CONX.ob .17/.19 reports EPS:
Corgenix Reports Fiscal 2008 Financial Results
Thursday September 25, 9:15 am ET
Total revenues for the year increase approximately 13.5% vs. prior year
DENVER, Sept. 25 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX - News), a worldwide developer and marketer of diagnostic test kits, today filed its fiscal year Form 10-KSB and reported financial results. The report disclosed that the company's sales and operating results have advanced for the fiscal year ended June 30, 2008. Some of the results highlighted by the report are as follows:
-- Total revenues for the year increased $997,636 or 13.5% vs. the prior
year.
-- Total operating expenses decreased $458,297 or 8.5% vs. the prior year.
-- Operating loss for the fiscal year was $602,279 vs. an operating loss
of $858,104 for the prior year.
-- Net loss for the year was $2,112,106 vs. $2,440,573 for the prior year.
"While much was accomplished in the past fiscal year, including product sales growth and reduction in operating expenses, the overall financial results were less than we had expected, reflecting softer sales in the contract manufacturing aspect of our business, which was, as we stated in the third quarter, a direct result of the new business strategy of our largest contract manufacturing customer," said Douglass Simpson, President and CEO of Corgenix. "Excluding contract manufacturing, our sales increased 17.0% over the prior year. It's important to recognize that Corgenix is still growing ahead of industry averages even with the flattening of sales in the third and fourth quarter."
Mr. Simpson continued, "Given the very soft economy we are faced with, the initiatives that we implemented beginning in the final quarter of fiscal 2007 to increase sales and decrease operating expenses continue to move the Company in a positive direction. We are still committed to doing what is necessary to achieve our financial goals including maintaining the initiatives to stabilize our operating expenses, improve our customer and sales experience, and continue to lay the groundwork to accelerate future revenue and earnings growth."
Regarding the hurdles faced in establishing markets for our new products, Mr. Simpson stated, "We are continuing to put forth a significant effort worldwide to build a solid and sustainable foundation for our AspirinWorks® product and we are seeing results of those efforts. Even though we have seen a number of studies on the importance of aspirin effectiveness testing published in the last year, and further expect there will be several more over the next 12 months, the development of this market will take considerably longer than we had originally anticipated. Our experience is that this is typical when bringing cutting-edge products into the market. Current fiscal year sales of AspirinWorks, although not yet material, were greater than first-year sales of any of our other Corgenix 52 products, but were still much lower than we had originally expected. We believe that our efforts today will bear fruit in the years to come as this market further develops. AspirinWorks is now available nationwide."
The Company also indicated that it expects sales for fiscal 2009 to continue to grow nicely albeit at a slower rate of growth than over the past two years.
Fiscal 2008 Conference Call Details
Corgenix invites all those interested in hearing management's discussion of fiscal year results to join a shareholders conference call on Thursday, September 25, 2008, at 4:00 PM EST (2:00 PM MST). Interested parties can join the call by dialing (800) 894-5910. International participants may access the call by dialing +1 785424-1052. The conference code is "CORGENIX." A replay will be available for 30 days following the call by dialing (800) 374-0934 for domestic participants and +1 402220-0680 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 and has significant experience advancing products through the FDA process. More information is available at 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.
SUMMARY OF FINANCIAL HIGHLIGHTS
($000 of U.S. dollars except shares outstanding and per share amounts)
CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES
OPERATIONAL DATA
Fiscal Year Ended Fiscal Year Ended
June 30, 2008 June 30, 2007
Net sales $8,365,569 $7,367,933
Gross profit $4,336,620 $4,539,196
Total operating expenses $4,938,899 $5,397,300
Operating loss $(602,279) $(858,104)
Net loss $(2,112,106) $(2,440,573)
Basic and diluted loss per
share $(0.09) $(0.20)
Weighted average shares
outstanding 24,994,354 12,467,479
SUMMARY BALANCE SHEET DATA
(in thousands)
June 30, 2008 June 30, 2007
Cash $1,521 $1,324
Working capital 2,889 2,070
Total assets 7,888 8,889
Long-term debt 1,276 2,508
Total stockholders' equity 4,153 2,993
--------------------------------------------------------------------------------
Source: Corgenix Medical Corporation |
