Business
Urologix Reports First Quarter Fiscal Year 2015 Results
Urologix Reports First Quarter Fiscal Year 2015 Results.
About this update from Urologix
[{"type":"text","content":"\n\n\tRecent Quarter Highlights\n\n\t\n\t\tReduced operating expenses 44% compared to the first quarter of the prior year.\n\t\n\t\tNet loss reduced by 67% to $437,000 from a net loss of $1,334,000 in the first quarter of the prior year.\n\n\n\tMINNEAPOLIS, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Urologix®, Inc. (OTCQB:ULGX), the leading provider of in-office procedures for the safe, durable and effective treatment of BPH, today reported financial results for its fiscal year 2015 first quarter ended September 30, 2014.\n\n\tFirst quarter revenue totaled $3.0 million, down 8% sequentially from the fourth quarter of fiscal year 2014 and down 20% compared to the first quarter of fiscal year 2014. Although the Company experienced a sequential revenue decline, first quarter fiscal year 2015 revenue met plan as the Company anticipated some decline in sales as a result of the April 2014 restructuring activities.\n\n\tTotal operating expense was $1.7 million for the first quarter of fiscal year 2015, a 44% reduction compared to $3.0 million of operating expense for the first quarter of fiscal year 2014. The decrease in operating expenses compared to the first quarter of fiscal year 2014 is a result of the strategic reorganization the Company implemented in the latter half of fiscal year 2014. Operating expenses for the fourth quarter of fiscal year 2014, excluding the $3.0 million non-cash goodwill impairment charge incurred during that quarter, were $2.0 million.\n\n\tThe Company reduced its net loss by 67% to a net loss of $437,000, or $0.02 per diluted share, for the first quarter of fiscal year 2015, when compared to a net loss of $1.3 million, or $0.06 per diluted share, in the first quarter of fiscal year 2014.\n\n\t\"We are pleased with the first quarter of fiscal year 2015 results for both revenue achievement and expense management. We expected some lower sales volume in this new fiscal year with our new sales deployment model and organizational structure, but believe the restructuring has allowed us to focus on a stronger base of business to first stabilize and then begin to expand upon,\" stated Greg Fluet, Chief Executive Officer. \"Our primary goals are to end fiscal year 2015 with positive cash flow from operations and support building upon the evidence demonstrating the cost-effectiveness of our in-office BPH technologies. A...