-----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, KJcFnzIAVOTb+Fd/wvo1XDTszi8q5OEtNFxV7jkyTu5XERk6iCyjS6dGdCf1SpbQ JXJD6BP/7aVYaw+7J7BeTw== 0001275287-05-004175.txt : 20051027 0001275287-05-004175.hdr.sgml : 20051027 20051027132631 ACCESSION NUMBER: 0001275287-05-004175 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051027 DATE AS OF CHANGE: 20051027 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: 051159471 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 ei3866.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 [LOGO OF ENCISION] 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) October 26, 2005 ENCISION, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) COLORADO 0-28604 84-1162056 ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) 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): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] 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 October 26, 2005, ENCISION, INC., issued a press release announcing its financial results for the second quarter ended September 30, 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., October 26, 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 October 26, 2005 /s/ MARCIA K. MCHAFFIE ---------------------------- Marcia K. McHaffie Controller Principal Accounting Officer EX-99.1 2 ei3866ex991.txt EXHIBIT 99.1 Exhibit 99.1 ENCISION REPORTS SECOND FISCAL QUARTER RESULTS BOULDER, Colo., Oct. 26 /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 second fiscal quarter ended September 30, 2005. Revenue for the second fiscal quarter ended September 30, 2005 of $2.303 million represented an 11.5 percent increase over prior fiscal year's second fiscal quarter revenue of $2.066 million. Net loss of $(162) thousand or $(.03) per share for the second fiscal quarter compares to a net loss of $(56) thousand or $(.01) per share for last year's second fiscal quarter. Gross Profit Margin for the second quarter of fiscal year 2006 was 60 percent as compared to 58 percent for the second quarter of fiscal year 2005. Revenue for the six months ended September 30, 2005 of $4.591 million represented a 20 percent increase over prior fiscal year's second six months revenue of $3.829 million. Net loss of $(143) thousand or $(.02) per share for this fiscal year's six months compares to a net loss of $(347) thousand or $(.06) per share for last fiscal year's six months. Last year's six months included 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 the six months of fiscal year 2006 was 60 percent as compared to 58 percent for the six months of fiscal year 2005. "We remain focused on our business and have added personnel to our highly motivated direct sales staff," said Jack Serino, President and CEO of Encision. "As previously announced last week, we introduced a new handle, enTouch(TM), for our articulating instruments. We anticipate that this handle will help us to add new accounts and retain our ongoing hospital accounts. The launch of this product resulted in additional marketing and engineering expenses in the second quarter of fiscal year 2006 versus the second quarter of fiscal year 2005." 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. Unaudited Condensed Balance Sheets (In thousands)
September 30, September 30, 2005 2004 ------------- ------------- Cash and Cash Equivalents $ 832 $ 1,472 Current Assets 3,459 3,653 Total Assets 4,018 4,107 Current Liabilities 1,104 1,133 Shareholders' Equity 2,914 2,974 Total Liabilities and Shareholders' Equity $ 4,018 $ 4,107
ENCISION INC. Unaudited Condensed Statement of Operations (In thousands, except per share amounts)
Three Months Ended September 30, ------------------------------ 2005 2004 ------------- ------------- Net Revenue $ 2,303 $ 2,066 Cost of Revenue 926 871 Gross Profit 1,377 1,195 Operating Expenses 1,537 1,252 Operating (Loss) (160) (57) Net (Loss) $ (162) $ (56) Net (Loss) per Share $ (.03) $ (.01)
ENCISION INC. Unaudited Condensed Statement of Operations (In thousands, except per share amounts)
Six Months Ended September 30, ------------------------------ 2005 2004 ------------- ------------- Net Revenue $ 4,591 $ 3,829 Cost of Revenue 1,830 1,618 Gross Profit 2,761 2,211 Operating Expenses 2,907 2,559 Operating (Loss) (146) (348) Net (Loss) $ (143) $ (347) Net (Loss) per Share $ (.02) $ (.06)
SOURCE Encision Inc. -0- 10/26/2005 /CONTACT: Marcia McHaffie of Encision Inc., +1-303-444-2600, mmchaffie@encision.com / /Web site: http://www.encision.com / -----END PRIVACY-ENHANCED MESSAGE-----