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Nephros Reports Second Quarter 2011 Financial Results
Date:8/15/2011

od in 2010.

Operating expenses for the three months ended June 30, 2011 were approximately $801,000 compared with $648,000 in the corresponding period of 2010. The increase of approximately $153,000 is primarily related to an increase in selling, general and administrative expenses of approximately $120,000 or 22% in the second quarter of 2011 compared to the same period in 2010.  The increase is primarily due to a $79,000 bonus expense and $46,000 of severance cost in Europe.  These increases were partially offset by a reduction in legal and other professional service fees in the U.S. of approximately $64,000.  

Research and development expenses increased by approximately $41,000 in the second quarter of 2011 compared to the same period in 2010.  Increases were primarily related to personnel costs.  

Depreciation expense decreased by $8,000 in the second quarter of 2011 compared to the same period in 2010.  

Other expense approximated $5,000 in the second quarter of 2011.  There was no other expense in the same period in 2010.  Interest income approximated $1,000 during the second quarter of 2011 and 2010.

Nephros' net loss was approximately $602,000 or $0.06 per basic and diluted common share for the second quarter of 2011 versus a net loss of approximately $365,000 or $0.18 per basic and diluted common share in the second quarter of 2010. Nephros' net loss increased $237,000 or 65% in the current year's second quarter primarily due to the reduction in revenue and increase in operating expenses in the second quarter of 2011 compared to the second quarter in 2010.

As of June 30, 2011, Nephros had cash and cash equivalents in the amount of $1,713,000.  This amount does not include cash of euro 500,000 (approximately $709,000) received in early July 2011 representing the first payment provided by the licensing agreement with Bellco S.r.l. which was effective on July 1, 2011.


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SOURCE Nephros, Inc.
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