SAINT PAUL, Minn., Sept. 1, 2011 /PRNewswire/ — Angeion
ANGN) today reported financial results for its fiscal third
quarter ended July 31, 2011.
Angeion reported revenues of $6.8 million compared to $7.1
million in the third quarter of fiscal 2010. Angeion incurred a net
loss of $81,000, or $(0.02) per diluted share versus net income of
$126,000, or $0.03 per diluted share in the comparable quarter last
year. Financial results for Q3 2011 were impacted by severance
charges and associated legal and consulting fees attributable to
the departure of the previous chief executive officer.
Gross margin for the quarter remained solid at 57.6%, comparable
to the 57.8% gross margin in the third quarter of fiscal year 2010.
General and administrative expenses in Q3 2011 decreased 20% versus
the prior year comparable quarter due to lower severance expenses
in the just completed quarter versus the prior year third quarter.
Management will continue to examine overhead expenses going forward
to move the company on a path toward profitability. Sales and
marketing expenses were essentially the same compared to the third
quarter of fiscal 2010 and research and development costs increased
32% as management dedicated additional resources to advance
software and hardware development initiatives to enhance current
product offerings and develop future new products.
“Bringing stability to Angeion as an operating company is
well underway,” said Gregg O. Lehman, Ph.D., President and
Chief Executive Officer of Angeion Corporation. “Change is
needed to become a consistently profitable company and we are
examining every aspect of the Company to determine where
improvements need to be made. Angeion has been impacted in recent
years by changes in its management resulting in multiple severance
and related charges. We are now realizing stability and hav