Navigation Links
Encision Reports Fourth Quarter and Fiscal Year 2008 Results

BOULDER, Colo., May 20 /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 fourth quarter and fiscal year ended March 31, 2008.

Net sales for the fourth quarter of fiscal year 2008, ended March 31, 2008, totaled $3.18 million, representing a 13% increase over net sales of $2.82 million for the prior fiscal year's fourth quarter. The Company recorded net income of $49 thousand or $.01 per share for the fourth quarter of fiscal year 2008 compared to a net loss of $177 thousand or $.03 per share for the fourth quarter of fiscal year 2007. Gross profit margin for the fourth quarter of fiscal year 2008 was 63.5% as compared to 62.7% for the fourth quarter of fiscal year 2007.

Net sales for the fiscal year ended March 31, 2008 totaled $12.1 million, representing a 10% increase over net sales of $11 million for the prior fiscal year. The Company recorded a net loss of $179 thousand or $.03 per share for the fiscal year 2008 compared to a net loss of $90 thousand or $.01 per share for the fiscal year 2007. Net loss for the fiscal year 2007 included a one-time expense of $73 thousand, or $.01 per share, relating to the costs of obtaining equity capital financing, a project that was subsequently abandoned after the Company obtained a $2 million credit facility from SVB Silicon Valley Bank. Gross profit margins were 63% for both fiscal years 2008 and 2007.

"While we had sales growth that was modest, but sustainable, when compared to last fiscal year, we made significant strides toward setting a new course of action for our company during the fiscal year ended March 31, 2008," said Jack Serino, President and CEO of Encision Inc. "In the second half of fiscal year 2008, we began shipping limited numbers of our internally manufactured disposable scissor inserts. Disposable scissor inserts represent approximately 50% of our total sales. Our proprietary manufacturing technology will enable us to achieve cost improvements and will enhance the quality and consistency of our scissor inserts. Inventory of externally produced disposable scissor inserts is expected to be depleted by late summer 2008. Thereafter, all sales of our disposable scissor inserts will be internally manufactured, which will help to improve our gross profit margin."

"In addition, we launched our new line of disposable hand-switching fixed tip electrodes in late fiscal year 2008 as part of our pledge to offer the market disposable and reusable alternatives for each of our major product groups. Also, during fiscal year 2008, we launched a new line of handles that are used for advanced laparoscopic procedures that incorporate stiffer shafts and ergonomic features. And, in fiscal year 2008, we continued to expand our direct sales force with the addition of three direct sales representatives."

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,


Condensed Statements of Operations

(Amounts in thousands, except per share information)

(Unaudited) (Audited)

Three Months Ended Fiscal Years Ended

March 31, March 31, March 31, March 31,

2008 2007 2008 2007

Net sales $3,183 $2,817 $12,066 $11,010

Cost of sales 1,163 1,050 4,464 4,106

Gross profit 2,020 1,767 7,602 6,904

Operating expenses 1,959 1,947 7,757 7,035

Operating income (loss) 61 (180) (155) (131)

Other income (expense) (12) 3 (24) 41

Net income (loss) $49 $(177) $(179) $(90)

Basic net income

(loss) per share $0.01 $(0.03) $(0.03) $(0.01)


Condensed Balance Sheets


(Amounts in thousands)

March 31, March 31,

2008 2007

Cash and cash equivalents $71 $436

Current assets 3,894 3,637

Total assets 4,944 4,388

Current liabilities 2,016 1,464

Shareholders' equity 2,929 2,923

Total liabilities and

shareholders' equity $4,944 $4,388

SOURCE Encision Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Encision Moves Power and Safety to Surgeons Fingertips
2. Encision Supports National Patient Safety Awareness Week
3. Encision Reports Third Fiscal Quarter Results
4. American Stock Exchange Accepts Encisions Plan to Regain Compliance
5. Mesa Labs Reports Record Year End Sales and Earnings
6. BMP Sunstone Reports First Quarter 2008 Financial Results
7. Huiheng Medical, Inc. Reports Record Financial Results for Fiscal Year 2007 and Financial Results for Q1 2008
8. CEL-SCI Corporation Reports Second Quarter 2008 Financial Results
9. Shengtai Pharmaceutical, Inc. Reports Third Quarter Results of Fiscal Year 2008
10. China Yingxia International, Inc. Reports First Quarter 2008 Results
11. Digital Power Reports Financial Results for the First Quarter Ended March 31, 2008
Post Your Comments:
(Date:11/26/2015)... ... November 26, 2015 , ... ... Representative. As a franchise owner, Somu now offers travelers, value and care based ... packages, private cruise sales, as well as, cabin upgrades and special amenities such ...
(Date:11/26/2015)... ... November 26, 2015 , ... WorldCare International, ... in the 61st annual Employee Benefits Conference. The Employee Benefits Conference was hosted ... 8th through Wednesday, November 11th, 2015. The conference was held at the Hawaii ...
(Date:11/25/2015)... BROOK, Ill. (PRWEB) , ... November 25, 2015 ... ... larger and potentially more aggressive than those found on mammography, according to a ... MRI findings of additional cancers not seen on mammography may necessitate a change ...
(Date:11/25/2015)... ... November 25, 2015 , ... Medical Solutions, one of ... its stellar workplace culture with the company’s Cincinnati office being named a finalist ... office was named a finalist in Cincinnati Business Courier’s 13th annual Greater Cincinnati ...
(Date:11/25/2015)... ... November 25, 2015 , ... On November 10, 2015, Bohrer Brady, LLC ... Connecticut on behalf of a home health care worker who provided companionship services for ... health care workers employed by Humana, Inc., Humana at Home, Inc., and SeniorBridge Family ...
Breaking Medicine News(10 mins):
(Date:11/25/2015)... , Nov. 25, 2015  Linden Care, LLC, a ... treatment outcomes for patients suffering from chronic pain, said ... a Temporary Restraining Order (TRO) enjoining Express Scripts from ... companies. --> --> ... of its legal options. --> ...
(Date:11/25/2015)... AVIV, Israel , November 25, 2015 ... (NASDAQ: KTOV ) (TASE: KTOV), a biopharmaceutical company ... simultaneous treatment of various clinical conditions, today announced the ... 3,158,900 American Depository Shares ( ADSs ), each representing ... purchase up to 3,158,900 ADSs. The ADSs and warrants ...
(Date:11/25/2015)... , Nov. 25, 2015 Endo International plc (NASDAQ: ... De Silva , President and CEO, will discuss corporate updates ... in New York on Wednesday, December ... . Click on Investor Relations, and then the link to ... the presentation,s start time to visit the site and download ...
Breaking Medicine Technology: