News - Fiscal Year '99 Results
Chromatics Releases Fiscal Year 1999 Results Includes Initial Revenues from Colormate(R) TLc-BiliTest(R) System
NEW YORK, Mar 31, 2000 /PRNewswire via COMTEX/ -- Chromatics Color Sciences International, Inc. (Nasdaq: CCSI) today announced its fiscal year 1999 results.
Revenues for the year ended December 31, 1999 were $1,103,200, a 2,267% increase compared to $46,600 for the same period in 1998. Chromatics incurred a net loss of $12,808,000 (net loss of $0.93 per share) for the year, compared to a net loss of $7,284,800 (net loss of $0.49 per share) for fiscal year 1998.
Of this increase in net losses in 1999 as compared to 1998, $2,740,800 represents non-cash financing costs computed as original issue discount ("OID") on financing transactions, $495,800 represents non-cash accrued interest on senior convertible debentures and $140,600 represents an increase in non-cash expenses relating to stock option grants to non-employees. The remaining $2,146,000 increase in losses was primarily attributable to an increased cost of $1,552,700 relating to the Company's fully-operational medical sales force, initially high cost of goods, and increases of $363,700 in amortization of patent, software and product promotional expenses, all relating to the launch of CCSI's non-invasive bilirubin monitoring system for newborns.
The 1999 revenues resulted from initial shipments, primarily in the fourth quarter, of the Company's commercial medical products for non-invasive monitoring of bilirubinemia in newborn infants. These shipments were made in
fulfillment of the contractual requirements of the Company's agreement with its distribution partner in the United States, Datex-Ohmeda and its Ohmeda Medical Division.
The Company's Chief Executive Officer, Darby Macfarlane, commented, "We are very pleased with the progress we and our distribution partner have made in introducing the Colormate(R) TLc-BiliTest(R) System to hospitals across the country. The initial response from the medical community has been gratifying, and we are confident that our U.S. distributor will achieve their market penetration goals. We also are pleased that Datex-Ohmeda has chosen to feature our products as part of its recently announced effort to increase its presence in the home health care market. We believe this is a market that offers significant potential."
She continued, "As we build these initial revenue streams, we are continuing to pursue our primary objectives of building a strong management team, negotiating potential international distribution agreements for the Colormate(R) TLc-BiliTest(R) System, and commercializing additional medical and non-medical applications for our color science technology."
Chromatics Color Sciences is in the business of color science.....
Certain of the matters discussed in this announcement contain forward-looking statements.... |
