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Encision Reports Third Quarter Fiscal Year 2018 Results

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BOULDER, Colo., Feb. 5, 2018 /PRNewswire/ — Encision Inc. (OTC:ECIA), a medical device company owning patented surgical technology that prevents dangerous stray electrosurgical burns in minimally invasive surgery, today announced financial results for its fiscal 2018 third quarter that ended December 31, 2017.

The Company posted quarterly net revenue of $2.19 million for a quarterly net income of $56 thousand, or $0.01 per diluted share. These results compare to net revenue of $2.23 million for a quarterly net loss of $274 thousand, or $(0.03) per diluted share, in the year-ago quarter. Net revenue for the current quarter included net revenue of $95 thousand from an order for non-AEM product. Gross margin on net revenue was 56% in the fiscal 2018 third quarter and 48% in the fiscal 2017 third quarter. Gross margin on net revenue was higher in the current quarter as a result of product mix. Gross margin on net revenue was lowered further in last year’s third quarter by higher slow moving and obsolete inventory costs and applying overhead costs to faster turnover inventory.

The Company posted nine months net revenue of $6.7 million for a nine months net income of $354 thousand, or $0.03 per diluted share. These results compare to net revenue of $6.66 million for a nine months net loss of $612 thousand, or $(0.06) per diluted share, in the year-ago nine months. Net revenue for the current nine months included net revenue of $424 thousand from an order for non-AEM product. Gross margin on net revenue was 57% in the fiscal 2018 nine months and 49% in the fiscal 2017 nine months. Gross margin on net revenue was higher in the current nine months as a result of product mix and lower costs in manufacturing operations. Gross margin on net revenue was lowered further in the fiscal 2017 nine months by higher slow moving and obsolete inventory costs and applying overhead costs to faster turnover inventory.

Net cash of $494 thousand was generated by operating activities in the current nine months compared to no cash generated by operating activities in last year’s nine months.

There was no income tax effect in the third quarter results as a result of the U.S. corporate tax reform enacted in December.

“We are pleased to deliver another profitable quarter and to drive gross margin,” said Greg Trudel, President and CEO. “Our increased cash flow

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