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Angeion Corporation (NASDAQ:ANGN) today reported results for its fiscal second quarter ended April 30, 2011.
For the 2011 second quarter, Angeion reported revenues of $6.8 million, essentially even compared to the prior-year second quarter. Angeion incurred a net loss of ($138,000), or ($0.04) per diluted share, an improvement over the prior-year second quarter net loss of ($559,000), or ($0.13) per diluted share.
Gross margin grew from 52.0% in the prior-year second quarter to 57.3% in the current quarter due to continuing manufacturing efficiencies following right sizing actions taken in third quarter of fiscal 2010.
Sales and marketing expense increased $178,000 from the prior-year quarter, due to investments in additional staff, trade show initiatives and re-assignment of existing personnel from research and development. General and administrative expenses decreased by $114,000, principally as a result of $83,000 in reduced equity-based compensation costs. Research and development expenses decreased $158,000 from fiscal 2010 second quarter levels due to personnel re-assignments and reclassification to sales and marketing, as well as the $48,000 impact of current period capitalization of Angeion’s software-development projects which were expensed during 2010 before the projects reached technological feasibility.
Second quarter revenues from international operations declined by 9.0% to 19.4% of total revenues, versus 21.1% for the second quarter in 2010. Decreases were broadly based all across geographic regions except the Americas, which accounted for modest increases.
“While we are seeing modest improvements in some market conditions, lingering effects of the economic downturn continue to impact quarter-over-quarter results—and we experienced that in the second-quarter as revenue levels and customers continued tentative buying behaviors,” said Jim Gaul, Senior Vice President Global Sales. Rob Wolf, Chief Financial Officer, stated, “We were able to benefit from continuing gross margin performance improvement in manufacturing cost reductions and other expenses to produce the improved bottom line results compared to the second quarter of 2010.”