-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Iock6nKkqn8eZ85gtsKKAR7Pp+wqTGtjQQ7i8A/m2YZGD8+KMHjuHE+0LO1sm7wS Z/x2LJM/gwWCq18Je+iRJg== 0001144204-08-005515.txt : 20080201 0001144204-08-005515.hdr.sgml : 20080201 20080131195023 ACCESSION NUMBER: 0001144204-08-005515 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080129 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080201 DATE AS OF CHANGE: 20080131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENCISION INC CENTRAL INDEX KEY: 0000930775 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 841162056 STATE OF INCORPORATION: CO FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11789 FILM NUMBER: 08565832 BUSINESS ADDRESS: STREET 1: 4828 STERLING DR CITY: BOULDER STATE: CO ZIP: 80302 BUSINESS PHONE: 3034442600 MAIL ADDRESS: STREET 1: 4828 STERLING DR CITY: BOULDER STATE: CO ZIP: 80301 FORMER COMPANY: FORMER CONFORMED NAME: ELECTROSCOPE INC DATE OF NAME CHANGE: 19960502 8-K 1 v100991_8k.htm Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
January 29, 2008
 
ENCISION, INC.
(Exact name of registrant as specified in its charter)
 
Colorado
0-28604
84-1162056
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
     
6797 Winchester Circle, Boulder, Colorado
80301
(Address of principal executive offices)
(Zip Code)
   
Registrant’s telephone number, including area code
(303) 444-2600
 
 
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Item 2.02  Results of Operations and Financial Condition

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition,” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

On January 29, 2008, ENCISION, INC., issued a press release announcing its financial results for the third quarter ended December 31, 2007. A copy of the press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report, including the exhibit, shall not be incorporated by reference into any filing of ENCISION, INC., whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits.

99.1   Press Release issued by ENCISION, INC., January 29, 2008.
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
   
ENCISION, INC.
(Registrant)
 
 		  
 		  
 
Date January 29, 2008   /s/ Marcia K. McHaffie
 
Marcia K. McHaffie
Controller
Principal Accounting Officer
 
 
 
 
 
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January 29, 2008
 
Encision Reports Third Fiscal Quarter Results

Boulder, Colorado, January 29, 2008 -- 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 third fiscal quarter ended December 31, 2007.

Net sales for the third quarter of fiscal year 2008, ended December 31, 2007, totaled $3.13 million, representing a 12% increase over net sales of $2.79 million for the prior fiscal year’s third quarter. The Company recorded net income of $59 thousand or $.01 per share for the third quarter of fiscal year 2008 compared to a net loss of $49 thousand or $.01 per share for the third quarter of fiscal year 2007. Net loss for the third quarter of fiscal year 2007 included a one-time expense of $73 thousand, or $.01 per share, relating to the costs of obtaining equity capital financing, a project that was subsequently abandoned after the Company obtained a $2 million line of credit facility from SVB Silicon Valley Bank. Gross profit margin for the third quarter of fiscal year 2008 was 65% as compared to 62% for the third quarter of fiscal year 2007. Gross profit margin for the third quarter of fiscal year 2008 included an approximately 1% increase from the third quarter of fiscal year 2007 gross profit margin that was attributed to a decrease in accrued liabilities related to warranty claims and an approximately ½% increase in gross profit margin that was attributed to a limited shipment of our internally manufactured scissor inserts.

“Our improvement in net income in the third quarter ended December 31, 2007 was aided by an increase in gross profit margin from our internal scissor insert manufacturing project ,” said Jack Serino, President & CEO of Encision Inc. “We began transitioning some customers to our lower cost of goods disposable scissor inserts during the past quarter and are starting to see the impact on our bottom line. We expect to be shipping all Encision-made disposable scissor inserts by the middle of our fiscal year that ends March 31, 2009.”

Net sales for the first nine months of fiscal year 2008, ended December 31, 2007, totaled $8.88 million, representing an 8% increase over net sales of $8.19 million for the prior fiscal year’s first nine months. The Company recorded a net loss of $228 thousand or $.04 per share for the first nine months of fiscal year 2008 compared to net income of $87 thousand or $.01 per share for the first nine months of fiscal year 2007. Gross profit margin for the first nine months of fiscal year 2008 was 63% as compared to 63% for the first nine months of fiscal year 2007.

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.

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


ENCISION INC.
Condensed Statements of Operations
(Amounts in thousands, except per share information)

 
  
(Unaudited)
Three Months Ended
(Unaudited)
Nine Months Ended
 
    
December 31,
2007
    
December 31,
2006
    
December 31,
2007
    
December 31,
2006
  
                           
Net sales
  
$
3,131
  
$
2,787
  
$
8,883
  
$
8,192
  
Cost of sales
    
1,103
    
1,054
    
3,301
    
3,055
  
Gross profit
    
2,028
    
1,733
    
5,582
    
5,137
  
Operating expenses
    
1,961
    
1,794
    
5,797
    
5,089
  
Operating income (loss)
    
67
    
(61
)
  
(215
)
  
48
  
Other income (expense)
    
(8
)
  
12
    
(13
)
  
39
  
Net income (loss)
  
$
59
  
$
(49
)
$
(228
)
$
87
  
Net income (loss) per share
  
$
0.01
  
$
(0.01
)
$
(0.04
)
$
0.01
  

 
ENCISION INC.
Condensed Balance Sheets
(Amounts in thousands)

 
    
(Unaudited)
December 31,
2007
    
(Audited)
March 31,
2007
  
Cash and cash  equivalents
  
$
99
  
$
436
  
Current assets
    
3,543
    
3,637
  
Total assets
    
4,627
    
4,388
  
Current liabilities
    
1,775
    
1,464
  
Shareholders’ equity
    
2,852
    
2,923
  
Total liabilities and  shareholders’ equity
  
$
4,627
  
$
4,388
  
 

SOURCE Encision Inc.
-0- 01/29/2008
/CONTACT: Marcia McHaffie of Encision Inc., +1-303-444-2600, mmchaffie@encision.com/
/Web site: http://www.encision.com /
(ECI)

CO: Encision Inc.
ST: Colorado
IN: HEA MTC CPR
SU: ERN
 
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