Encision reports positive income

BOULDER – Encision Inc. reported a higher revenue and income for its fiscal first quarter 2010 ending June 30 compared to the same quarter in 2009.

Boulder-based Encision, a medical device company focused on minimally invasive surgery, reported revenue of $3.2 million for its first quarter 2010 compared to $3.1 million for the same period a year ago.

The company had net income of $163,000 for its first quarter 2010 compared to a net loss of $164,000 the same quarter 2009. Encision reported a gain of 3 cents per share for the quarter compared to a loss of 3 cents per share for the same period a year ago.

“We are pleased with the start to our first quarter of fiscal year 2010, especially with the turnaround from last year’s first quarter net loss,” Jack Serino, Encision’s president and chief executive officer, said in a statement. “Net income increased from last year’s first quarter net loss as a result of a slight increase in sales income, increased gross profit margin and reduced operating expenses.”

Encision Inc. was delisted from the American Stock Exchange Oct. 13 after reporting stockholders’ equity of less than $4 million, losses from continuing operations and net losses in three out of its four most recent fiscal years. The company has been trading on the Over the Counter Bulletin Board as ECIA.OB since December.

The company ended its 2009 fiscal year with positive revenue and profit.

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