CONX quarterly sales up, expenses down, operating profit vs. loss last year, breakeven EPS, positive cash flow, improved balance sheet and only $3 Million market cap. Obama health plan could be a boon to medical diagnostic stocks like CONX:
Corgenix Reports Financial Results for First Quarter of Fiscal 2010
DENVER, Nov. 12 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX - News), a worldwide developer and marketer of diagnostic test kits, today reported sales of $2,044,967 for the first fiscal quarter ended September 30, 2009, compared with $2,001,896 for the quarter ended September 30, 2008, an increase of 2.2%.
The first quarter of fiscal 2010 produced operating income of $83,803 compared with an operating loss of $94,133 for the first quarter of fiscal 2009. The net loss for the quarter significantly improved to $6,752 or less than $0.01 per share, compared to a net loss of $340,659, or $0.01 per share, in the year earlier quarter. The primary causes of the reduced net loss for the current quarter were a $43,071 increase in sales, a $168,908 reduction in operating expenses, and a $183,915 reduction in interest expense in the current quarter versus the same quarter in the prior fiscal year.
Douglass Simpson, Corgenix CEO and President, stated, "We are extremely pleased with the performance this quarter. We showed an increase in sales over the same period in the prior year, and the previously implemented operating expense reduction plan in combination with the significantly reduced interest charges resulting from the recent debt restructuring brought us almost to the breakeven point."
Mr. Simpson added, "Our management team is continuing to focus on revenue growth while tightly controlling expenses to get us over the breakeven point and into sustained profitability."
First Quarter Fiscal 2010 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, November 12, 2009, 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 +1 785 424 1052. The conference code is "CORGENIX". A replay will be available for 30 days following the call by dialing (800) 723-0498 for U.S. participants and +1 402 220 2652 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 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. 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
Quarter Ended September 30
2009 2008
-------------------
Net sales $2,045 $2,002
Gross profit 1,116 1,107
Operating income (loss) 84 (94)
Net loss (7) (341)
Basic and diluted loss
per share $(0.00) $(0.01)
Basic and Diluted shares
outstanding 30,305,855 30,092,093
BALANCE SHEET DATA
(in thousands)
September 30, 2009 June 30, 2009
------------------ -------------
Cash $982 $785
Working capital 2,195 2,013
Total assets 6,787 6,906
Long-term debt 753 744
Total stockholders' equity 3,152 3,113 |
