FAIRFIELD, Conn., Aug. 13, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) announced today its financial results for the six months ended June 30, 2013. Revenues for the first half of 2013 were $0.2 million and expenses were $1.7 million producing a net loss for the first half of 2013 of $1.5 million.
"We continue to focus on reducing our expenditures and remain optimistic about securing additional capital investment before the end of 2013," stated Carl O'Connell, CTTC's President and CEO. "Also, we have developed a large sales target pipeline of potential customers for the Calmare® pain therapy medical device, demonstrating market awareness and growing acceptance of the Calmare device."
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) (unaudited) | ||||
|
Three months ended June 30, 2013 |
Six months ended June 30, 2013 |
Three months ended June 30, 2012 |
Six months ended June 30, 2012 |
|
| Revenue | ||||
| Product sales | $ 136 | $ 136 | $ 63 | $ 392 |
| Cost of product sales | 46 | 65 | 45 | 196 |
| Gross profit from product sales | $ 90 | $ 71 | $ 17 | $ 196 |
| Other revenue | $ 14 | $ 76 | $ 60 | $ 89 |
| Total expenses | 781 | 1,606 | 1,019 | 2,022 |
| Net income (loss) | $ (677) | $ (1,459) | $ (942) | $ (1,737) |
| Net income (loss) per share | ||||
| Basic and diluted | $ (0.04) | $ (0.09) | $ (0.06) | $ (0.12) |
| Weighted average number of common shares outstanding, basic and diluted (000) | 16,146 | 15,869 | 14,691 | 14,802 |
| BALANCE SHEET DATA | ||
| (dollars in thousands) (unaudited) | ||
| At June 30, 2013 | At December 31, 2012 | |
| Cash and equivalents | $ 24 | $ 74 |
| Total Assets | $ 4,479 | $ 4,771 |
| Total liabilities | $ 9,788 | $ 8,800 |
| Shareholders' equity | $ (5,309) | $ (4,029) |