ALACHUA, Fla., May 21, 2012 (GLOBE NEWSWIRE) -- CTD Holdings, Inc. (OTCQB:CTDH) reported record quarterly revenues of $442,000 for the first quarter ended March 31, 2012, a 73.7% increase over first quarter 2011. Of the $442,000 in total revenue, $57,000 was generated from drying services. Total product sales for the three month period ended March 31, 2012 increased 51% to $385,000 compared to $254,000 for the same period in 2011. The increase was due primarily to one customer's $75,000 order of Trappsol TRMB-P and one customer's order of $73,000 of Trappsol Cyclo for the quarter ended March 31, 2012.
First Quarter 2012 Highlights
-
Sales of Trappsol HPB increased 12% to $156,000 from $139,000 for the three months ended March 31, 2012 and 2011, respectively.
-
Sales of Trappsol Cyclo increased significantly to $84,000 from $19,000 for the three months ended March 31, 2012 and 2011, respectively. CTD's sales to a customer who exports Trappsol Cyclo to South America were $73,000 (87% of total) for the three months ended March 31, 2012.
-
Sales of other Trappsol products increased significantly to $110,000 from $21,000 for the three months ended March 31, 2012 and 2011, respectively.
-
Operating income for the quarter was $76,000, compared to an operating loss of ($4,000) during the first quarter 2011.
- The Company reported net income after income taxes of $46,000 for the first quarter 2012, compared to a net loss of ($10,000) for the first quarter 2011.
"We are pleased to report a stellar start to the year, recording record revenue growth during the first quarter of 2012. Given the high volume of indications of interest and deals currently in discussion, we expect to continue to report strong financial results over the next several quarters," commented Rick Strattan, company Chairman & CEO.
"Successful completion of our first manufacturing campaign using our proprietary pulsed drying technology is a major milestone that strengthens company credibility," added Dr. Jeffrey Tate, company President and Director. "It opens up the opportunity for many small companies to access commercial scale quantities of custom cyclodextrin complexes without making the prohibitively large investment in their own manufacturing equipment, thus broadening the market for the application of cyclodextrin technology."
The Company's cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) for the three month period ended March 31, 2012 increased 135% to $110,000 from $47,000 for the same period in 2011. Personnel expenses increased 17% to $96,000 for the three months ended March 31, 2012 from $82,000 for the three months ended March 31, 2011. In 2011, CTD performed much of its building renovations using its employees and the Company capitalized its personnel costs directly related to these improvements. In January 2012, CTD's pulse dryer facility became operational and its employees are in operations and CTD is no longer capitalizing personnel costs.
CTD reported net income after income taxes of $46,000 for the three months ended March 31, 2012, compared to a net loss of ($10,000) for the three months ended March 31, 2011.
To receive timely information on CTD Holdings, Inc. when it hits the newswire, sign up for CTD Holdings' email news alert system today at: www.ctd-holdings.com/alerts
About the Company:
The CTD Holdings, Inc. Family of Companies manufacture and market Trappsol and Aquaplex cyclodextrins and cyclodextrin complexes for food, nutrition and pharmaceutical markets. NanoSonic Products, Inc. operates the world's only cGMP pulse drying facility for the production of pharmaceutical grade Aquaplex cyclodextrin complexes. The companies offer a wide variety of cyclodextrin related manufacturing services to its worldwide customers; including custom formulation, manufacturing, and commercial scale supply of pharmaceutical grade cyclodextrin complexes. For additional information, visit the Company's website at: www.ctd-holdings.com
Safe Harbor Statement:
This press release contains "forward-looking statements" about the Company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the Company's future performance include the Company's ability to obtain additional capital to expand operations as planned, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing food and pharmaceutical grade products. These and other risk factors are described from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's reports on Forms 10-K and 10-Q. Unless required by law, the Company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.
