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Encision Reports Fourth Quarter and Fiscal Year 2009 Results

BOULDER, Colo., May 19 /PRNewswire-FirstCall/ -- Encision Inc. (OTC Bulletin Board: ECIA), 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, 2009.

Net sales for the fourth quarter of fiscal year 2009, ended March 31, 2009, totaled $3.1 million, representing a 3% decrease over net sales of $3.2 million for the prior fiscal year's fourth quarter. The Company recorded net income of $16 thousand or $.00 per share for the fourth quarter of fiscal year 2009 compared to net income of $49 thousand or $.01 per share for the fourth quarter of fiscal year 2008. Gross profit margin for the fourth quarter of fiscal year 2009 was 64% as compared to 63.5% for the fourth quarter of fiscal year 2008.

Net sales for the fiscal year ended March 31, 2009 totaled $12.8 million, representing a 6% increase over net sales of $12.1 million for the prior fiscal year. The Company recorded net income of $160 thousand or $.02 per share for the fiscal year 2009 compared to a net loss of $179 thousand or $.03 per share for the fiscal year 2008. Gross profit margin for the fiscal year 2009 was 62.3% as compared to 63% for the fiscal year 2008.

"Overall, our fiscal year 2009 was satisfactory given the challenges that the medical device industry has faced during the most recent quarters. This fiscal year was our first profitable fiscal year since fiscal year 2004," said Jack Serino, President and CEO of Encision Inc. "We look forward to the coming fiscal year, especially after entering a sales representation agreement with Caldera Medical and signing a non-exclusive manufacturing, supply and licensing agreement with Intuitive Surgical."

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. Readers are encouraged to review the risk factors and other disclosures appearing in our filings with the Securities and Exchange Commission. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise.

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

                                  Encision Inc.
                            Condensed Balance Sheets
                             (Amounts in thousands)

                                                     March 31,   March 31,
                                                       2009        2008
    Cash and cash equivalents                           $85         $71
    Accounts receivable, net                          1,264       1,453
    Inventories, net                                  2,505       2,271
    Prepaid expenses                                     36          99
      Total current assets                            3,890       3,894
    Equipment, net                                      840         798
    Patents, net                                        216         199
    Other assets                                         24          53
      Total assets                                   $4,970      $4,944

    Accounts payable                                   $745        $537
    Accrued compensation                                406         392
    Other accrued liabilities                           367         481
    Line of credit                                      191          --
      Total current liabilities                       1,709       1,410
    Long-term debt                                       --         606
    Common stock and additional paid-in capital      19,560      19,387
    Accumulated (deficit)                           (16,299)    (16,459)
      Total shareholders' equity                      3,261       2,928
      Total liabilities and shareholders' equity     $4,970      $4,944

                                  Encision Inc.
                         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,
                                         2009      2008      2009      2008
    Net sales                           $3,078    $3,183   $12,789   $12,066
    Cost of sales                        1,108     1,163     4,823     4,464
    Gross profit                         1,970     2,020     7,966     7,602
    Operating expenses:
      Sales and marketing                1,279     1,328     5,166     5,084
      General and administrative           374       352     1,454     1,405
      Research and development             283       279     1,139     1,268
        Total operating expenses         1,936     1,959     7,759     7,757
    Operating income (loss)                 34        61       207      (155)
    Interest and other income
     (expense), net                        (18)      (12)      (47)      (24)
    Income (loss) before provision
     for income taxes                       16        49       160      (179)
    Provision for income taxes              --        --        --        --
    Net income (loss)                      $16       $49      $160     $(179)
    Net income (loss) per
     share - basic and diluted           $0.00     $0.01     $0.02    $(0.03)
    Basic and diluted weighted
     average number of shares            6,455     6,447     6,453     6,441

SOURCE Encision Inc.
Copyright©2009 PR Newswire.
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