For the first quarter of 2008, the company reported net sales of $11.4 million, compared to $21.5 million in the same quarter of 2007. Gross profit was $8.3 million, compared to $15.82 million in the same quarter of 2007.
Chris Sharng, president, said: "Though the company incurred an operating loss of $0.7 million in the first quarter, non-cash items such as depreciation, stock-based compensation and certain accounting charges on the implicit debentures' interest costs, totaled $0.9 million. In the month of March, our business operations were cash positive. We believe that we have regained nascent revenue momentum through certain personnel changes, compensation plan changes and dynamic training sessions."
