-----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, QVrtCLVWkgZxSWtJ93jfdWjtaFCeIyN3ySjYbJymNcbsTjYPuoIwW73Wn3hBhZXR H6k0tZTe8YJnqtDtt3zXXQ== 0001275287-05-001730.txt : 20050504 0001275287-05-001730.hdr.sgml : 20050504 20050504154624 ACCESSION NUMBER: 0001275287-05-001730 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050504 DATE AS OF CHANGE: 20050504 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: 05799075 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 ei2633.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Message

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)      May 4, 2005

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 May 4, 2005, ENCISION, INC., issued a press release announcing its financial results for the fourth quarter ended March 31, 2005.  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.

(c)     Exhibits.

99.1              Press Release issued by ENCISION, INC., May 4, 2005.



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 May 4, 2005

 

 

/s/ MARCIA K. MCHAFFIE

 


 

Marcia K. McHaffie

 

Controller

 

Principal Accounting Officer



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Exhibit 99.1

Encision Reports FY 2005 Results

          BOULDER, Colo., May 4 /PRNewswire-FirstCall/ -- Encision Inc. (Amex: ECI), a medical device company with patented surgical technology emerging as a standard of care in minimally-invasive surgery, reported its financial results for its fiscal year ended March 31, 2005 and fiscal year 2005 fourth quarter.

          Revenue for the fiscal year ended March 31, 2005 of $8,054,000 represented an 11 percent increase over prior fiscal year’s revenue of $7,286,000.  Net loss of $(595,000) or $.10 per share for the current fiscal year compares to net income of $5,000 or $.00 per share for the prior fiscal year.  The net loss for FY 2005 included, in the first quarter, a one-time expense of approximately $201,000 (including attorney and arbitrator fees) for resolution of an arbitration dispute with one of Encision’s distributors.  Gross Profit Margin for FY 2005 was 58 percent as compared to 59 percent the prior fiscal year.

          The Company achieved net revenue for its fourth quarter ended March 31, 2005 of $2,127,000, an 11 percent increase over revenue of $1,913,000 for the quarter ended March 31, 2003.  The Company reported a net loss of $(104,000) or $(.02) per share for the current quarter which compares to a net loss of $(65,000) or $(.01) per share for last year’s fourth quarter.

           “During the fiscal year just ended, Encision made substantial investments in its quality systems, product development and distribution,” said Jack Serino, President and CEO of Encision.  “These initiatives are intended to increase customer satisfaction and retention while pursuing a more direct sales focus.

           “During this new fiscal year, we will introduce product enhancements and continue to expand our direct sales presence in order to realize this Company’s potential.”

          Encision Inc. designs and manufactures innovative surgical devices that allow the surgeon 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, mmchaffie@encision.com.

ENCISION INC.
Results of Operations
(Unaudited)

 

 

For Year Ended March 31,

 

 

 


 

 

 

2005

 

2004

 

 

 



 



 

Net Revenue

 

$

8,054,000

 

$

7,286,000

 

Cost of Revenue

 

 

3,381,000

 

 

3,006,000

 

Gross Profit

 

 

4,673,000

 

 

4,280,000

 

Gross Margin

 

 

58

%

 

59

%

Operating Expenses

 

 

5,272,000

 

 

4,272,000

 

Operating Income (Loss)

 

 

(599,000

)

 

8,000

 

Net Income (Loss)

 

$

(595,000

)

$

5,000

 

Net Income (Loss) per Share

 

$

(.10

)

$

.00

 


 

 

For Fourth Quarter Ended March 31,

 

 

 


 

 

 

2005

 

2004

 

 

 



 



 

Net Revenue

 

$

2,127,000

 

$

1,913,000

 

Cost of Revenue

 

 

849,000

 

 

769,000

 

Gross Profit

 

 

1,278,000

 

 

1,144,000

 

Gross Margin

 

 

60

%

 

60

%

Operating Expenses

 

 

1,386,000

 

 

1,210,000

 

Operating (Loss) Income

 

 

(108,000

)

 

(66,000

)

Net (Loss) Income

 

$

(104,000

)

$

(65,000

)

Net (Loss) Income per Share

 

$

(.02

)

$

(.01

)

ENCISION INC.
Condensed Balance Sheets
(Unaudited)

 

 

March 31,
2005

 

March 31
2004

 

 

 



 



 

Cash and Cash Equivalents

 

$

1,472,000

 

$

1,357,000

 

Current Assets

 

 

3,653,000

 

 

3,432,000

 

Total Assets

 

 

4,107,000

 

 

3,884,000

 

Current Liabilities

 

 

1,133,000

 

 

839,000

 

Shareholders’ Equity

 

 

2,974,000

 

 

3,030,000

 

Total Liabilities and Shareholders’ Equity

 

$

4,107,000

 

$

3,884,000

 

SOURCE  Encision Inc.
    -0-                             05/04/2005
    /CONTACT:  Marcia McHaffie of Encision Inc., +1-303-444-2600,
mmchaffie@encision.com/


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