Other income decreased approximately $278,000 for the year ended April 30, 2012 compared to the prior year. The decrease in other income was primarily due to the non-recurring $244,000 award received in the prior year under the Patient Protection and Affordable Care Act of 2010 and a reduction in sublease revenue received in the current year.
Other expense increased approximately $88,000 for the year ended April 30, 2012 compared to the prior year. The increase in other expense was primarily due to our write-off of an uncollectible receivable for reimbursable patent costs related to our terminated license agreement with Glucometrics, Inc., partially offset by a reduction in foreign currency translation losses.
For the fiscal year ended April 30, 2012, we reported a net loss of $15,712,410, or $0.61 per share, compared to a net loss of $10,448,296, or $0.45 per share, in the prior year.
We ended the fiscal year with cash and cash equivalents totaling $1,879,872, compared with $951,944 in the prior year.“Our financial results show we clearly heard our shareholders directive for change: to exercise more fiscal control and return to our core business. We have made those changes. We will continue to focus on improving shareholder value by committing our resources only to the activities that will enable us to achieve our core business goal of developing medical products that deliver oxygen to tissues in the body deprived of this essential life saving element,” said Michael Jebsen, President, interim Chief Executive Officer and Chief Financial Officer. FY2012 Financial Results Conference Call On Wednesday, July 25, 2012, at 11 a.m. EDT, Mr. Jebsen will host a conference call and live webcast to discuss the 2012 financial results and the company’s progress. To access the live teleconference, dial (866) 770-7125 (U.S. and Canada), or (617) 213-8066 (international). The participant pass code is 98948399. Also, a link to access a live webcast of the teleconference will be available in the Investor section of the Company’s website. A replay of the webcast will be available by phone or on the Oxygen website for a limited time. To access the replay by phone, call (888) 286-8010 (U.S. and Canada) or (617) 801-6888 (international). The pass code for the replay is 42947311.