WESTBURY, N.Y.--(BUSINESS WIRE)--Vasomedical, Inc. (“Vasomedical”) (OTC: VASO.OB), a leader in the noninvasive treatment and management of cardiovascular diseases, today announced financial results for the three months ended August 31, 2007.
Total revenues were $1,340,000 in the first quarter of fiscal 2008, compared with total revenues of $2,082,000 in the first quarter of fiscal 2007. Revenues from equipment sales declined approximately 54% to $493,000 in the first quarter of fiscal 2008 compared to $1,073,000 in same period last year. Equipment rentals and services were $847,000 in the three months ended August 31, 2007, down approximately 16% from $1,009,000 for the same period in the previous year. The decrease in revenue primarily relates to decreased sales as a result of decreased sales personnel from the prior respective quarter. We continue to reorganize certain territory responsibilities in our sales department due to the reduction in our sales force and vacant and/or unproductive territories. The Company recorded a net loss attributable to common shareholders of $19,000 or $0.00 per common share during the three months ended August 31, 2007, compared to a loss of $539,000 or $0.01 per common share during the three months ended August 31, 2006. The decrease in the net loss compared to the prior quarter reflects a $957,000 or 58% decrease in operating expenses as a result of continuing to restructure our costs to be better aligned with potential near-term sales.
