Sales, General and Administrative costs decreased to $838,000 in the second quarter of 2010, from $880,000 in the second quarter of 2009, reflecting decreased compensation expenses associated with the February 2010 employee reduction. Research & Development expenses decreased to $114,000 in the second quarter of 2010, from $185,000, reflecting the reduction in force.
As of June 30, 2010, PLC reported $1,474,000 in cash and equivalents, a decrease of $369,000 from the Company's cash position as of March 31, 2010, and a decrease of $1,212,000 from the $2,686,000 held as of December 31, 2009.
Six Months ResultsFor the first half of 2010, total revenues were $2,081,000, down 25% from $2,787,000 in the same period of 2009. The net loss for the first six months of 2010 was $760,000, or $0.03 per share, compared to a net loss of $665,000, or $0.02 per share, in the first half of 2009.
Sale of General Purpose Laser OperationsAs previously announced, on May 11, 2010, PLC sold to a newly formed corporation affiliated with its principal OEM customer most of its OEM surgical tube assets, including inventory, equipment, intellectual property and certain other intangible assets, as well as all necessary manufacturing documentation needed to perform contract assembly services for general purpose CO2 lasers. The total sale price for these assets was $225,000, of which approximately $154,000 was paid at the time of closing, with the balance to be paid over a period of six months.
Chief Financial Officer UpdateThe company also announced today that its Chief Financial Officer, James G. Thomasch, has taken a short term medical leave of absence, and is expected to return to the company shortly. Controller Karen J. Raus is serving temporarily as the company's principal financial officer.
About PLC Systems Inc.PLC Systems Inc.
|SOURCE PLC Systems Inc.|
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