North American Scientific (NAS) has released its financial results for its fiscal first quarter, which ended Jan. 31.
For the first quarter of fiscal 2008, the company reported revenues from continuing operations, excluding the discontinued operations of the NOMOS Radiation Oncology business, of approximately $4.3 million, compared to $3.9 million for the first quarter of fiscal 2007.
NAS also booked a net loss from continuing operations of $4.3 million, compared to a net loss of $2.3 million from the same period last year. The company attributes the $2 million increase to $1.3 million increased interest expense on debt and amortization and adjustment of warrants issued in connection with the debt, $500,000 increased spending on research and development related to ClearPath; and $300,000 in increased legal expenses related to ClearPath patents.
At the end of the first quarter of fiscal 2008, NAS had $8.0 million in cash and cash equivalents, compared with $600,000 at the end of fiscal year 2007.
During the first quarter of fiscal 2008, the company used $2.6 million cash in operating activities for continuing operations, compared with $3 million in the first quarter of the prior year.
As of Jan. 31, the company had no interest-bearing debt outstanding.
“Our existing credit line expired and all amounts outstanding thereunder became due on Feb. 1,” said John B. Rush, president and CEO, NAS. “We are currently discussing a new credit line with our bank, but no assurances can be given that this credit line will be obtained.”