CAS Medical Systems Inc. entered into a Second Amendment to Loan and Security Agreement with East West Bank. Pursuant to the Amendment: (i) the bank is providing the company with an additional secured term loan in the amount of $1,500,000 (the Additional Term Loan and together with the currently outstanding $3,500,000 term loan from the bank) and (ii) is reducing the cap on the company's existing secured revolving line of credit from $2,500,000 to $2,000,000. The Term Loan will now mature on July 31, 2016. The Amendment also extended the maturity date of the Revolver to July 31, 2014. Under the Loan and Security Agreement, as modified by the Amendment, advances under the Revolver will bear interest, on the outstanding daily balance thereof, at a rate equal to 2.00% above the bank's prime rate (with a 3.25% floor on the prime rate), and the Term Loan will bear interest, on the outstanding daily balance thereof, at a fixed rate of 5.75%. Interest on the loans is payable monthly. Principal on the Revolver is due on the Maturity Date, while principal on the Term Loan is payable in 24 equal installments commencing in August 2014.

CAS Medical Systems Inc. reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $5,575,838 against $5,408,819 for the same period in the last year. Operating loss was $1,909,632 against $1,962,564 for the same period in the last year. Net loss applicable to common stockholders was $1,880,384 or $0.14 per basic and diluted share against $2,219,637 or $0.17 per basic and diluted share for the same period in the last year. During the first quarter of 2013, the company benefited from $0.4 million, or $0.03 per common share, of other income related to the demutualization of one of the company's insurance carriers.

CAS Medical Systems Inc., Q1 2013 Earnings Call, May 08, 2013