FAIRFIELD, Conn., Dec. 15, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex: CTT) today announced financial results for the first quarter fiscal 2010, ending October 31, 2009.
Revenues were higher and expenses were lower for the first quarter of fiscal 2010 than the first quarter of fiscal 2009. CTT recorded a combination of sales, leases and customer deposits, accounting for 17 Calmare(R) Therapy Treatment pain therapy medical devices in the 2010 quarter.
"We are pleased that our Calmare Therapy Treatment medical device has gained a greater foothold in the global healthcare market," said John B. Nano, CTT's Chairman, President and CEO. "It is currently being used to treat patients at prestigious pain treatment centers internationally and in the U.S. at Virginia Commonwealth University's Massey Cancer Center, the University of Miami's Pain Management Center, and the Carbone Cancer Center at the University of Wisconsin, Madison. Our revenue growth will expand as shipments of the device increase. We have further reduced our costs, continuing our progress toward profitability.
"Sales and profit prospects for our Calmare Therapy Treatment pain therapy medical device are more encouraging than ever. In the past year we have signed a number of country-exclusive distribution agreements for the device, currently covering more than half the world's population, including our October 2009 agreement with Fintrade Medical for sales in Greece and Cyprus. Our Geneva-based distribution partner's Italian joint venture is the first of several regional joint ventures they have in negotiation. We are aggressively seeking new distribution partners worldwide."
Total revenue for the first quarter, was approximately $0.14 million, compared to approximately $0.10 million in the same period of the prior year. Expenses decreased by 16% in the first quarter of fiscal 2010 to approximately $0.9 million, compared to approximately $1.1 million in the prior year quarter, reflecting substantial reductions, totaling approximately $0.6 million, in personnel and direct expenses as well as general and administrative expenses.
The net loss for the quarter is approximately $0.75 million, or $0.08 per share, a 33% per share improvement over the net loss of approximately $1.0 million, or $0.12 per share, for the prior year quarter.
"With U.S. FDA 510(k) clearance, we are aggressively marketing and selling Calmare in the U.S.," Mr. Nano enthused. "Our newest U.S. partner, Calmar Pain Relief, LLC based in North Providence, RI, has begun treating patients in the first of several planned pain treatment clinics. Calmar's medical director, Dr. Stephen D'Amato, MD, FACEP, has held a number of information sessions to introduce our Calmare Therapy Treatment to local medical practitioners. Following meetings and training sessions in Italy with Professor Guiseppe Marineo, the Italian inventor of the Calmare device, Dr. D'Amato is actively treating patients referred by other physicians in Rhode Island. We are excited to be working with a dedicated organization whose mantra is 'improving quality of life through innovative pain management.' We are thrilled by the initial success of this first center and look forward to working with the Calmar partners who will open additional clinics in a number of U.S. cities."
"Pain treatment is moving to the forefront of medical care, in the U.S. and globally. The Calmare Therapy Treatment is a prime example of CTT's strategy to connect clinical science to patient care," Mr. Nano stated. "We are convinced that the ability to help patients with debilitating pain by using our non-invasive pain therapy treatment device is an increasingly attractive alternative for physicians who may be reluctant to prescribe powerful, addictive narcotics that have been linked to harmful, potentially fatal, adverse side effects. We are excited by the potential success of this treatment in the global pain management market; a market estimated to reach $40 billion by the end of 2010."
Developed in Italy by CTT's client, Professor Giuseppe Marineo, the Calmare Therapy Treatment device was brought to CTT through the efforts of the Zangani Investor Community(TM) and with the cooperation of Mr. Guiseppe Belcastro, Legal Counsel for Professor Marineo. The device, with a biophysical rather than a biochemical approach, uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin. CTT has exclusive worldwide rights to the Calmare Therapy Treatment. CTT partner, GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution. A number of distribution agreements are in place covering 45 countries around the world, accounting for nearly 55% of the world's population. For more information on the device, visit www.CalmareTT.com.
"In addition to the Calmare Therapy Treatment, we continue to actively seek out new technologies and to aggressively market and license technologies currently in our portfolio," Mr. Nano affirmed. "In September 2009, we entered into a joint venture with XION Corporation for the research, development and commercialization of our patented melanocortin analogue compounds which have shown promise in treating sexual dysfunction and obesity. Our management team is focused on creating profitable revenue growth, restoring shareholder value, building global alliances, and maximizing the dynamic opportunities of our products and technologies."
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, provides distribution, patent and technology transfer, sales and licensing services focused on the needs of its customers and matching those requirements with commercially viable product or technology solutions. CTT is a global leader in identifying, developing and commercializing innovative products and technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT'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 July 31, 2009, filed with the SEC on October 27, 2009, 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.
FIRST QUARTER FISCAL 2009
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(dollars in thousands, except per share amounts) (unaudited)
First Quarter Ended
October 31,
2009 2008
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Revenue $ 143 $ 104
Operating expenses 899 1,072
Provision for income tax -- --
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Net (loss) $ (756) $ (968)
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Net (loss) per share:
Basic and diluted $ (0.08) $ (0.12)
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Weighted average number of common shares
outstanding:
Basic and diluted (000) 9,885 8,212
At At
October 31, July 31,
2009 2008
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Other Financial Data
Cash and cash equivalents $ 545 $ 752
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Total assets $ 1,441 $ 1,401
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Total liabilities $ 1,156 $ 1,116
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Shareholders' equity $ 285 $ 285
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