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Vision-Sciences Reports Net Sales Of $4.0 Million For Third Quarter Of Fiscal 2013

About Vision-Sciences, Inc.

Vision-Sciences, Inc. designs, develops, manufactures and markets products for endoscopy – the science of using an instrument, known as an endoscope, to provide minimally invasive access to areas not readily available to the human eye. Vision-Sciences' unique flexible endoscopic products utilize a streamlined visualization system and proprietary sterile disposable sheaths, known as EndoSheath technology, to provide users quick, efficient endoscope turnover while ensuring enhanced patient safety through the use of sterile, single-use technology. Within its medical segment, Vision-Sciences targets five main areas for its fiber and video endoscopes and EndoSheath technology: urology, pulmonology, gastroenterology (GI), ENT (ear, nose and throat) and spine.  Information about Vision-Sciences' products is available at www.visionsciences.com .

Vision Sciences ®, Slide-On ®, EndoSheath ®, EndoWipe ® and The Vision System ® are registered trademarks of Vision-Sciences, Inc.

The Vision-Sciences, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3876

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, which are any statements that are not historical facts. These forward-looking statements are based on Vision-Sciences' current expectations, and should not be relied upon as representing its views as of any subsequent date. Forward-looking statements are subject to a variety of risks and uncertainties that could cause the Company's actual results to differ materially from the statements contained herein; risk factors are detailed in the Company's most recent annual report and other filings with the U.S. Securities and Exchange Commission. There is no assurance that any future results or events discussed in these statements will be achieved. The Company does not assume any obligation to update any forward-looking statements as a result of new information or future events or developments, except as may be required by law.

(Financial tables follow)

 
Vision-Sciences, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
         
  Three Months Ended Nine Months Ended
  December 31, December 31,
  2012 2011 2012 2011
  (unaudited) (unaudited) (unaudited) (unaudited)
         
Net sales   $ 3,952  $ 4,314  $ 11,087  $ 12,095
Cost of sales   2,820  2,957  7,973  8,213
Gross profit   1,132  1,357  3,114  3,882
         
Selling, general, and administrative expenses   2,311  2,665  8,205  9,054
Research and development expenses   347  730  1,361  2,161
Operating loss  (1,526)  (2,038)  (6,452)  (7,333)
         
Interest income   1  2  4  9
Interest expense   (36)  (131)  (467)  (329)
Debt cost expense  --   (145)  (272)  (229)
Loss on extinguishment of debt  --   --   (1,244)  -- 
Other, net  (6)  (32)  (47)  (43)
   (41)  (306)  (2,026)  (592)
Loss before provision for income taxes   (1,567)  (2,344)  (8,478)  (7,925)
Income tax provision (benefit)  10  (2)  10  -- 
Net loss  $ (1,577)  $ (2,342)  $ (8,488)  $ (7,925)
         
Net loss per common share - basic and diluted   $ (0.03)  $ (0.05)  $ (0.18)  $ (0.18)
         
Weighted average number of shares outstanding - basic and diluted  46,051  44,258  45,902  44,164
 
 
Vision-Sciences, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
     
  December 31, March 31,
  2012 2012
ASSETS (unaudited) (audited)
Current assets:    
Cash and cash equivalents   $ 1,295  $ 2,674
Accounts receivable, net  2,820  2,132
Inventories, net   4,881  3,970
Prepaid expenses and other current assets   218  197
Total current assets   9,214  8,973
     
Property and equipment, net  1,618  2,033
Deferred debt cost, net  --   1,516
Other assets, net  77  77
Total assets   $ 10,909  $ 12,599
     
LIABILITIES AND STOCKHOLDERS' DEFICIT    
Current liabilities:    
Accounts payable   $ 921  $ 587
Accrued compensation  849  657
Accrued expenses   619  944
Deferred revenue  125  -- 
Capital lease obligations   76  91
Advances from customers  --   672
Total current liabilities   2,590  2,951
     
Convertible debt—related party  15,000  -- 
Line of credit—related party  --   10,000
Deferred revenue, net of current portion   67  -- 
Capital lease obligations, net of current portion   39  97
Total liabilities   17,696  13,048
     
Commitments and Contingencies    
Stockholders' deficit:    
Preferred stock, $0.01 par value    
Authorized—5,000 shares; issued and outstanding—none   --   -- 
Common stock, $0.01 par value    
Authorized—75,000 shares; issued and outstanding—46,249 shares and 45,396 shares, respectively  462  454
Additional paid-in capital   100,560  98,382
Treasury stock at cost, 34 shares and 7 shares of common stock, respectively  (50)  (14)
Accumulated deficit   (107,759)  (99,271)
 Total stockholders' deficit  (6,787)  (449)
 Total liabilities and stockholders' deficit   $ 10,909  $ 12,599
 
 
Vision-Sciences, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows 
(In thousands, except per share amounts)
     
  Nine Months Ended
  December 31,
  2012 2011
Cash flows from operating activities:    
Net loss   $ (8,488)  $ (7,925)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense  1,209  1,707
Depreciation and amortization   603  618
(Recovery of) provision for bad debt expenses  (4)  1
Debt cost expense  272  229
Loss on extinguishment of debt  1,244  -- 
Loss on disposal of fixed assets  51  39
Changes in assets and liabilities:    
Accounts receivable   (684)  36
Inventories   (1,062)  508
Prepaid expenses and other current assets  (21)  63
Accounts payable   334  (518)
Accrued expenses   (325)  (48)
Accrued compensation  192  (37)
Deferred revenue  49  -- 
Advances from customers  (529)  (4,034)
Net cash used in operating activities  (7,159)  (9,361)
Cash flows from investing activities:    
Purchases of property and equipment   (93)  (127)
Proceeds from disposal of fixed assets  5  3
Net cash used in investing activities   (88)  (124)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt—related party  5,000  -- 
Advance on line of credit—related party  --   3,000
Payment of costs related to line of credit—related party  --   (5)
Net proceeds from sale of common stock  878  -- 
Proceeds from exercise of stock options   99  399
Common stock repurchased  (36)  (11)
Payments of capital leases   (73)  (61)
Net cash provided by financing activities   5,868  3,322
Net decrease in cash and cash equivalents   (1,379)  (6,163)
Cash and cash equivalents at beginning of period  $ 2,674  $ 9,180
Cash and cash equivalents at end of period  $ 1,295  $ 3,017
 
 
Vision-Sciences, Inc. and Subsidiaries
Non-GAAP Financial Measures and Reconciliation
(In thousands, except per share amounts)
             
  Three Months Ended   Nine Months Ended  
  December 31,   December 31,  
Non-GAAP Financial Measures and Reconciliation 2012 2011 Difference 2012 2011 Difference
GAAP net loss  $ (1,577)  $ (2,342)  $ 765  $ (8,488)  $ (7,925)  $ (563)
Add: loss on extinguishment of debt  --   --   --   1,244  --   1,244
Non-GAAP net loss  $ (1,577)  $ (2,342)  $ 765  $ (7,244)  $ (7,925)  $ 681
             
Non-GAAP net loss per common share - basic and diluted   $ (0.03)  $ (0.05)    $ (0.16)  $ (0.18)  
             
Weighted average number of shares outstanding - basic and diluted  46,051  44,258    45,902  44,164  
CONTACT: Keith Darragh
         VP, Finance and Principal Financial and Accounting Officer
         Vision-Sciences, Inc.
         (845) 365-0600
         invest@visionsciences.com
         
         Lisa Wilson
         President
         In-Site Communications, Inc.
         (212) 452-2793
         lwilson@insitecony.com

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Stock quotes in this article: VSCI 

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