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Patient Safety Technologies Reports First Quarter 2011 Results

Tuesday, May 24, 2011 General News J E 4
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PATIENT SAFETY TECHNOLOGIES, INC.

Consolidated Statements of Operations

For the Three months Ended March 31,

2011 (unaudited)

2010 (unaudited)

Revenues

$

1,970,656

$

2,364,819

Cost of revenue

1,041,101

1,088,887

Gross profit

929,555

1,275,932

Operating expenses:

Research and development

29,462

33,331

Sales and marketing

659,036

994,116

General and administrative

1,071,896

1,651,861

Total operating expenses

1,760,394

2,679,308

Operating loss

(830,839)

(1,403,376)

Other income

Interest expense

(4,192)

(6,333)

Gain on change in fair value of warrant derivative liability

210,262

1,718,738

Other income

51,944

Total other income

206,070

1,764,349

Income (loss) before income taxes

(624,769)

360,973

Income tax (provision) benefit

(3,773)

32,573

Net income (loss)

(628,542)

393,546

Preferred dividends

(123,959)

(19,163)

Net income (loss) applicable to common shareholders

$

(752,501)

$

374,383

Income (loss) per common share

Basic

$

(0.03)

$

0.02

Diluted

$

(0.03)

$

0.01

Weighted average common shares outstanding:

Basic

24,200,785

23,456,063

Diluted

24,200,785

25,199,632

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