Gross profit for VKNG was $487,572 or 24.4% of sales for the three months ended September 30, 2009 compared to a gross loss of $48,433 for the three months ended September 30, 2008, representing an increase of $536,005. For the nine months ended September 30, 2009 gross profit was $1,309,814 or 25.4% of sales compared with $274,708 or 6.2% of sales for the same period in 2008. Gross profit for both the quarter and nine months ended September 30, 2008 were negatively impacted due to an inventory reserve charge of $372,440 related to slow moving and obsolete inventory. Excluding such charge gross margin was 20.4% and 14.6%, respectively for the three month and nine month periods ended September 30, 2008. These increases in gross margin percentage for both periods in 2009 were due to a constructive sales mix of higher margin products as well as higher production volumes resulting in lower per unit manufacturing costs.
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Viking Systems, Inc. (Viking) is a developer, manufacturer and marketer of visualization solutions for invasive surgery. The Company partners with medical device companies and healthcare facilities to provide surgeons with visualization systems. Viking manufactures two dimensional digital cameras that are sold to third-party companies who sell to end users through their original design manufacturer (ODM) programs and original equipment manufacturer (OEM) programs. Viking sells its visualization system (3Di Vision System) under the Viking brand to hospitals and outpatient surgical centers through a network of independent sales representatives in the
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