Escalon(R) Reports First Quarter Fiscal 20...( WAYNE Pa. Nov. 14 /- Escalon Medi...),Health

WAYNE, Pa., Nov. 14 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq: ESMC) today announced results for its fiscal first quarter ended September 30, 2007.

For the first quarter of fiscal 2008, the Company reported net revenue of $6,893,271, a 4% decrease from the $7,168,160, reported in the prior year period. This decrease was primarily due to decreased sales at the Company's Sonomed and Vascular business units, which decreased 3% and 2%, respectively, compared with the same period last fiscal year. The decrease was also attributable to decreased royalties received from the IntraLase License Agreement as a result of the Company's previously announced settlement agreement.

These decreases were offset by strong sales in the Company's Drew, Medical/Trek and Escalon Digital Solutions (EMI) business units, which increased approximately 9%, 5% and 33%, respectively, compared with the same period last fiscal year. Product revenue increased approximately $289,000, or 4%, to $6,833,000 during the three-month period ended September 30, 2007 compared with the three-month period ended September 30, 2006.

For the first quarter of fiscal 2008, the Company reported a net loss of ($828,791), or ($0.13) per diluted share, compared with a net loss of ($714,117), or ($0.11) per diluted share, in the first quarter of fiscal 2007. Cost of goods sold as a percentage of product revenue increased to approximately 57% of revenues during the three-month period ended September 30, 2007, as compared with approximately 55% of product revenue for the same period last fiscal year. Additionally, operating expenses decreased approximately 17% during the three-month period ended September 30, 2007, compared with the same perio
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