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Encision Reports Second Quarter of Fiscal Year 2013 Results
Date:10/30/2012

BOULDER, Colo., Oct. 30, 2012 /PRNewswire/ -- Encision Inc. (ECIA:PK), a medical device company owning patented surgical technology that is emerging as a standard of care in minimally-invasive surgery, today announced financial results for its fiscal 2013 second quarter ended September 30, 2012. 

The Company posted quarterly product revenue of $2.806 million and quarterly service revenue of $68 thousand for a quarterly net loss of $265 thousand, or $(0.03) per share. These results compare to product revenue of $2.830 million and service revenue of $437 thousand for a net loss of $469 thousand, or $(0.07) per share, in the year-ago quarter. Gross margin was 56 percent compared to 48 percent in the year-ago quarter. In the year-ago quarter, our margin was lower due to a one-time charge of $430 thousand for a voluntary recall of a certain electrode product. Also, the gross profit margin increase from the second quarter of fiscal year 2012 was due, partially, to an increase in gross margin of our disposable scissor inserts.

The Company posted six months product revenue of $5.611 million and six months service revenue of $364 thousand for a six months net loss of $254 thousand, or $(0.03) per share. These results compare to product revenue of $5.664 million and service revenue of $787 thousand for a net loss of $490 thousand, or $(0.04) per share, in the year-ago six months. Gross margin was 56 percent compared to 52 percent in the year-ago six months. In the year-ago six months, our margin was lower due to a one-time charge of $430 thousand for a voluntary recall of a certain electrode product.

"Although we were disappointed that we did not have product revenue growth for the second quarter, we made significant strides to position the company for future growth," said Fred Perner, President and CEO. "We had expected the decrease in service revenue. In our last quarter's earnings release we announced that, as a result of a project that was p
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SOURCE Encision Inc.
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