Navigation Links
Encision Reports Profitable First Fiscal Quarter Results
Date:7/30/2009

BOULDER, Colo., July 30 /PRNewswire-FirstCall/ -- Encision Inc. (OTC Bulletin Board: ECIA), a medical device company owning patented surgical technology that is emerging as a standard of care in minimally-invasive surgery, reported its financial results for its first quarter of fiscal year 2010.

Net sales for the three-months ended June 30, 2009 totaled $3.2 million, representing a 3% increase over net sales of $3.1 million for the prior fiscal year's first quarter. The Company recorded net income of $163 thousand or $.03 per share for the first quarter of fiscal year 2010, compared to a net loss of $164 thousand or ($.03) per share for the first quarter of fiscal year 2009. Gross profit margin for the first quarter of fiscal year 2010 was 64%, as compared to 60.3% for the first quarter of fiscal year 2009, a 3.7% increase resulting from production efficiencies and an increase to inventory which resulted in a higher absorption of overhead costs to inventory and a decrease to cost of sales.

"We are pleased with the start to our first quarter of fiscal year 2010, especially with the turnaround from last year's first quarter net loss. Net income increased from last year's first quarter net loss as a result of a slight increase in sales income, increased gross profit margin and reduced operating expenses," said Jack Serino, President and CEO of Encision Inc.

Encision Inc. designs, develops, manufactures and markets innovative surgical devices that allow surgeons to optimize technique and patient safety during a broad range of surgical procedures. Based in Boulder, Colorado, the Company pioneered the development of patented AEM(R) Laparoscopic Instruments to improve electrosurgery and reduce the chance for patient injury in minimally invasive surgery.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause the Company's actual results to differ materially include, among others, its ability to increase net sales through the Company's distribution channels, insufficient quantity of new account conversions, insufficient cash to fund operations, scale up production to meet delivery obligations, delay in developing new products and receiving FDA approval for such new products and other factors discussed in the Company's filings with the Securities and Exchange Commission. Readers are encouraged to review the risk factors and other disclosures appearing in our filings with the Securities and Exchange Commission. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise.

CONTACT: Marcia McHaffie, Encision Inc., 303-444-2600, mmchaffie@encision.com

                                  Encision Inc.
                            Condensed Balance Sheets
                             (Amounts in thousands)

                                            June 30,     March 31,
                                             2009         2009
                                          (Unaudited)   (Audited)
                                          -----------   ---------
    ASSETS
    Cash and cash equivalents                $126          $85
    Accounts receivable, net                1,235        1,264
    Inventories, net                        2,459        2,505
    Prepaid expenses                          110           36
                                              ---           --
      Total current assets                  3,930        3,890
                                            -----        -----
    Equipment, net                            884          840
    Patents, net                              223          216
    Other assets                               18           24
                                               --           --
      Total assets                         $5,055       $4,970
                                           ------       ------
    LIABILITIES AND SHAREHOLDERS'
     EQUITY
    Accounts payable                         $662         $745
    Accrued compensation                      311          406
    Other accrued liabilities                 360          367
    Line of credit                            275          191
                                              ---          ---
      Total current liabilities             1,608        1,709
                                            -----        -----
    Common stock and additional
     paid-in capital                       19,582       19,560
    Accumulated (deficit)                 (16,135)     (16,299)
                                          -------      -------
      Total shareholders' equity            3,447        3,261
                                            -----        -----
      Total liabilities and
       shareholders' equity                $5,055       $4,970
                                           ------       ------


                                  Encision Inc.
                     Condensed Statements of Operations
             (Amounts in thousands, except per share information)

                                                 (Unaudited)
                                              Three Months Ended
                                              ------------------
                                            June 30,       June 30,
                                              2009           2008
                                            --------       --------
    Net sales                               $3,174         $3,094
    Cost of sales                            1,142          1,229
                                             -----          -----
    Gross profit                             2,032          1,865
                                             -----          -----
    Operating expenses:
      Sales and marketing                    1,199          1,374
      General and administrative               354            367
      Research and development                 301            289
                                               ---            ---
       Total operating expenses              1,854          2,030
                                             -----          -----
    Operating income (loss)                    178           (165)
    Interest and other income
     (expense), net                            (15)             1
                                               ---            ---
    Income (loss) before provision
     for income taxes                          163           (164)
    Provision for income taxes                   -              -
                                               ---            ---
    Net income (loss)                         $163          $(164)
                                              ====          =====
    Net income (loss) per
     share-basic and diluted                 $0.03         $(0.03)
    Basic and diluted weighted
     average number of shares                6,455          6,450


'/>"/>
SOURCE Encision Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Encision Reports Fourth Quarter and Fiscal Year 2009 Results
2. Encision Announces Quoting of Common Stock on the OTC Bulletin Board
3. Encision Pursues Transfer of Quotation to OTC Bulletin Board
4. Encision Reports First Fiscal Quarter Results
5. Encision Reports Fourth Quarter and Fiscal Year 2008 Results
6. Encision Moves Power and Safety to Surgeons Fingertips
7. Encision Supports National Patient Safety Awareness Week
8. Encision Reports Third Fiscal Quarter Results
9. American Stock Exchange Accepts Encisions Plan to Regain Compliance
10. Nutraceutical Reports Fiscal 2009 Q3 Results and Expands Share Repurchase Program
11. Tyco International Reports Third Quarter Earnings from Continuing Operations Before Special Items of $0.58 Per Share and GAAP Earnings of $0.51 Per Share
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... TX (PRWEB) , ... June 25, 2016 , ... ... the United States, named Dr. Sesan Ogunleye, as the Medical Director of its new ... the facility Medical Director of our new Mesquite location,” said Dr. James M. Muzzarelli, ...
(Date:6/25/2016)... ... ... Conventional wisdom preaches the benefits of moderation, whether it’s a matter of indulgence ... high can result in disappointment, perhaps even self-loathing. However, those who set the bar ... from PsychTests.com reveals that behind the tendency to set low expectations is ...
(Date:6/24/2016)... ... 2016 , ... Marcy was in a crisis. Her son James, eight, was out of control. ... and physically. , “When something upset him, he couldn’t control his emotions,” remembers Marcy. ... rocks at my other children and say he was going to kill them. If ...
(Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San Diego, CA is excited ... To Recovery® program to drive cancer patients to and from their cancer treatments. ... highest quality of life and ongoing independence. Getting to and from medical treatments ...
(Date:6/24/2016)... New York, NY (PRWEB) , ... June 24, ... ... lifestyle publication Haute Living, is proud to recognize Dr. Barry M. Weintraub as ... believes that “the most beautiful women in the world, and the most handsome ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... June 23, 2016 Capricor ... ), a biotechnology company focused on the discovery, ... that patient enrollment in its ongoing randomized HOPE-Duchenne ... exceeded 50% of its 24-patient target. Capricor expects ... third quarter of 2016, and to report top ...
(Date:6/23/2016)... RIDGE, Ill. and INDIANAPOLIS ... of students receiving a Lilly Diabetes Tomorrow,s Leaders Scholarship ... The 2016 scholarship winners, announced today online at ... to let type 1 diabetes stand in the way ... Diabetes has supported the Foundation,s scholarship program since 2012, ...
(Date:6/23/2016)... -- The vast majority of dialysis patients currently receive ... usually 3 times a week, with treatment times averaging ... equipment preparation and wait time.  This regimen can be ... who are elderly and frail.  Many elderly dialysis patients ... for some duration of time. Residents in ...
Breaking Medicine Technology: