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Patient Safety Technologies Reports Fourth Quarter And Fiscal 2012 Results
Date:3/18/2013

GAAP cost of revenues includes certain non-cash depreciation expense, there can be a significant difference between reported gross margins and the actual cash gross margins realized by the Company. Excluding non-cash depreciation expense for the fourth quarter 2012 and 2011 of  $541 thousand and $167 thousand, respectively included in reported cost of revenues, adjusted gross margins were 53% for the fourth quarter of 2012, as compared to 48% for the same period in 2011. Reported GAAP gross margins were 43% for the fiscal year 2012, as compared to 46% for the fiscal year 2011. The primary reason for the decrease in reported gross margins was relatively higher depreciation expense during the fiscal year 2012 that was the result of the greater amount of installed hardware during that time period to support the growth in the Company's customer base. Excluding non-cash depreciation expense for the fiscal year ended 2012 and 2011 of $1.7 million and $0.5 million, respectively included in reported cost of revenues, adjusted gross margins were 52% for the fiscal year 2012, as compared to 51% for the fiscal year 2011.

Reported operating expenses for the fourth quarter of 2012 were $2.2 million as compared to $2.0 million during the fourth quarter of 2011.  Primary reasons for the relatively higher operating expenses during the fourth quarter of 2012 as compared to 2011 include higher one-time expenses associated with a larger number of new facility implementations and additional investments in the Company's product development and Quality System efforts.  Reported operating expenses for the fiscal year 2012 were $9.6 million as compared to $7.0 million during the fiscal year 2011. The primary reason for the relatively higher operating expenses during the fiscal year 2012 as compared to 2011 include higher one-time expenses associated with the larger number of new facility implementations.  During 2012 the Company implemented 179 new customer facil
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SOURCE Patient Safety Technologies, Inc.
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