Encision Reports First Fiscal Quarter Revenue Increase of 20% Over Prior Year's First Fiscal Quarter
20 Luglio 2006 - 2:00PM
PR Newswire (US)
BOULDER, Colo., July 20 /PRNewswire-FirstCall/ -- Encision Inc.
(AMEX:ECI), 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 fiscal quarter ended June 30, 2006. Revenue for the first
fiscal quarter ended June 30, 2006 was $2.75 million, representing
a 20% increase over revenue of $2.29 million for the prior fiscal
year's first quarter. The Company recorded net income of $104
thousand or $.02 per share for the first quarter of fiscal year
2007 compared to net income of $19 thousand or $.00 per share for
the first quarter of fiscal year 2006. Net income for the first
quarter of fiscal year 2007 includes stock-based compensation
expense of $47 thousand, or $.01 per share, due to the
implementation of SFAS 123(R). Net income prior to fiscal 2007 did
not include stock-based compensation expense. Gross profit margin
for the first quarter of fiscal year 2007 was 62% as compared to
60.5% for the first quarter of fiscal year 2006. "We are pleased to
announce a 20% increase in revenue over the prior year's first
quarter revenue, an improved gross profit margin, net income of
over $100 thousand and a company milestone -- June's revenue
exceeded $1 million, our first ever $1 million revenue month," said
Jack Serino, President and CEO of Encision. "Awareness by the
public and healthcare providers of the serious complications from
stray energy burns during laparoscopy continued to grow. During the
quarter, our AEM(R) monitoring equipment was demonstrated in a
special syndicated television news feature that aired in cities
nationwide. The topic of the feature was the risk of stray energy
burns during laparoscopic surgery." 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 revenues 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. CONTACT: Marcia McHaffie, Encision Inc.,
303-444-2600, ENCISION INC. Unaudited Condensed Statement of
Operations (In thousands, except per share amounts) For the Three
Months Ended June 30, 2006 2005 Net Revenue $2,754 $2,289 Cost of
Revenue 1,048 904 Gross Profit 1,706 1,385 Operating Expenses 1,609
1,371 Operating Profit 97 14 Net Income $104 $19 Net Income per
Share $.02 $.00 ENCISION INC. Unaudited Condensed Balance Sheet (In
thousands) June 30, June 30, 2006 2005 Cash and Cash Equivalents
$1,099 $1,115 Current Assets 3,677 3,756 Total Assets 4,177 4,278
Current Liabilities 1,232 1,210 Shareholders' Equity 2,945 3,068
Total Liabilities and Shareholders' Equity $4,177 $4,278
DATASOURCE: Encision Inc. CONTACT: Marcia McHaffie of Encision
Inc., +1-303-444-2600, Web site: http://www.encision.com/
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