DENVER, May 13 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its 3rd quarter Form 10-Q and reported its financial results. The report disclosed that the company’s revenues showed an 8.1% increase for the quarter and a 2.8% increase for the nine months ended March 31, 2010, in addition to a marked turnaround in the bottom line results. Some of the results highlighted by the report are as follows:
- Sales increased 8.1% for the quarter vs. the prior year to almost $2.2 million
- EBIDTA increased almost 29% for the current nine month period vs. the prior year
- Net income improved to $81,175 in the current quarter from a $454,374 net loss in the prior year’s comparable quarter
Douglass Simpson, Corgenix CEO and President, stated, “We are very pleased with our quarter and the nine month results. The nice growth in sales combined with ongoing control of operating expenses, cost of goods sold, and interest expense resulted in positive net income for the quarter and essentially reaching the break-even point for the current 9 months, a $1.1 million improvement over the prior year.”
Third quarter 2010 Conference Call Details
Corgenix invites all those interested in hearing management’s discussion of third quarter results to join a shareholders conference call on Thursday, May 13, 2010, at 4:00 PM EDT (2:00 PM MDT). Interested parties can join the call by dialing (800) 862-9098. International participants may access the call by dialing +1 785-424-1051. The conference code is “CORGENIX”. A replay will be available for 30 days following the call by dialing (800) 753-0348 for U.S. participants and +1 402-220-2672 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. Factorsthat 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.
SUMMARY OF FINANCIAL HIGHLIGHTS ($000 of U.S. dollars except shares outstanding and per share amounts) CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES OPERATIONAL DATA (in thousands) | |||||
Three Months Ended | Nine Months Ended | ||||
March 31, 2010 | March 31, 2009 | March 31, 2010 | March 31, 2009 | ||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||
Net sales | $2,196 | $2,032 | $6,200 | $6,029 | |
Gross profit | $1,226 | $1,144 | $3,416 | $3,404 | |
Total operating expenses | $1,080 | $1,205 | $3,174 | $3,616 | |
Operating income (loss) | $146 | $(61) | $242 | $(211) | |
Net income (loss) | $81 | $(454) | $(9) | $(1,063) | |
Basic and diluted income (loss) per share | $0.00* | $(0.02) | $(0.00)* | $(0.04) | |
Diluted shares outstanding | 31,035,354 | 30,286,922 | 30,789,725 | 30,219,233 | |
*Less than $0.01 per share | |||||
SUMMARY BALANCE SHEET DATA (in thousands) | |||
March 31, 2010 (unaudited) | June 30, 2009 (audited) | ||
Cash | $ 488 | $ 785 | |
Working capital | 2,091 | 2,013 | |
Total assets | 6,446 | 6,906 | |
Long-term debt | 547 | 744 | |
Total stockholders’ equity | 3,105 | 3,113 | |
SOURCE Corgenix Medical Corporation
