FAIRFIELD, Conn., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced its financial results for the fiscal fourth quarter and full year ended July 31, 2010.
"We have just concluded an exciting year demonstrating continued medical acceptance of the Calmare® pain therapy medical device which has led to a growth in revenue," said Johnnie D. Johnson, CTTC's Chief Executive Officer. "We have increased our revenue for fiscal 2010 to $2.0 million from $0.3 million for the prior fiscal year. Our revenue has doubled each successive fiscal 2010 quarter, based on the first quarter of fiscal 2010. The revenue for the fourth quarter of fiscal 2010 was $1.1 million."
Operating expenses increased to $4.2 million for fiscal 2010, up from $3.8 million in fiscal 2009, with most of the increase due to Calmare medical device rollout expenses, including the Company's appearance at medical conferences in Boston and Chicago and other similar expenses. Operating expenses in the fourth quarter of fiscal 2010 were $1.1 million.
"Our commission-based sales team in the U.S. is making strong inroads into several critical pain markets," Mr. Johnson continued. "We have had very strong success with the Calmare medical device in various geographic markets, as well as with the U.S. military in Veterans Affairs facilities and at Walter Reed Army Medical Center. Our Geneva, Switzerland-based distributor, Life Epistéme SARL, had strong unit sales in fiscal 2010.
"Our management team is focused on global revenue growth and cost reduction programs. CTTC needs to reach profitability. Since September 2010, we have emphasized the reduction of operating expenses such as personnel costs and the costs of leasing excessive office space. We are eliminating distractions and streamlining our operations. Moving forward as a leaner organization will enable the Company to place the needed emphasis on sales."
The Company anticipates growth in revenue in fiscal 2011 as sales of the pain therapy medical device and other technologies in the portfolio increase. CTTC's fiscal 2011 focus is to have the Calmare pain therapy medical device more broadly established in the marketplace and aggressively drive sales.
For the fiscal fourth quarter, ended July 31, 2010, the Company's net loss was $0.5 million, as compared to $0.8 for the prior year quarter. Fourth quarter revenues were $1.1 in 2010, up from $0.05 in the fourth quarter of 2009. For fiscal year 2010, the Company's net loss was $2.7 million, compared with a net loss of $3.5 million in fiscal 2009.
At July 31, 2010, the Company had $3.5 million in receivables, of which approximately $1.8 million has been collected to date.
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. CTTC is a global leader in identifying, developing and commercializing innovative products and technologies. CTTC's principal technology is the non-invasive Calmare pain therapy device, which uses the biophysical "Scrambler Therapy" technology, and was developed in Italy by CTTC's client, Professor Giuseppe Marineo. 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 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. | ||||
| FOURTH QUARTER AND FULL YEAR FISCAL 2010 | ||||
| CONDENSED CONSOLIDATED RESULTS OF OPERATIONS | ||||
| (dollars in thousands, except per share amounts) | ||||
| Fourth Quarter Ended July 31, | Fiscal Year Ended July 31, | |||
| 2010 | 2009 | 2010 | 2009 | |
|
Revenue |
$ 1,066 |
$ 48 |
$ 2,010 |
$ 348 |
| Expenses | ||||
| Cost of Sales | 398 | -- | 516 | 1 |
| Operating expenses | 1,136 | 870 | 4,203 | 3,827 |
| Provision for income tax | -- | -- | -- | -- |
| Net (loss) | $ (468) | $ (822) | $ (2,709) | $ (3,480) |
| Net (loss) per share: | ||||
| Basic and diluted | $ (0.04) | $ (.09) | $ (0.25) | $ (.40) |
|
Weighted average number of common shares outstanding: |
||||
| Basic and diluted (000) | 11,867 | 9,500 | 10,832 | 8,740 |
|
|
At July 31, 2010 |
At July 31, 2009 |
| Other Financial Data | ||
| Cash and cash equivalents | $ 907 | $ 752 |
| Receivables | $ 3,537 | $ 200 |
| Total assets | $ 4,950 | $ 1,401 |
| Total liabilities | $ 2,341 | $ 1,116 |
| Shareholders' equity | $ 2,609 | $ 285 |