SAINT PAUL, Minn., Sept. 1, 2011 /PRNewswire/ -- Angeion Corporation (NASDAQ: 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