Escalon(R) Reports Financial Results for 2007 F...(5940) or ($0.32) perdiluted share in fis...),Health

Date:9/28/2007

5,940), or ($0.32) per diluted share, in fiscal 2006. This increase was primarily due to increased royalties from the IntraLase License Agreement and the lump sum settlement payment from IntraLase Corp. to the Company, which was recorded during the third quarter of fiscal 2007. The settlement also marked the end of any future royalty payments to be received under the License Agreement, which is expected to have a material effect on earnings in subsequent periods.

For the fourth quarter of fiscal 2007, the Company reported net revenue of $7,474,120, an 3.7% increase from the $7,207,780, reported in the prior year period. This growth was offset by a decrease in the Company's Drew business unit.

Product revenue increased approximately 11.5% to $7,414,831 for the three- month period ended June 30, 2007, compared with $6,648,232 for the same period last fiscal year. For the fourth quarter of fiscal 2007, the Company reported a net loss of ($1,172,639), or ($0.18) per diluted share, compared with a net loss of ($1,142,261), or ($0.19) per diluted share, in the fourth quarter of fiscal 2006

2007 Recap

"I am pleased to be report another successful year for Escalon Medical. Overall, our Sonomed business had an excellent fiscal 2007 driven by increased sales of the new VuMax high frequency systems and the EZ AB scan ultrasound systems. Additionally, we are pleased that EMI's expanding product offering has seen significant market acceptance during the year, which has driven an increase in digital imaging system sales," said Richard J. DePiano, Chairman and Chief Executive Officer.

"Despite the sales decline within our Vascular business unit due to the termination of several distributor relationships during fiscal 2005 and 2006, the unit's profitability has increased due to efforts to replace the impacted territories with direct sales. Moving ahead, we look forward to capitalizing on recent Vascular R&D initiatives and bringing new visual products
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SOURCE Escalon Medical Corp. Copyright©2007 PR Newswire. All rights reserved

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