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Escalon(R) Reports Fourth Quarter and Fiscal 2009 Results
Date:10/13/2009

does not take into account future growth opportunities, expansion efforts presence in the ophthalmology market, or the delay in the development of Sonomed's proposed new instruments. For a more complete discussion of this accounting rule and the results of the impairment test, please refer to the Company's Form 10-K filed on October 13, 2009 with the Securities and Exchange Commission.

For fiscal 2009, cost of goods sold totaled approximately $19,548,000, or 56.7% of product revenues, compared with $17,310,000, or 57.7% of product revenue, for fiscal year 2008. Operating expenses decreased approximately .7% during the fiscal year ended June 30, 2009 as compared to the prior fiscal year. This was due to increased marketing, general and administrative expenses of 3.2% offset by a 14.4% decrease in research and development expenses related to the decision to drastically reduce Drew's research and development department in June 2008 in favor to a move to an outsourced research and development model.

2008 Fourth Quarter Results

For the fourth quarter of fiscal 2009, product revenue increased 2.0% to $8,564,000, compared with $7,566,000 reported in the same period last fiscal year. Product revenues were driven by increased sales related to the acquisition of JAS Diagnostics and Biocode Hycel, offset by decreases at its Sonomed unit.

For the fourth quarter of fiscal 2009, the Company reported a net loss of $(11,104,000), or $(1.55) per diluted share, which includes the goodwill impairment of $9,526,000, compared with net loss of $(11,649,000), or $(1.82) per diluted share, in the fourth quarter of fiscal 2008.

Recap of 2008

Richard J. DePiano, Chairman and Chief Executive Officer, commented, "We continue to produce solid revenue growth through fiscal 2009 and, despite increasing operating expenses, lowered our net loss compared to last fiscal year. While the resulting loss is still disa
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SOURCE Escalon Medical Corp.
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