FAIRFIELD, Conn., June 19, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) announced today its financial results for the first quarter 2013. Revenues for the quarter were $0.06 million and expenses were $0.8 million producing a net loss for the quarter of $0.8 million.
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.) 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. | ||
| CONDENSED CONSOLIDATED RESULTS OF OPERATIONS | ||
| (dollars in thousands, except per share amounts) | ||
| Three months ended | Three months ended | |
| March 31, 2013 | March 31, 2012 | |
| (unaudited) | ||
| Revenue | ||
| Product sales | $ -- | $330 |
| Cost of product sales | 19 | 151 |
| Gross profit from product sales | $ (19) | $179 |
| Other revenue | $62 | $29 |
| Total expenses | 825 | 1,003 |
| Net income (loss) | $ (782) | $ (795) |
| Net income (loss) per share Basic | $ (0.05) | $ (0.05) |
| Weighted average number of common shares outstanding, basic (000) | 15,589 | 14,752 |
| Net income (loss) per share Diluted | $ (0.05) | $ (0.05) |
| Weighted average number of common shares outstanding, Diluted (000) | 15,589 | 14,752 |
| BALANCE SHEET DATA | ||
| (dollars in thousands) | ||
| At March 31, 2013 | At December 31, 2012 | |
| (unaudited) | ||
| Current Assets | $4,572 | $4,730 |
| Total Assets | $4,603 | $4,771 |
| Total liabilities | $9,253 | $8,800 |
| Shareholders' interest (deficit) | $ (4,649) | $ (4,029) |