uroplasty inc (UPI) Snapshot

On 06/14/2013, Uroplasty Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

On June 14, 2013, Medi A. Jiwani, Chief Financial Officer of Uroplasty Inc. was placed on administrative leave and relived of duties until resolution of the issues related to internal control over financial reporting described in Item 8.01 of this Form 8-K.

Uroplasty Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended March 31, 2013. For the quarter, the company reported net sales of $5.540 million compared to $5.596 million a year ago. Operating loss was $0.968 million compared to $0.589 million a year ago. Loss before income taxes was $0.953 million compared to $0.557 million a year ago. Net loss was $0.968 million compared to $0.573 million a year ago. Basic and diluted loss per common share was $0.05 compared to $0.03 a year ago. Non-GAAP operating loss was approximately $0.477 million compared to $0.122 million a year ago. The increase in operating loss was primarily attributable to the decrease in sales and an increase in operating expenses. For the year, the company reported net sales of $22.417 million compared to $20.561 million a year ago. Operating loss was $3.301 million compared to $4.266 million a year ago. Loss before income taxes was $3.254 million compared to $4.202 million a year ago. Net loss was $3.305 million compared to $4.250 million a year ago. Basic and diluted loss per common share was $0.16 compared to $0.21 a year ago. Net cash used in operating activities was $1.224 million compared to $3.128 million a year ago. Purchases of property, plant and equipment was $0.189 million compared to $0.267 million a year ago. Payments for intangible assets was $0.017 million compared to $0.077 million a year ago. Non-GAAP operating loss was approximately $1.3 million compared to $2.5 million a year ago. The fiscal 2013 decrease in non-GAAP operating loss is attributed primarily to an increase in net sales which more than offset the increase in non-GAAP spending.