $(0.03) $(0.05)

Encision Inc.

Condensed Balance Sheets

(Amounts in thousands)

June 30, March 31,

2008 2008

(unaudited) (audited)

ASSETS

Cash and cash equivalents $46 $71

Accounts receivable, net 1,274 1,453

Inventories, net 2,050 2,271

Prepaid expenses 147 99

Total current assets 3,517 3,894

Equipment, net 800 798

Patents, net 200 199

Other assets 46 53

TOTAL ASSETS $4,563 $4,944

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable $611 $537

Accrued compensation 267 392

Other accrued liabilities 437 481

Total current liabilities 1,315 1,410

Long-term debt 433 606

Common stock and additional paid-in capital 19,438 19,387

Accumulated (deficit) (16,623) (16,459)

Total shareholders' equity 2,815 2,928

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $4,563 $4,944


'/>"/>
SOURCE Encision Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Encision Reports Fourth Quarter and Fiscal Year 2008 Results
2. Encision Moves Power and Safety to Surgeons Fingertips
3. Encision Supports National Patient Safety Awareness Week
4. Encision Reports Third Fiscal Quarter Results
5. American Stock Exchange Accepts Encisions Plan to Regain Compliance
6. Osteotech Reports 2008 Second Quarter Diluted Earnings Per Share of $.10 on Revenues of $27.6 Million
7. Orchid Cellmark Reports Second Quarter 2008 Financial Results
8. Nutraceutical Reports Q3 Results
9. CVS Caremark Reports Record Second Quarter Revenues, Operating Profit, and Earnings
10. Diabetes For Dummies, 3rd Edition, Reports on the Latest Developments in the Field
11. Consumer Reports Healths Cover America Tour Chronicles Americans Anxiety Over Health Care
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... , ... March 24, 2017 , ... The Radiology ... Quest Awards . The annual awards, now in their 12th year, are among the ... the winners. , In 2016, the awards were retooled to recognize achievements in both ...
(Date:3/24/2017)... ... March 24, 2017 , ... ... Premier Center for Shamanic Healing and Spiritual Awakening, proudly presents her Sacred ... 2017. This sacred and spiritual journey during the Summer Solstice will also ...
(Date:3/24/2017)... ... 2017 , ... The law firm of Enea, Scanlan & Sirignano, LLP, ... resident Lauren C. Enea has joined the firm as an associate attorney. Ms. Enea, ... in elder law, Medicaid planning and applications, and Wills, Trusts and Estates. Samantha ...
(Date:3/24/2017)... ... 2017 , ... “Finding Christ Through Social Media: Year One ... the writer’s path toward true communion with God. “Finding Christ Through Social Media: ... creation of published author Lea Michelle Johnson, a follower of Christ, wife and ...
(Date:3/23/2017)... (PRWEB) , ... March 23, 2017 , ... In 2016 ... now estimates that there could be four million Zika-related cases in the Americas within ... with numbers of US cases reported per year skyrocketing to an estimated 329,000. Yet, ...
Breaking Medicine News(10 mins):
(Date:3/24/2017)... 2017   The Accreditation Council for Medical ... in the pharmaceutical industry has appointed Dr. ... newly formed scientific advisory board. Dr. Chin will ... first ever medical affairs think tank within the ... the ACMA, please visit  www.medicalaffairsspecialist.org .  Connect ...
(Date:3/24/2017)... DUBLIN , Mar. 24, 2017 Research and ... (IPF) Pipeline Analysis, 2016" report to their offering. ... The IPF pipeline is very strong with ... Corporation, Merck & Co., Inc., Biogen and Sanofi are involved in the ... candidates, of which one is in Phase III stage, 15 are in ...
(Date:3/24/2017)... , March 24, 2017 Today ... Equipment stocks, which are: Neovasc Inc. (NASDAQ: NVCN), Hologic Inc. ... Inc. (NASDAQ: SSH ). These companies are part ... prior gains on Thursday, March 23 rd , 2017, with ... while shares of health care companies in the S&P 500 ...
Breaking Medicine Technology: