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Encision Reports First Quarter Fiscal Year 2014 Results
Date:7/31/2013

BOULDER, Colo., July 31, 2013 /PRNewswire/ -- Encision Inc. (ECIA:PK), a medical device company owning patented surgical technology that  prevents stray electrosurgical burns in minimally invasive surgery, today announced financial results for its fiscal 2014 first quarter ended June 30, 2013.

The Company posted quarterly product revenue of $2.619 million and quarterly service revenue of $63 thousand for a quarterly net loss of $241 thousand, or $(0.03) per share. These results compare to product revenue of $2.805 million and service revenue of $296 thousand for net income of $10 thousand, or $0.00 per share, in the year-ago quarter. Product revenue for the current quarter included $60 thousand of revenue from the distribution of Virtual Ports Ltd. ("Virtual Ports") products, which began in the current quarter. Gross margin on product revenue was 58 percent compared to 57 percent in the year-ago quarter. Interest and other expense, net, included $61 thousand for the medical device excise tax that started January 1, 2013.

"As with our fourth quarter of fiscal year 2013, which ended March 31, 2013, our product revenue decreased for our first quarter versus last year's first quarter," said Fred Perner, President and CEO. "As previously announced, in April and May, we made material expense reductions across all departments within our Company, in order to align expenses with revenues. On an annualized basis, the expense reductions exceeded $1.5 million and included a significant reduction of our workforce. We expect that our operating expenses will realize those expense reductions starting at the beginning of our second quarter that ends September 30, 2013.  The key for us is to get revenues back on track, and we continue to take definitive steps to do so. During our first quarter, we announced an agreement with Virtual Ports for exclusive distribution rights to their laparoscopic organ ret
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SOURCE Encision Inc.
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