BOSTON, June13, 2012 /PRNewswire/ -- Solos Endoscopy, Inc. (OTCPK: SNDY) is pleased to announce that the Company has been able to successfully reduce its inventory costs for the 2nd Quarter which has resulted in an increased profit margin for its endoscopic instruments.
Solos Endoscopy's inventory sales for the month of April 2012 was $29,622.00 which is similar to the prior year, however, the Company was able to reduce its Cost of Goods Sold to just $6,430.54. This reduction of costs gives Solos Endoscopy a Gross Profit Margin of 78% an increase from 68% from the year prior, a trend that management expects to continue.
According to the Company, Solos Endoscopy was able to take advantage of better exchange rates and negotiate with suppliers due to an increase in cash on hand. The fact that the Company is no longer diverting its funds to pay antecedent debt has allowed Solos to deliver its instruments to hospitals on a timelier basis which in the long term will result in increased sales of its disposable product line.
Solos Endoscopy posted a Net Profit for the first quarter 2012 as a result of a dramatic decrease in operating expenses combined with the forgiveness of more than $200,000 in debt. The Solos debt reduction efforts has reduced Solos Endocopy's Total Liabilities from $855,295 for period ending March 31, 2011 to just $360,054 for period ending March 31, 2012.
"We are optimistic about the Company's progress financially. Management believes a focus on increasing profitability and new product development will result in real long term value for our shareholders" stated Bob Segersten, President of Solos Endoscopy, Inc.
Solos Endoscopy posted its first quarter financials on www.otcmarkets.com. The Company has also released its "President's Report" for distribution to its shareholders.
About Solos Endoscopy, Inc.:
Solos Endoscopy, Inc. is a HealthCare instrument company whose mission is to develop and market high quality and innovative instruments for the screening, diagnosis, treatment and management of medical conditions. Additional information on its FDA approved products is available on the Company's website at: www.solosendoscopy.com.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
SOURCE Solos Endoscopy, Inc.