ORANGEBURG, N.Y., April 29, 2013 (GLOBE NEWSWIRE) -- Vision-Sciences, Inc. (Nasdaq:VSCI), a leading provider of unique flexible endoscopic products utilizing its proprietary sterile disposable EndoSheath® technology, today announced financial results for its fourth quarter and fiscal year 2013, ended March 31, 2013.
Fourth Quarter Fiscal Year 2013 Highlights
- Net sales were $4.2 million, compared with $4.0 million in the third quarter of fiscal 2013 and $4.6 million in the fourth quarter of fiscal 2012;
- Operating loss decreased 29% to $2.0 million compared to $2.8 million in the same quarter last year; and
- Net loss improved by 34% to $2.0 million, or ($0.04) per basic and diluted share, compared to $3.1 million, or ($0.07) per basic and diluted share, in the fourth quarter of fiscal 2012.
Fiscal Year 2013 Highlights
- Net sales were $15.3 million, compared with $16.7 million in fiscal 2012;
- Operating loss decreased 17% to $8.4 million compared to $10.1 million last year; and
- Net loss improved by 5% to $10.5 million, or ($0.23) per basic and diluted share, compared to $11.0 million, or ($0.25) per basic and diluted share, in fiscal 2012.
- Excluding the loss on extinguishment of debt, non-GAAP net loss for fiscal 2013 was $9.3 million, or ($0.20) per basic and diluted share, an improvement of 16% over fiscal 2012.
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