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Nephros Reports 2008 Fourth Quarter and Full Year Financial Results
Date:3/31/2009

ed to approximately $1,196,000 in the corresponding period of 2007, an increase of approximately 23%. The Company's net loss was approximately $6,337,000 or $0.17 per basic and diluted common share for the twelve months ended December 31, 2008 compared with approximately $26,356,000 or $1.68 per basic and diluted common share for the corresponding period of 2007. Included in the Company's 2007 net loss is approximately $17,985,000 of non-cash expenses related to the conversion of approximately $18 million principal amount of the Company's notes and accrued interest thereon into shares of Nephros common stock on November 14, 2007. Such non-cash expenses included approximately $13,429,000 for the amortization of beneficial conversion features and approximately $4,556,000 for the amortization of debt discount. The 2007 net loss was reduced by approximately $330,000 in gain from exchange of debt related to the conversion of the Company's notes into shares of Nephros common stock on November 14, 2007.

Loss from operations for the twelve months ended December 31, 2008 was approximately $6,717,000 compared to approximately $7,479,000 in the corresponding period of 2007. The $762,000 reduction in operating loss resulted from an increase of $89,000 in gross profit due to increased revenue and a reduction in selling, general and administrative expenses of $673,000.

As of December 31, 2008, Nephros had cash and cash equivalents of approximately $2,306,000. The Company had approximately $7,000 invested in a certificate of deposit. The Company's independent registered public accountants, Rothstein, Kass & Company, P.C. included a going concern explanatory paragraph in its audit report covering the Company's financial statements for the year ended December 31, 2008. For information regarding the going concern qualification and management's response, please see Nephros' Annual Report on Form 10-K for the year ended December 31, 2008, which
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SOURCE Nephros, Inc.
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