Navigation Links
Encision Reports Profitable First Fiscal Quarter Results
Date:7/30/2009

BOULDER, Colo., July 30 /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 first quarter of fiscal year 2010.

Net sales for the three-months ended June 30, 2009 totaled $3.2 million, representing a 3% increase over net sales of $3.1 million for the prior fiscal year's first quarter. The Company recorded net income of $163 thousand or $.03 per share for the first quarter of fiscal year 2010, compared to a net loss of $164 thousand or ($.03) per share for the first quarter of fiscal year 2009. Gross profit margin for the first quarter of fiscal year 2010 was 64%, as compared to 60.3% for the first quarter of fiscal year 2009, a 3.7% increase resulting from production efficiencies and an increase to inventory which resulted in a higher absorption of overhead costs to inventory and a decrease to cost of sales.

"We are pleased with the start to our first quarter of fiscal year 2010, especially with the turnaround from last year's first quarter net loss. Net income increased from last year's first quarter net loss as a result of a slight increase in sales income, increased gross profit margin and reduced operating expenses," said Jack Serino, President and CEO of Encision Inc.

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, mmchaffie@encision.com

                                  Encision Inc.
                            Condensed Balance Sheets
                             (Amounts in thousands)

                                            June 30,     March 31,
                                             2009         2009
                                          (Unaudited)   (Audited)
                                          -----------   ---------
    ASSETS
    Cash and cash equivalents                $126          $85
    Accounts receivable, net                1,235        1,264
    Inventories, net                        2,459        2,505
    Prepaid expenses                          110           36
                                              ---           --
      Total current assets                  3,930        3,890
                                            -----        -----
    Equipment, net                            884          840
    Patents, net                              223          216
    Other assets                               18           24
                                               --           --
      Total assets                         $5,055       $4,970
                                           ------       ------
    LIABILITIES AND SHAREHOLDERS'
     EQUITY
    Accounts payable                         $662         $745
    Accrued compensation                      311          406
    Other accrued liabilities                 360          367
    Line of credit                            275          191
                                              ---          ---
      Total current liabilities             1,608        1,709
                                            -----        -----
    Common stock and additional
     paid-in capital                       19,582       19,560
    Accumulated (deficit)                 (16,135)     (16,299)
                                          -------      -------
      Total shareholders' equity            3,447        3,261
                                            -----        -----
      Total liabilities and
       shareholders' equity                $5,055       $4,970
                                           ------       ------


                                  Encision Inc.
                     Condensed Statements of Operations
             (Amounts in thousands, except per share information)

                                                 (Unaudited)
                                              Three Months Ended
                                              ------------------
                                            June 30,       June 30,
                                              2009           2008
                                            --------       --------
    Net sales                               $3,174         $3,094
    Cost of sales                            1,142          1,229
                                             -----          -----
    Gross profit                             2,032          1,865
                                             -----          -----
    Operating expenses:
      Sales and marketing                    1,199          1,374
      General and administrative               354            367
      Research and development                 301            289
                                               ---            ---
       Total operating expenses              1,854          2,030
                                             -----          -----
    Operating income (loss)                    178           (165)
    Interest and other income
     (expense), net                            (15)             1
                                               ---            ---
    Income (loss) before provision
     for income taxes                          163           (164)
    Provision for income taxes                   -              -
                                               ---            ---
    Net income (loss)                         $163          $(164)
                                              ====          =====
    Net income (loss) per
     share-basic and diluted                 $0.03         $(0.03)
    Basic and diluted weighted
     average number of shares                6,455          6,450


'/>"/>
SOURCE Encision Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Encision Reports Fourth Quarter and Fiscal Year 2009 Results
2. Encision Announces Quoting of Common Stock on the OTC Bulletin Board
3. Encision Pursues Transfer of Quotation to OTC Bulletin Board
4. Encision Reports First Fiscal Quarter Results
5. Encision Reports Fourth Quarter and Fiscal Year 2008 Results
6. Encision Moves Power and Safety to Surgeons Fingertips
7. Encision Supports National Patient Safety Awareness Week
8. Encision Reports Third Fiscal Quarter Results
9. American Stock Exchange Accepts Encisions Plan to Regain Compliance
10. Nutraceutical Reports Fiscal 2009 Q3 Results and Expands Share Repurchase Program
11. Tyco International Reports Third Quarter Earnings from Continuing Operations Before Special Items of $0.58 Per Share and GAAP Earnings of $0.51 Per Share
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... ... February 12, 2016 , ... The ThedaCare ... San Francisco General Hospital on April 5-7. The series is a multi-day, multi-workshop ... habits. The workshops cover a broad range of topics, including coaching skills, the ...
(Date:2/12/2016)... ... 2016 , ... Fisher House Foundation Chairman and CEO Kenneth Fisher joined Governor ... Alliance president Scott Bensing, and Peggy Kearns Director, VA Southern Nevada Healthcare System yesterday ... This will be the first Fisher House in Nevada, and will provide free lodging ...
(Date:2/12/2016)... ... ... Vail knee specialist Robert LaPrade, MD, PhD was named one of ... of physicians establishing, leading and partnering with ambulatory surgery centers across the United States. ... also known as an ASC, is a modern health care facility focused on providing ...
(Date:2/12/2016)... ... ... Donor Network West, the organ procurement organization that heals lives through organ ... Regional Medical Center. Under the collaboration, the first of its kind, specific organ donors ... certain time frame for donor families for the recovery of organs. , Organ ...
(Date:2/12/2016)... ... 12, 2016 , ... J Thomas & Associates Insurance Agency, ... to act as Agents of Change in the community, announces a new partnership ... to fulfill immediate needs and help them move into permanent housing. Donations to ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... , Feb. 11, 2016 The primary goal ... future adoption patterns on the usage of liquid biopsy. ... following: - Timeframe of liquid biopsy adoption ... cfDNA and Evs—by organization type - Sample inflow to ... blood, saliva, stool, serum, and so on. - Correlation ...
(Date:2/11/2016)... 2016 PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial ... 2015. The Company also filed its Quarterly Report on Form ... the Securities and Exchange Commission today. --> ... --> --> Net sales for ... or 95%, to $5.4 million from $2.8 million for the ...
(Date:2/11/2016)... , Feb. 11, 2016  Kindred Biosciences, Inc. ... saving and improving the lives of pets, today announced ... of the New Animal Drug Application (NADA) for Zimeta™ ... field study (KB0120) of Zimeta for the control of ... Company. --> --> ...
Breaking Medicine Technology: