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Patient Safety Technologies Reports First Quarter 2011 Results
Date:5/23/2011

odate an upgrade to their IT system and 3) the effect of certain inventory management practices of our exclusive distributor during the first quarter of 2011.

Reported gross profit was $0.9 million in the first quarter of 2011 as compared to $1.3 million during the same period in 2010.  The primary factor for the decrease in reported gross profit was the lower revenue recognized from the inventory stocking order in the first quarter of 2011 as compared to the same period in 2010.  Reported gross margins were 47% and 54% for the first quarter of 2011 and 2010, respectively.  This decline in reported gross margin was primarily attributable to 1) higher non cash depreciation expense in our cost of revenue in the first quarter of 2011 as compared to the first quarter of 2010 as the result of a larger amount of hardware purchased by the Company to support new hospital implementations, and 2) a larger than normal level of lower margin hardware purchases by certain hospital customers during the first quarter of 2011 who implemented our solution during the quarter.  The gross margins realized from the sale of recurring disposable products (i.e. sponges and towels that make up the vast majority of our revenue), were 55% and 56% during the first quarters of 2011 and 2010, respectively.

As a result of a comprehensive restructuring program focused on a number of initiatives including reducing cash operating expenses, our operating expenses in the first quarter of 2011 were reduced significantly as compared to the first quarter of 2010.  Reported operating expenses were $1.8 million and $2.7 million for the first quarters of 2011 and 2010, respectively, a decrease of $0.9 million or 34%.  Excluding the effects of non-cash and certain one-time expenses, operating expenses were $1.4 million and $2.2 million, a decrease of $0.8 million or 36%.  The Company generated an Adjusted Operating Loss (defined as reported operating income ad
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SOURCE Patient Safety Technologies, Inc.
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