DENVER--(BUSINESS WIRE)--Corgenix Medical Corporation (OTC QB:CONX.OB), a worldwide developer and marketer of diagnostic test kits, today filed its third quarter Form 10-Q and reported its financial results. Some of the results highlighted by the report are as follows:
- Revenues were down 16.7% to $1,828,943, primarily as a result of the decrease in international sales related to the transfer of international distribution to the ELITech Group
- Operating loss was $110,719 vs. operating income in the prior period of $146,227
- Interest expense declined $10,854 to $54,292
- Net loss was $164,809 vs. net income in the prior period of $81,175
“While our financial performance for the quarter was not as strong as we had hoped due to continued weakness in international product revenue, we are seeing strong signs of near-term revenue growth across other segments of our business,” stated Douglass Simpson, Corgenix CEO and President. “We anticipate that in the next few quarters this growth should more than overcome the impact of moving our international distribution to a master distributor relationship and return us to profitability.”
Mr. Simpson continued, “Our business relationship with ELITech continues to grow, and together we are laying the groundwork for making important strides in the combined business base. That, along with our other strategic initiatives, should enable us to far exceed our historical financial performance very quickly.”
The Company expects to have a much stronger overall fourth quarter, possibly at record or near-record quarterly sales levels, and consequently Fiscal Year 2011 revenues are expected to be very comparable to those of the prior fiscal year. Additionally, preliminary management projections indicate that the next fiscal year ending June 30, 2012, is expected to be a record year in many of the aspects of our business, which are expected to translate to record sales and operating results.
Third Quarter 2011 Conference Call Details
Corgenix invites all those interested in hearing management's discussion of third quarter results to join a shareholders conference call on Friday, May 13, 2011, at 4:00 p.m. EDT (2:00 p.m. MDT). Interested parties can join the call by dialing 800-895-0198. International participants may access the call by dialing +1 785-424-1053. The conference code is “CORGENIX.” A replay will be available for 30 days following the call by dialing 800-695-0974 for domestic participants and +1 402-220-1459 for international participants.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world's only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at www.corgenix.com.
Statements in this press release that are not strictly historical facts are “forward-looking” statements (identified by the words “believe”, “estimate”, “project”, “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
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SUMMARY OF FINANCIAL HIGHLIGHTS ($000 of U.S. dollars except shares outstanding and per-share amounts)
CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES OPERATIONAL DATA |
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Three Months Ended |
Nine Months Ended |
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March 31, 2011 |
March 31, 2010 |
March 31, 2011 |
March 31, 2010 |
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(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
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Net sales |
$ |
1,829 |
$ |
2,196 |
$ |
5,593 |
$ |
6,200 |
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| Gross profit | 887 | 1,026 | 2,822 | 3,142 | |||||||||||
| Total operating expenses | *998 | 920 | *3,189 | 2,900 | |||||||||||
| Operating income (loss) | (111 | ) | 146 | (367 | ) | (242 | ) | ||||||||
| Net income (loss) | (165 | ) | 81 | (575 | ) | (9 | ) | ||||||||
| Basic and diluted loss per share | $ | (0.00 | ) | $ | 0.00 | $ | (0.01 | ) | $ | (0.00 | ) | ||||
| Diluted shares outstanding | 40,900,832 | 31,035,354 | 39,906,418 | 30,789,725 | |||||||||||
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*Includes one-time incurrence of Costs Associated with Exit or Disposal Activities |
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SUMMARY BALANCE SHEET DATA (in thousands) |
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March 31, 2011 (unaudited) |
June 30, 2010 (audited) |
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| Cash | $ | 1,086 | $ | 494 | ||
| Working capital | 3,030 | 2,146 | ||||
| Total assets | 6,675 | 6,155 | ||||
| Long-term debt | 465 | 485 | ||||
| Total stockholders’ equity | 4,037 | 3,157 | ||||