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Patient Safety Technologies Reports Fiscal 2010 Fourth Quarter and Full Year Results
Date:4/14/2011

cing on newer customers and product mix issues.

During the third quarter of 2010, newly appointed management initiated a comprehensive restructuring program focused on a number of initiatives, including reducing operating expenses and achieving positive operating income and operating cash flow.  As a result of this initiative, combined with the continued growth of the Company's revenues from both the inventory stocking arrangement and orders from our distributor to fulfill immediate end user demand, the Company generated positive Adjusted Operating Income (defined as reported operating income adjusted to exclude certain non-cash expenses) during both the third and fourth quarter of 2010.  The Company generated cumulative Adjusted Operating Income of $1.8 million during the combined third and fourth quarters of 2010 as compared to a cumulative negative $1.8 million during the combined first and second quarters of 2010.Balance Sheet ReviewAs previously announced, in March of 2011, the Company closed a $7.1 million common stock private placement. The proceeds of this placement, combined with the successful implementation of the restructuring initiatives started in the third quarter of 2010 and the resulting positive effect on cash flows from operations, has caused the Company's liquidity and financial position to substantially improve.  As evidence of our improved liquidity, the going concern explanatory paragraph that was included in the prior year audit report from the Company's independent registered public accounting firm was not included in their current year report dated April 14, 2011.  Additionally, the Company has: (i) removed the deferred tax liability of $806 thousand previously reported on the Company's balance sheet through netting the liability against deferred tax assets based on completing a Section 382 analysis, and (ii) extinguished the remaining indebtedness on the Company's balance sheet, the $1.4 million convertible note
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SOURCE Patient Safety Technologies, Inc.
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