ALACHUA, Fla., Nov. 22, 2011 (GLOBE NEWSWIRE) -- CTD Holdings, Inc. (OTCQB:CTDH) reported record third quarter revenues of $231,000 for the quarter ended September 30th, 2011, an 18% increase over the same period last year. Year-to-date sales were $854,949, also a Company record and a 64% increase over the same period last year. The increase in sales in 2011 from 2010 is due in large part to one customer's multiple new orders for Trappsol® TRMB products. This revenue growth was also driven by sales to new customers, as a result of greater awareness of the uses of cyclodextrins surrounding the treatment of Niemann-Pick type C (childhood Alzheimer's) and its increased Internet communications about its products during 2011.
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Third Quarter Highlights
- For the three months ended September 30, 2011, its sales consisted of 74% Trappsol® products and 26% Aquaplex® products.
- Sales of Trappsol® HPB were $119,000 for the three months ended September 30, 2011 as compared to $111,000 for the three months ended September 30, 2010, representing an increase of $8,000, or 7%.
- Sales of Aquaplex® were $59,000 for the three months ended September 30, 2011 as compared to $39,000 for the three months ended September 30, 2010, representing an increase of $20,000, or 51%.
- CTD also reported that the NanoSonic Products, Inc. manufacturing facility has been completed, including the commissioning of its proprietary pulse dryer technology and the solar electric renewable energy system. This facility received more than $100,000 in grants to support the renewable energy system installation. With the completion of the facility, the company has consolidated its corporate headquarters for all divisions at the new site. The manufacturing facility is currently running on 100% of renewable energy.
The Company reported Cost of Goods Sold of $24,422 for the quarter ending September 30, 2011, a decrease of $8,751 or 26% compared to 33,173 for the quarter ending September 30, 2010. CTD's cost of products sold as a percentage of sales was 11% and 17% for the three months ended September 30, 2011 and 2010, respectively.
CTD reported net income of $18,000 and $43,000 for the three and nine months ended September 30, 2011, respectively. CTD recognized a net loss of ($37,000) and ($103,000) for the three and nine months ended September 30, 2010, respectively.
CTD's cash and short-term investments was $25,000 as of September 30, 2011, compared to $107,000 as of December 31, 2010, and decreased $117,000 since June 30, 2011. The decrease for the nine months ended September 30, 2011, is due primarily to capital additions of $544,000 less debt financing of $325,000 for building improvements and equipment for its pulse drying facility.
Cash flows from operations for the nine months ending September 30, 2011 were $102,000 compared to $40,000 for the same period in 2010. This increase in cash flows from operations was due primarily to an increase in sales and a decrease in inventory in 2011 from 2010.
Dr. Jeffrey Tate, NanoSonic Products' President and CEO commented "We are excited about posting a record quarter in revenue and positive net income. Additionally, the completion of the new manufacturing facility is an important milestone. With this asset in operation, our focus now shifts from building and capital investment to sales and revenue. The fact that we have been able to achieve record sales during construction is a tribute to the dedication of our team and continued customer demand for cyclodextrin chemistries."
The Company has engaged a new integrated investor relations team. The WSR Group of Palm City, FL will handle investor communications and inquiries. The Company engaged Equisolve of Ft. Lauderdale, FL and they will manage the company's on-line presence and have built an online integrated IR platform for CTD Holdings. Fusion Studios/Gainesville360 of Gainesville, FL will handle video news release production and photography. The new team takes over the work of Mr. David Corner, who established the Company's integrated investor relations program. Mr. Corner is moving on to pursue exciting opportunities in eCommerce. The Company thanks him and wishes him much success in his new endeavors.
About the Company:
The CTD Holdings, Inc. family of companies manufacture and market Trappsol and Aquaplex cyclodextrins and cyclodextrin complexes for food, nutrition and pharmaceutical markets. NanoSonic Products, Inc. operates the world's only cGMP pulse drying facility for the production of pharmaceutical grade Aquaplex cyclodextrin complexes. The companies offer a wide variety of cyclodextrin related manufacturing services to its worldwide customers; including custom formulation, manufacturing, and commercial scale supply of pharmaceutical grade cyclodextrin complexes.
Safe Harbor Statement: This news release contains "forward-looking statements" about the Company's anticipated growth. You are cautioned that such statements are subject to risks and uncertainties and that could cause actual results to differ materially from those projected in the forward-looking statements, such as the Company's ability to obtain additional capital to expand operations as planned. The above forward-looking statements are made as of the date above; CTD Holdings, Inc. accepts no specific responsibility for updating such statements.
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