Ophthalmic Imaging Systems reports decline in revenue, net loss in first quarter

SACRAMENTO, Calif. — Ophthalmic Imaging Systems reported net revenues of $3.1 million for the first quarter, a decrease compared with net revenues of $4.1 million for the first quarter of 2007, the company announced in a press release.

The company posted a net operating loss of $243,000 for the quarter, compared with a net operating income of $615,000 for the same period last year. The deficit includes $187,000 in costs related to the company's recently formed subsidiary, Abraxas Medical Solutions, according to the release.

Net loss for the quarter totaled $278,000, or $0.02 per basic and diluted share, compared with a net income of $653,000, or $0.04 per basic and diluted share, in the first quarter of 2007.

As of March 31, OIS reported $9.8 million in total shareholders' equity, compared with $8.8 million as of the close of last year's first quarter, the release said.

"We continue to hold a dominant position in the digital imaging market for ophthalmology," Gil Allon, chief executive officer of OIS, said in the release. "While we believe our sales are down in this sector due to a weak economy and a lull in technological advancements, we anticipate sales to recover as several new products gain traction in the market."