PLC Systems Inc. (OTC:PLCSF) was able to boost its bottom line during the second quarter, but revenues dropped and the company stayed in the black.
The Franklin, Mass.-based company reported a net loss of $199,000, or 1 cent per diluted share, on revenue of $1.0 million during the three months ended June 30. That compares with a net loss of $307,000, or 1 cent per diluted share, on revenue of $1.2 million during the same period last year.
PLC’s year-over-year improvement to the bottom line was due mostly to the layoff of 33 percent of the company’s workforce in the middle of the first quarter.
The company said it shipped 589 units of its single-use sets for European Union-approved RenalGuard procedures in the second quarter of this year, its highest level yet. The total was 55 percent higher than the second quarter last year and 100 percent higher in the first half of 2010 than in the prior-year period, but the figures indicating improved sales could not offset the company’s overall revenue decline.
The company’s cash and equivalents also declined to $1.5 million, a sharp decrease from $2.7 million at the end of 2009 and down $396,000 from the prior quarter.
PLC has been working with financial advisor Natixis Bleichroeder LLC to identify strategic partnerships for its RenalGuard platform, in addition to finding funding for the company, a process that continues from the company’s first quarter. CEO Mark Tauscher said in May that PLC was continuing to look for ways to raise capital in light of its financial woes.
In March, PLC’s accounting firm Caturano & Co. publicly worried that the company wasn’t bringing in enough cash to stay in business and slapped it with a so-called “going concern” opinion on its audit. The label means the accountants had “substantial doubt about [PLC’s] ability to continue as a going concern for the next 12 months.”