| CTD HOLDINGS, INC. | ||
| CONSOLIDATED BALANCE SHEETS | ||
| (Unaudited) | ||
|
March 31, 2012 |
December 31, 2011 |
|
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 25,564 | $ 127,077 |
| Accounts receivable, net | 210,844 | 46,365 |
| Inventory | 159,310 | 142,017 |
| Other current assets | 899 | 820 |
| Total current assets | 396,617 | 316,279 |
| PROPERTY AND EQUIPMENT, NET | 1,694,396 | 1,722,116 |
| OTHER ASSETS | ||
| Property held for sale | 512,319 | 512,319 |
| Deferred tax asset | 207,000 | 225,000 |
| Deferred costs, net | 13,258 | 14,551 |
| Total other assets | 732,577 | 751,870 |
| TOTAL ASSETS | $ 2,823,590 | $ 2,790,265 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable and accrued expense | $ 456,899 | $ 528,987 |
| Line of credit | 96,000 | 96,251 |
| Current portion of long-term debt | 43,274 | 27,217 |
| Total current liabilities | 596,173 | 652,455 |
| LONG-TERM LIABILITIES | ||
| Long-term debt, less current portion | 757,172 | 713,338 |
| STOCKHOLDERS' EQUITY | ||
| Common stock, par value $.0001 per share, 100,000,000 shares authorized, 36,575,070 and 36,575,070 shares issued and outstanding, respectively | 3,657 | 3,657 |
| Preferred stock, par value $.0001 per share, 5,000,000 shares authorized; Series A, 1 share issued and outstanding | -- | -- |
| Additional paid-in capital | 3,831,636 | 3,831,636 |
| Accumulated deficit | (2,365,048) | (2,410,821) |
| Total stockholders' equity | 1,470,245 | 1,424,472 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,823,590 | $ 2,790,265 |
| CTD HOLDINGS, INC. | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (Unaudited) | ||
|
Three Months Ended March 31, |
||
| 2012 | 2011 | |
| REVENUES | ||
| Product sales | $ 384,979 | $ 254,366 |
| Drying services | 56,930 | -- |
| 441,909 | 254,366 | |
| EXPENSES | ||
| Personnel | 95,591 | 81,623 |
| Cost of products sold (exclusive of depreciation and amortization, shown separately below) | 109,544 | 46,691 |
| Repairs and maintenance | 5,048 | 981 |
| Consulting stock expense | -- | 240 |
| Professional fees | 77,370 | 104,540 |
| Office and other | 34,272 | 16,823 |
| Amortization and depreciation | 40,321 | 5,802 |
| Freight and shipping | 3,456 | 2,093 |
| 365,602 | 258,793 | |
| OPERATING INCOME (LOSS) | 76,307 | (4,427) |
| OTHER INCOME (EXPENSES) | ||
| Investment and other income | 1,007 | 91 |
| Interest expense | (13,541) | (5,885) |
| (12,534) | (5,794) | |
| INCOME (LOSS) BEFORE INCOME TAXES | 63,773 | (10,221) |
| Income taxes | 18,000 | -- |
| NET INCOME (LOSS) | $ 45,773 | $ (10,221) |
| NET INCOME (LOSS) PER COMMON SHARE | $ .00 | $ (.00) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 36,575,070 | 35,412,405 |
| CTD HOLDINGS, INC. | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| Increase (Decrease) in Cash and Cash Equivalents | ||
| (Unaudited) | ||
|
Three Months Ended March 31, |
||
| 2012 | 2011 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income (loss) | $ 45,773 | $ (10,221) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation and amortization | 40,321 | 5,802 |
| Deferred income taxes | 18,000 | -- |
| Loss on disposal of equipment | -- | 13 |
| Stock compensation to consultant | -- | 240 |
| Increase or decrease in: | ||
| Accounts receivable | (164,479) | (31,633) |
| Inventory | (17,293) | 10,403 |
| Other current assets | (79) | 4,399 |
| Accounts payable and accrued expenses | 71,563 | 18,541 |
| Total adjustments | (51,967) | 7,765 |
| NET CASH USED IN OPERATING ACTIVITIES | (6,194) | (2,456) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of equipment and building improvements | (47,159) | (67,577) |
| Increase in deferred costs | -- | (9,504) |
| NET CASH USED IN INVESTING ACTIVITIES | (47,159) | (77,081) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from notes payable | -- | 325,000 |
| Payments on notes payable | (47,909) | (3,102) |
| Payments on line of credit | (251) | -- |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (48,160) | 321,898 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (101,513) | 242,361 |
| CASH AND CASH EQUIVALENTS, beginning of period | 127,077 | 106,753 |
| CASH AND CASH EQUIVALENTS, end of period | $ 25,564 | $ 349,114 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
| Cash paid for interest | $ 13,541 | $ 5,885 |
| Cash paid for income taxes | -- | -- |