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

ities and spent approximately $2.0 in related one-time implementation expenses as compared to 29 new facilities costing approximately $0.5 million in related one-time expenses in the fiscal year 2011.

During the fourth quarter of 2012 the Company generated a GAAP Operating Loss of $42 thousand and Adjusted Operating Income (as defined below) of $781 thousand.  This compares to a GAAP Operating Loss of $891 thousand and an Adjusted Operating Loss of $392 thousand during the fourth quarter of 2011.  During the fiscal year 2012 the Company generated a GAAP Operating Loss of $2.0 million and Adjusted Operating Income of $883 thousand. This compares to a GAAP Operating Loss of $2.7 and an Adjusted Operating Loss of $1.6 million during the fiscal year 2011. The primary reason for the improvement in reported GAAP Operating Loss / Income during the fourth quarter and fiscal year 2012 as compared to 2011 was the higher number of customer facilities implemented and the associated increase in reported revenues without a corresponding increase in operating expenses.

"During 2012 we successfully grew our installed base of customer hospitals by more than all our previous years combined," stated Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies, Inc.  "Also during 2012, through the growth of our reported revenues and improvements to our Adjusted Operating Income we were able to begin to demonstrate the operating leverage of the business in our reported financial results.  We are hopeful that during 2013 we can further accelerate the adoption momentum of the SurgiCount Safety-Sponge® System and continue to improve the patient outcomes and financial results of our user facilities." continued Mr. Stewart. 

The Company's fiscal 2012 financial statements are included in its Annual Report on Form 10-K filed by the Company on March 18th, 2013 and available at the SEC's website
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SOURCE Patient Safety Technologies, Inc.
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