January
28, 2010
Encision Reports Profitable Third Fiscal Quarter Results
Boulder, Colorado, January 28, 2010 -- Encision Inc. (OTCBB: 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 third quarter of fiscal year
2010.
Net sales for the three months ended December 31, 2009 and December
31, 2008 totaled $3.3 million. The Company recorded net income of
$149 thousand, or $.02 per share, for the third quarter of fiscal
year 2010, compared to a net income of $233 thousand, or $.04 per
share, for the third quarter of fiscal year 2009. Gross profit margin
for the third quarter of fiscal year 2010 was 61.6%, as compared
to 63.6% for the third quarter of fiscal year 2009. The lower gross
profit margin for the third quarter of fiscal year 2010 was due to
increased sales of lower gross profit margin products.
Net sales for the first nine months ended December 31, 2009 totaled
$9.65 million, representing a 1% decrease over net sales of $9.71
million for the prior fiscal year’s first nine months. The
Company recorded net income of $359 thousand, or $.06 per share,
for the first nine months of fiscal year 2010, compared to net income
of $144 thousand, or $.02 per share, for the first nine months of
fiscal year 2009. Gross profit margin for the first nine months of
fiscal year 2010 and fiscal year 2009 was 62%.
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® 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 the Company’s
filings with the Securities and Exchange Commission. The Company
does 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 |