CTE news...I'm loving this one, got the feeling it might run like USNA/PUMA but I'll be holding for a while. pushing 400% right now for me. great technology, and they run a tight ship.
CardioTech Reports Revenues Up 657% Over Same Period Last Year
Friday November 14, 10:08 am ET
WOBURN, Mass., Nov. 14 /PRNewswire-FirstCall/-- CardioTech International, Inc. (Amex: CTE - News): reported revenues of $5,455,000 for the three months ended September 30, 2003 as compared to $721,000 for the comparable prior year period, an increase of $4,734,00 or 657%. The increase in revenues is attributable to the accretive acquisition of our new Gish Biomedical subsidiary, which contributed $4,322,000 in the three months ended September 30, 2003. The Company continues to report operational income for fiscal 2004, net of the effects of a noncash stock-based compensation charge. Income from operations for the three months ended September 30, 2003 was $101,000 net of a noncash stock-based compensation charge of $348,000, as compared to a loss from operations of $364,000 for the comparable prior year period, an improvement in operational income of $465,000 or 128%. Net loss for the three months ended September 30, 2003 was $244,000, which includes the noncash stock-based compensation charge of $348,000, as compared to $355,000 for the comparable prior year period, a decrease in net loss of $111,000 or 31%. Net loss per share was $0.02 for the three months ended September 30, 2003 as compared to $0.04 for the comparable prior year period, a decrease of $0.02 or 50%.
ADVERTISEMENT
CardioTech reported revenues of $10,931,000 for the six months ended September 30, 2003 as compared to $1,523,000 for the comparable prior year period, an increase of $9,408,00 or 618%. Our new Gish Biomedical subsidiary, contributed $8,681,000 in the six months ended September 30, 2003. Income from operations for the six months ended September 30, 2003 was $189,000, net of a noncash stock-based compensation charge of $348,000 and a one-time severance charge related to the acquisition related resignation of the former Gish CEO of $372,000, as compared to a loss from operations of $546,000 for the comparable prior year period, an improvement in operational income of $735,000 or 135%. Net loss for the six months ended September 30, 2003 was $161,000, which includes the noncash stock-based compensation and severance charge, as compared to $525,000 for the comparable prior year period, a decrease in net loss of $364,000 or 69%. Net loss per share was $0.01 for the six months ended September 30, 2003 as compared to $0.06 for the comparable prior year period, a decrease of $0.05 or 83%.
"Our second fiscal quarter of 2004 proved to be another promising period in the Company's evolution, both in terms of operational profits and product developments to address the significant $1.5 billion market for the Company's CardioPass(TM) coronary artery bypass graft, and the $300 million market for wound dressings" stated Dr. Michael Szycher, Chairman and CEO of CardioTech International. "Having met our goal of achieving operational profitability in the first quarter of fiscal 2004, we continue our focus of maintaining and sustaining operational profitability through the development of new products, upgrading of existing products, and expansion of distribution channels for our Gish subsidiary. In light of the increasing costs of development of the CardioPass(TM) coronary artery bypass graft and preproduction of our wound dressing products, we are pleased with our ability to sustain operational profitability."
Dr. Szycher further commented, "This second quarter has also been key in our further validation of the CardioPass(TM) coronary artery bypass graft. To date, we have successfully implanted our breakthrough coronary graft into three patients in Brazil within the designated implantation protocol, and are moving into Phase II trials. We are proud of the value that we have provided not only to our shareholders as a result of these ongoing developments, but also to the contributions that our products are making on society." |
