and selling and marketing expenses increased by $0.8 million as
compared to the prior year quarter. Distribution costs were impacted
in the United States by $0.2 million in higher shipping costs partly
due to higher sales volumes and higher fuel costs, and a $0.1 million
increase in personnel costs. Selling and marketing expenses were
impacted by an increase in personnel costs of $0.5 million in the
United States and $0.2 million in Japan. General and administrative
expenses increased by $1.0 million for the third quarter of fiscal
2008 as compared to the prior year quarter. General and administrative
expenses in the United States were impacted by a $0.6 million increase
in personnel costs, and a $0.3 million increase in consulting costs.
Our recent decision to set up a new French subsidiary increased
general and administrative expenses by approximately $0.2 million and
the change in the Euro exchange rate resulted in a $0.2 million
increase. Partially offsetting these increases was a reduction in
audit fees of $0.3 million and a reduction in legal fees of
approximately $0.2 million. Research and development expenses
decreased by $0.1 million to $1.5 million in the third quarter of
fiscal 2008 as compared to the prior year quarter. Overall, operating
expenses increased by $0.8 million as a result of the effect of the
change in the Euro, Japanese Yen and Canadian dollar exchange rates.
-- Operations continue to generate strong cash flow. Cash and cash
equivalents totaled $163.9 million at the end of the current quarter
compared to $137.8 million at the end of the prior quarter and
$113.6 million at May 31, 2007.
We now believe that our revenue, gross margin
|SOURCE Immucor, Inc.|
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