Escalon(R) Reports First Quarter Fiscal 20...(vestors by isolating certain expensesgai...),Health

Date:11/13/2008

vestors by isolating certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. In addition, the Company believes non-GAAP measures that exclude stock-based compensation expense enhance the comparability of results against prior periods. The non-GAAP measures and the reconciliation to the most directly comparable GAAP measure of all non-GAAP measures are as follows:

Quarter Ended

9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008

Net loss $(828,791) $(639,346) $(1,942,622) $(11,648,884) $(480,862)

Non-GAAP

adjustments:

Goodwill

impairment $- $- $- $9,574,655 $-

Stock based

compensation $12,934 $159,977 $- $73,846 $148,868

Depreciation

and

amortization $145,083 $151,245 $137,773 $148,410 $167,098

Total

adjustments $158,017 $311,222 $137,773 $9,796,911 $315,966

Non-GAAP

adjusted

(loss)

income $(670,774) $(328,124) $(1,804,849) $(1,851,973) $(164,896)

Shares

used in

computing

basic and

fully

diluted

earnings

per share 6,388,086 6,389,315 6,389,315 6,389,315 6,413,930

Non-GAAP

adjusted

income (loss)

per fully

diluted

share $(0.11) $(0.05) $(0.28) $(0.29) $(0.03)

Discussions Regarding Potential Acquisition of Haematology Business Assets

Escalon also announced that it is holding discussions to purchase, through its subsidiary, Drew Scientific Holdings, Inc., certain assets of the haematology business of Biocode Hycel, the French subsidiary of Immunodiagnostic Systems plc, a producer of diagnostic testing kits. The haematology business, if acquired, will be operated as part of Escalon's D
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SOURCE Escalon Medical Corp. Copyright©2008 PR Newswire. All rights reserved

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