MELVILLE, N.Y.–(BUSINESS WIRE)–Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter ended September 30, 2009.
Third quarter revenues totaled $6,371,371 compared to $7,295,793 recorded in the comparable period last year, resulting in net loss of $37,749 or $.00 per diluted share versus net income of $365,890 or $.02 per diluted share during the comparable period in the prior year. Revenues declined in the quarter due to a general slowdown in purchasing by hospitals and physicians’ offices caused by the current economic uncertainty. Net income was negatively impacted by a one time $160,000 accrual recorded in the third quarter for the settlement of a lawsuit.
Nine month revenues were $20,420,272 versus $20,958,672 reported during the first nine months of 2008. Net income totaled $568,136 or $.03 per diluted share compared to net income of $1,793,021 or $.10 per diluted share in the comparable period in 2008, during which the Company had realized a gain of $1,495,634 from the acquisition of intellectual property in a non-monetary exchange from a contract settlement.