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Avitar Reports Third Quarter Financial Results for Fiscal 2007
Date:8/19/2007

CANTON, Mass., Aug. 14 /PRNewswire-FirstCall/ -- Avitar, Inc. (OTC Bulletin Board: AVTI) today announced financial results for the three and nine months ended June 30, 2007.

For the quarter ended June 30, 2007, Avitar reported revenues of $779,000 from continuing operations compared to $1,202,000 from continuing operations for the quarter ended June 30, 2006. The operating loss from continuing operations amounted to $597,000 versus $696,000. The net income was $301,000, or $0.01 per basic share and $0.00 per diluted share, for the quarter ended June 30, 2007 compared with net loss of $1,329,000, or $0.31 per share for the quarter ended June 30, 2006. The reduction in net loss for the quarter ended June 30, 2007 compared to the quarter ended June 30, 2006 resulted primarily from an increase in non-cash income from the change in the fair market value of derivative securities and warrants of $1,062,000, a decrease in operating expenses of $522,000 and lower interest and financing costs related to short-term and long-term borrowings of $462,000; offset in part by a reduction in sales of $423,000.

Revenues from continuing operations for the first nine months of fiscal 2007 were $2,440,000 compared to $3,162,000 from continuing operations for the nine months ended June 30, 2006. The operating loss from continuing operations amounted to $2,136,000 versus $2,293,000. The net loss was $1,542,000 or $0.08 per share, for the nine months ended June 30, 2007 compared with net loss of $3,256,000, or $0.78 per share, for the nine months ended June 30, 2006. The change in net loss for the nine months ended June 30, 2007 compared to the corresponding period of Fiscal 2006 resulted primarily from an increase in non-cash income from the change in the fair market value of derivative securities and warrants of $1,449,000, a decrease in operating expenses of $878,000 and lower interest and financing costs related to short-term and long-term borrowings of $204,000; offs
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SOURCE Avitar, Inc.

Copyright©2007 PR Newswire.

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