FAIRFIELD, Conn., May 31, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced its financial results for the year ended December 31, 2012, and the date and time of its Annual Meeting of Shareholders.
Corporate revenues for the year ending December 31, 2012 were $1.1 million of which $0.9 million was from Calmare® medical device sales providing a $0.5 million gross profit contribution to cover other expenses; revenues for the year ended December 31, 2011 were $3.4 million of which $3.3 million was from Calmare sales.
The expenses for the year ending December 31, 2012 totaled $3.7 million, a reduction of $1.9 million from the $5.6 million in expenses for the year ended December 31, 2011.
The net loss for the year ending December 31, 2012 was $3.0 million compared to the net loss of $3.6 million for the year ended December 31, 2011.
The Annual Meeting of Shareholders will be held on Thursday, June 20, 2012, at 10 AM (Eastern) at the Norwalk Inn and Conference Center in Norwalk, Connecticut. Shareholders of record at the close of business on April 26, 2013 are eligible to vote at the Annual Meeting.
The slate of Directors includes Carl O'Connell, President and CEO since November 1, 2012, new to the Board in February 2013, and four members with longer service, Peter Brennan, Rustin Howard, Robert Moussa and Stan Yarbro.
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 is the licensed distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical Scrambler Therapy® system developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. (The official Scrambler Therapy® scientific and clinical information 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, 2012, filed with the SEC on May 31, 2013, 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) |
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Year ended December 31, 2012 |
Year ended December 31, 2011 |
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| Revenue: | ||
| Product sales | $ 913 | $ 3,329 |
| Cost of product sales | 366 | 1,464 |
| Gross profit from product sales | $ 546 | $ 1,865 |
| Other revenue | $ 157 | $ 116 |
| Total expenses | $ 3,707 | $ 5,579 |
| Net income (loss) | $ (3,004) | $ (3,596) |
| Net income (loss) per common share, basic and diluted |
$ (0.20) |
$ (0.26) |
| Weighted average number of common shares outstanding, basic and diluted(000) |
15,008 |
14,116 |
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BALANCE SHEET DATA (dollars in thousands) |
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At December 31, 2012 |
At December 31, 2011 |
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| Cash and equivalents | $ 74 | $ 28 |
| Restricted cash | $ -- | $ 750 |
| Receivables | $ 216 | $ 42 |
| Total Assets | $ 4,771 | $ 5,145 |
| Total liabilities | $ 8,800 | $ 6,772 |
| Shareholders' interest (deficit) | $ (4,029) | $ (1,627) |