May want to check out Covalon Technologies - COV only 9 million shares out (just did a 10-1....ouch). Brought in new management who just slashed costs and was profitable for the first time this quarter doing $238,000 or $.03/share (based on new consolidated shares). Annualized is $.12 share selling at a PE of just over 1. If they can maintain revenues with the reduced costs this one time dog may bark again. Guy on stockhouse thinks everyone's a crook so may need to check into that. No DEBT on books.
stateside
Covalon earns $238,826 in fiscal Q3
2013-08-07 08:49 ET - News Release
Mr. Brian Pedlar reports
COVALON ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
Covalon Technologies Ltd. has released financial results for its third quarter ended June 30, 2013. Revenue for the quarter was $1,477,632, operating expenses were $694,146, and the net income for the quarter was $238,826 or 0.3 cent per share. For the nine months ended June 30, 2013, revenue was $2,579,492 and net loss was $1,114,475 or two cents per share.
Revenue for the three months ended June 30, 2013, increased by $399,069 or 37 per cent over the same period of the prior year. The net increase was primarily due to the sales of the company's two new products IV Clear and SurgiClear in addition to the company's ColActive Plus product, which is designed to help heal chronic wounds. Revenue in the three months ended June 30 of the previous year included $392,333 from medical coatings services in addition to advanced wound care product sales.
During the quarter, Covalon generated positive cash flow of $33,517 from operations, and invested $15,698 in patents, trademarks and other manufacturing assets, mainly associated with the launch of IV Clear and SurgiClear. This compares with operating cash outflows of $1,180,387 and investing outflows of $81,733 last year at the same time.
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