FAIRFIELD, Conn., Aug. 15, 2011 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced the financial results for the six months ended June 30, 2011.
CTTC reported that product sales for the first six months of 2011 were slightly over $2.1 million with a gross profit on sales of $1.2 million. Calmare® pain therapy medical devices sold in this period totaled 77 units with 12 sold in the U.S. and 65 units sold to international customers.
"Product sales for this period were lower than anticipated," said Johnnie D. Johnson, CEO of Competitive Technologies. "Primarily due to the U.S. economic condition, two of our U.S. customers were unable to fully comply with their multiyear purchase agreement timetables. These customers postponed their purchases of 22 devices for delayed sales to CTTC of about $1.2 million with an estimated gross profit of about $0.8 million."
The Company's net loss for the first six months of 2011 was $1.3 million or a loss of $0.09 per share. The expenses for the period were $2.5 million, including legal expenses of over $0.5 million related to an arbitration proceeding with a former company executive.
"The recent award of a CPT III code that allows us to begin the process of obtaining insurance reimbursements for medical providers, the successful trials being conducted by several potential customers, and the success seen by the many patients treated with the Calmare medical device, all support our enthusiasm for a successful year forward," Mr. Johnson said.
Product sales for the prior year comparative six-month period were $1.6 million and a net loss of $1.2 million or a loss of $0.11 per share. Approximately one-half of the sales during the prior year period were later cancelled.
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 worldwide 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 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, 2010, filed with the SEC on October 27, 2010, 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.
Direct inquiries to: Jean Wilczynski, IR Services, LLC (860.434.2465 / info@corpirservices.com)
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COMPETITIVE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except per share amounts) (unaudited) |
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Three months ended June 30, 2011 |
Six months ended June 30, 2011 |
Three months ended July 31, 2010 |
Six months ended July 31, 2010 |
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| Revenue | ||||
| Product sales | $ 311 | $ 2,138 | $ 1,048 | $ 1,566 |
| Cost of product sales | 122 | 979 | 398 | 507 |
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Gross profit from product sales |
$ 189 |
$ 1,159 |
$ 650 |
$ 1,059 |
| Other revenue | $ 16 | $ 72 | $ 18 | $ 32 |
| Total expenses | 1,540 | 2,537 | 1,136 | 2,298 |
| Net income (loss) | $ (1,334) | $ (1,305) | $ (468) | $ (1,207) |
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Net income (loss) per share Basic and diluted |
$ (0.10) |
$ (0.09) |
$ (0.04) |
$ (0.11) |
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Weighted average number of common shares outstanding, basic and diluted(000) |
13,747 |
13,862 |
11,867 |
11,469 |
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BALANCE SHEET DATA (dollars in thousands) (unaudited) |
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| At June 30, 2011 | At December 31, 2010 | |||
| Cash and equivalents | $ 316 | $ 557 | ||
| Restricted cash | $ 750 | $ 750 | ||
| Total Assets | $ 5,274 | $ 3,195 | ||
| Total liabilities | $ 5,290 | $ 2,544 | ||
| Shareholders' equity | $ (17) | $ 651 | ||