Ouch! That's going to leave a mark . . . Trading nearly ten times normal volume so far today, and down over 25 percent, on no news I can find.
Jany, is that you closing your position? Good time for shorts to cover, if there are any left.
Of course, maybe someone just noticed that the company has no additional revenues from its main product since initial shipments LAST YEAR. Either that, or the new debtholder is shorting his shares.
Friday August 18, 4:51 pm Eastern Time
Press Release
SOURCE: Chromatics Color Sciences International, Inc.
Chromatics Color Sciences International Releases Second Quarter Results
NEW YORK, Aug. 18 /PRNewswire/ -- Chromatics Color Sciences International, Inc. (Nasdaq: CCSI - news) today announced its financial results for the second quarter ending June 30, 2000.
Revenues for the quarter were $667,300, representing a $666,800 increase over revenues reported in the comparable period in 1999. The Company incurred a net loss of $2,959,100 (net loss of $0.20 per share) during the second quarter of 2000, compared to a net loss of $3,892,700 (net loss of $0.33 per share) during the second quarter of 1999.
The company's increased revenues were primarily due to the acquisition of Gordon Laboratories, Inc. The revenues of Gordon are included in the consolidated financial statements of the Company from the date of acquisition (June 2, 2000) through June 30, 2000. The $933,600 decrease in net loss for the second quarter of 2000 compared to the second quarter of 1999 is primarily attributable to the revenue increase and a $1,177,800 decrease in interest expense and non-cash financing costs, offset primarily by increases in cost of sales ($492,600), mostly attributed to Gordon; research and development costs ($154,900) as the Company continued the implementation of its long-term business plan to seek commercial applications of its intellectual properties and technologies; and compensation costs ($118,000) as the Company continued its efforts to add qualified executive and senior level personnel to implement its business plan.
Consistent with the first quarter of 2000, no increase in revenues was realized from the ColorMate® TLc-BiliTest® Systems. The Company recognized revenues from large initial shipments to its distribution partner, Datex-Ohmeda and its Ohmeda Medical Division, in the fourth quarter of 1999, and these products previously shipped to the distributor were sufficient to support the distributor's launch in March of 2000 of the Company's products being marketed across the U.S. and the resulting initial hospital placements of TLc-BiliTest® monitors made through the end of the second quarter of 2000.
The Company also announced today that it has completed a financing for $3,000,000 for the Company's stock at a price per share of $4.68. Additional shares of common stock may be sold to the same investor for gross proceeds of $1,000,000 upon the effectiveness of a registration statement filed by the Company on behalf of such investor with the Securities and Exchange Commission. In connection with the above transaction, the Company issued to the investor 150,000 warrants to purchase common stock at an exercise price of $5.26 per share with an additional 50,000 warrants to be issued at the second closing. The purchase agreement specifies certain conditions that may require the Company to issue additional shares of its common stock to the investor. |
