Gross profit for the first quarter of 2013 was $5.1 million, for a gross margin of 69.4%, compared to a gross profit of $4.2 million, for a gross margin of 69.2%, for the first quarter of 2012.
Selling, general and administrative (SG&A) expenses for the first quarter of 2013 were $5.6 million compared to $5.3 million for the same period last year. The increase in SG&A expense resulted primarily from costs in the Sales Representation segment of approximately $238,000 associated with the extension of the GEHC contract. This cost increase is a non-recurring charge that will be completed in the second quarter 2013.
Net loss for the three months ended March 31, 2013 was $0.7 million, or $0.00 per basic and diluted common share, compared to a net loss of $1.3 million, or $0.01 per basic and diluted common share, for the three months ended March 31, 2012.
In April 2013, the Company's Board of Directors authorized a share repurchase program of up to $1.5 million of the Company's common stock, representing approximately 5% of the total outstanding shares of Vasomedical common stock as of April 30, 2013. The repurchase program is being actively implemented in compliance with relevant SEC guidelines; 367,427 shares have been bought back through Friday, May 10, 2013.
Conference Call Information The Company will host a conference call tomorrow, Thursday, May 16th at 10:00 a.m. ET. To dial into the conference call, please dial 1-866-393-1344 from the U.S. or 1-631-291-4669 internationally. All dial-in participants must use the following code to access the call: 57513438. Please call at least five minutes before
|SOURCE Vasomedical, Inc.|
Copyright©2012 PR Newswire.
All rights reserved