Text from 3rd Qtr Press Release:
Company Press Release
Chromatics Releases Third Quarter Results
NEW YORK--(BUSINESS WIRE)--Nov. 18, 1997--Chromatics Color Sciences International Inc. (NASDAQ:CCSI - news) announced its 1997 third quarter results.
Revenues for the quarter and nine-month period ended Sept. 30, 1997 were $52,100 and $160,100 respectively (a $32,800 and a $57,800 decrease in revenues from the respective periods in 1996).
Chromatics incurred net losses of $1,099,400 (net loss of $0.15 per share) for the quarter ended Sept. 30, 1997 as compared to $1,163,700 (net loss of $0.21 per share) for the quarter ended Sept. 30, 1996.
Net losses for the nine-month period ended Sept. 30, 1997 were $3,362,400 (net loss of $0.45 per share) as compared to $3,001,400 (net loss of $0.52 per share) for the same period in 1996.
Loss per share for the 1997 quarter was favorably impacted by an increase of 2,140,663 weighted average number of shares outstanding as compared to the 1996 quarter.
Similarly, in the first nine months in 1997, there was an increase of 1,701,459 weighted average number of shares outstanding as compared to the same period in 1996.
The $361,000 increase in net losses for the nine-month period ended Sept. 30, 1997 as compared to the same period in 1996 is primarily attributable to increased expenses relating to the company's implementation of its long-range business plan to seek commercial applications of its intellectual properties and technologies in the medical field, including an increase in costs and expenses regarding FDA regulatory applications, patent applications and research and development expenses. |
