FAIRFIELD, Conn., Nov. 16, 2012 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) announced today its financial results for the three months ended September 30, 2012. Gross profit for the quarter was $0.2 million and expenses were $0.8 million producing a net loss for the third quarter of 2012 of $0.6 million. Gross profit for the third quarter of 2011 was $0.7 million and expenses were $1.2 million producing a net loss of $0.5 million for the prior year quarter. Expenses for the current quarter are the lowest of any quarter in the last four years.
In keeping with its commitment to bring on industry talent, the Company recently announced the hiring of its new CEO Carl O'Connell. O'Connell comes with 30 years of experience in healthcare, specifically with medical devices. The Company will continue to focus on aggressively increasing sales to end the year on a positive note while also continuing to build its case for increasing insurance reimbursement for patient treatments with the Calmare® medical device.
"I look forward to working with Professor Marineo, Calmare customers, and the CTTC team," said Mr. O'Connell. "We expect add additional funds to those raised during 2012 to promote and support the successful commercialization of Calmare."
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted, providing distribution, patent and technology transfer, sales and licensing services. CTTC's staff is focused on the needs of customers and matching those requirements with commercially viable products or technology solutions.
CTTC is the licensed distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy"™ technology developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. (The official "Scrambler Therapy"™ technical website is at http://www.scramblertherapy.org/english.htm.) The Calmare® device is currently being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea. For more information on the device, visit www.calmarett.com. Visit CTTC's website: www.competitivetech.net.
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on April 16, 2012, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
| COMPETITIVE TECHNOLOGIES, INC. | ||||
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CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except per share amounts) (unaudited) |
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| Three months ended | Nine months ended | Three months ended | Nine months ended | |
| September 30, 2012 | September 30, 2012 | September 30, 2011 | September 30, 2011 | |
| Revenue | ||||
| Product sales | $ 311 | $ 703 | $ 1,198 | $ 3,337 |
| Cost of product sales | 100 | 296 | 505 | 1,484 |
| Gross profit from product sales | $ 211 | $ 407 | $ 693 | $ 1,853 |
| Other revenue | $ 22 | $ 111 | $ 14 | $ 86 |
| Total expenses | 830 | 2,552 | 1,245 | 3,782 |
| Net income (loss) | $ (597) | $ (2,334) | $ (538) | $ (1,843) |
| Net income (loss) per share Basic and diluted | $ (0.04) | $ (0.16) | $ (0.04) | $ (0.13) |
| Weighted average number of common shares outstanding, basic and diluted (000) | 15,185 | 14,931 | 14,255 |
13,995 |
| BALANCE SHEET DATA | ||
| (dollars in thousands) (unaudited) | ||
| At September 30, 2012 | At December 31, 2011 | |
| Cash and equivalents | $ 1 | $ 28 |
| Restricted cash | -- | 750 |
| Total Assets | 4,706 | 5,145 |
| Total liabilities | 8,065 | 6,772 |
| Shareholders' equity | $ (3,359) | $ (1,627) |