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Revenue for products and services combined totaled $10.5 million for the fiscal year ending March 31, compared with $11.7 million in Encision’s fiscal 2013.
For fiscal 2014, the company reported a net operating loss of $1.7 million, compared with a net loss of $615,673 the year before.
Part of the company’s losses can be attributed to a product impairment cost of $1.1 million in the fourth quarter related to the company’s decision to discontinue two products.
The company also held more assets in fiscal 2014, with $6.2 million in total assets, compared with $5.9 million in 2013.The biggest jump came in the cash and cash equivalents, which increased from $126,224 in fiscal 2013 to $1.6 million in fiscal 2014.
Research and development expenses declined year-over-year, according to the annual report. In fiscal 2013, more than $1.7 million was spent for research and development, compared with $1.4 million in fiscal 2014.
Encision’s chief executive Greg Trudel was unavailable for comment Tuesday.