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Biotech / Medical : Chromatics Color Sciences International. Inc; CCSI -- Ignore unavailable to you. Want to Upgrade?

To: Steve Rodio who wrote (5641)	11/16/1999 8:57:00 AM
From: JanyBlueEyes	Read Replies (1) \| Respond to of 5736

News - Chromatics Releases 3rd Quarter Results NEW YORK, Nov. 16 /PRNewswire/ -- Chromatics Color Sciences International, Inc. (Nasdaq: CCSI) today announced its financial results for the third quarter ending September 30, 1999. These results include the Company's first posting of revenues from sales of ColorMate(R) TLc BiliTest(R) commercial products. Revenues for the quarter were $435,800, representing a $301,600 increase over revenues reported in the comparable period in 1998. Of those revenues, $362,100 resulted from shipments of the Company's ColorMate(R) TLc BiliTest(R) products. As some products were shipped for promotional/demonstration use or shipped under deferred payment until sold by the distributor, the revenues for such products were not realized in this quarter. The sales revenue is comprised primarily of Tlc Lensette(TM) calibration standards which were shipped in the third quarter under the Distribution Agreement with Datex-Ohmeda and its Ohmeda Medical Division. Subsequent to the end of the third quarter, the Company announced that it had shipped additional ColorMate(R) TLc BiliTest(R) commercial products in accordance with the terms of its Distribution Agreement, starting the generation of substantial revenues for the Company. Chromatics incurred a net loss of $3,212,100 (net loss of $.21 per share) for the quarter, compared to a net loss of $1,905,800 (net loss of $.12 per share) during the third quarter of 1998. The $1,306,300 increase in net loss for the third quarter of 1999 compared to the third quarter of 1998 is primarily attributable to a non-cash interest and financing cost of $917,100 incurred in conjunction with certain private placements and increased expenses relating to the Company's continuing implementation of its long-range business plan for commercial applications of its intellectual properties and technologies in the medical field. This includes increased sales, marketing and promotion costs of $258,300 associated with the commercial introduction of the Company's ColorMate(R) TLc BiliTest(R) products and the addition of a sales force in the medical division, consulting and other expenses related to regulatory compliance with respect to the manufacture and distribution of the Company's Colormate(R) System. Chromatics Color Sciences is in the business of color science...... Certain of the matters discussed in this announcement contain forward-looking statements......