Competitive Technologies Announces Financial Results for Quarter Ended March 31, 2011 | Bourse Reflex
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Competitive Technologies Announces Financial Results for Quarter Ended March 31, 2011

Vendredi 20 Mai 2011 à 17:20

Calmare Unit Sales Increase -- First Quarterly Profit Since 2005

FAIRFIELD, Conn., May 20, 2011 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced the FINANCIAL results for the first quarter ended March 31, 2011. CTTC produced a marginal profit of $29,000 compared to a loss of $739,000 for the prior year quarter. This was the first quarterly profit the Company has posted since the quarter ended July 31, 2005.

The Company reported sales of $1.9 million with a gross profit of $1.0 million. The comparative period sales were $0.5 million with a gross profit of $0.4 million. Expenses for the current quarter were $1.0 million including increased legal expenses associated with the arbitration case involving the previous ceo who is challenging his termination for cause. The expenses for the prior period were $1.2 million. 

"We are receiving an increased number inquiries from doctors interested in the Calmare® device, both in the US and internationally," said Aris Despo, CTTC's Executive Vice President. "The interest is an outgrowth of our expanded national and international product marketing program."

"We continue to grow the revenue from Calmare® pain therapy device sales and control costs which we believe will produce profits throughout the year," said Johnnie D. Johnson, CEO. "The number of Calmare® units sold in the March 31, 2011 quarter was 63 to international groups and 9 devices sold in the U.S. market, compared to 41 international sales and 2 U.S. sales for the prior year period. I compliment the entire CTTC TEAM for their dedication and commitment. Their strong performance has been instrumental in moving this company forward."

 

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 . Competitive Technologies was established in 1968.

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.

 

COMPETITIVE TECHNOLOGIES, INC.

 

CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(dollars in thousands, except per share amounts) (unaudited)

  Three months ended Three months ended
  March 31, 2011 April 30, 2010
Revenue    
Product sales $1,827 $518
Cost of product sales (857) (108)
Gross profit from product sales 970 410
     
Other revenue 56 13
Total expenses 997 1,162
     
Net income (loss) 29 (739)
     
Net income (loss) per share    
basic 0.00 (0.07)
Weighted average number of common    
shares outstanding, basic (000) 13,826 11,057
     
Net income (loss) per share    
diluted 0.00 (0.07)
Weighted average number of common    
shares outstanding, diluted (000) 14,467 11,057

 

BALANCE SHEET DATA
(dollars in thousands) (unaudited)

  At March 31, 2011 At December 31, 2010
Cash and cash equivalents 331 557
Restricted cash 750 750
     
Total Assets 4,991 3,195
     
Total liabilities 4,269 2,544
     
Shareholders' equity 722 651

 

CONTACT:

Jean Wilczynski, IR Services, LLC
(860.434.2465/info@corpirservices.com)


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Mots-clés : Dollars   Sales   Since   Cttc   Loss   Prior   July   Including     
Sociétés citées dans cette news : TEAM   APRIL   FINANCIAL   MADE  

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