The net income attributable to common stockholders for the three months and six months ended March 31, 2008 includes a benefit for income taxes of $377,000. This income tax benefit is the result of the continual evaluation of our ability to realize our deferred tax assets based on all available positive and negative evidence including our past operating results and our forecast of future taxable income. We did not recognize such a benefit for the three and six months ended March 31, 2007.
The Company has Federal and state net operating loss carryforwards of approximately $66 million, expiring in years 2008 to 2027. The Company's UK subsidiary, The Female Health Company-UK plc. has UK net operating loss carryforwards of approximately $88 million. The UK net operating loss carryforwards can be carried forward indefinitely to be used to offset future U.K. taxable income.
For the six months ended March 31, 2008, the Company's net revenues increased 27% to approximately $12.1 million, compared with approximately $9.5 million in the six months ended March 31, 2007. For the six months ended March 31, 2008, net income attributable to common stockholders increased to $1,979,904, or $0.07 per diluted share, compared with $90,424, or $0.00 per diluted share, in the corresponding period of the previous fiscal year.
Gross profit increased 52% to $5.0 million (41.5% of revenue) in the first six months of FY2008, compared with $3.3 million (34.8% of revenue) in the first half of FY2007. Operating income increased to $1,556,779 (12.8% of revenue) in the six months ended March 31, 2008, compared with operating income of $130,414 (1.4% of revenue) in the same period last year.
During the first half of FY 2008, the Company generated $2.4 million in cash from operations. The Company has no debt and $1.5 million in unused credit lines.
"We are very pleased to report record revenues and earnings dur
|SOURCE The Female Health Company|
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