Calmare Unit Sales Increase -- First Quarterly Profit Since 2005
Competitive Technologies, Inc. (OTCQX:CTTC) today announced the financial results for the first quarter ended March 31, 2011. CTTC produced a marginal profit of $29,000 compared to a loss of $739,000 for the prior year quarter. This was the first quarterly profit the Company has posted since the quarter ended July 31, 2005.
The Company reported sales of $1.9 million with a gross profit of $1.0 million. The comparative period sales were $0.5 million with a gross profit of $0.4 million. Expenses for the current quarter were $1.0 million including increased legal expenses associated with the arbitration case involving the previous CEO who is challenging his termination for cause. The expenses for the prior period were $1.2 million.
"We are receiving an increased number inquiries from doctors interested in the Calmare(R) device, both in the US and internationally," said Aris Despo, CTTC's Executive Vice President. "The interest is an outgrowth of our expanded national and international product marketing program."
"We continue to grow the revenue from Calmare(R) pain therapy device sales and control costs which we believe will produce profits throughout the year," said Johnnie D. Johnson, CEO. "The number of Calmare(R) units sold in the March 31, 2011 quarter was 63 to international groups and 9 devices sold in the U.S. market, compared to 41 international sales and 2 U.S. sales for the prior year period. I compliment the entire CTTC team for their dedication and commitment. Their strong performance has been instrumental in moving this company forward."
About Competitive Technologies, Inc
Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted, providing distribution, patent and technology transfer, sales and licensing services. CTTC's staff is focused on the needs of customers and matching those requirements with commercially viable products or technology solutions.
CTTC is the licensed worldwide distributor of the non-invasive Calmare(R) pain therapy medical device, which incorporates the biophysical "Scrambler Therapy(TM)" technology developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. The Calmare(R) device is currently being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea. For more information on the device, visit www.calmarett.com. Visit CTTC's website: www.competitivetech.net . Competitive Technologies was established in 1968.
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended July 31, 2010, filed with the SEC on October 27, 2010, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
COMPETITIVE TECHNOLOGIES, INC.
(unaudited)
Three Three
months months
ended ended
March 31, April 30,
2011 2010
--------- --------- Revenue
Product sales $1,827 $518 Cost of product sales $ (857) $ (108)
--------- --------- Gross profit from product
sales $ 970 $ 410 Other revenue $ 56 $ 13 Total expenses 997 1,162
--------- ---------
Net income (loss) $ 29 $ (739)
========= =========
basic $ 0.00 $ (0.07)
Weighted average number of
common
shares outstanding, basic
(000) 13,826 11,057
Net income (loss) per share
diluted $ 0.00 $ (0.07)
Weighted average number of
common
shares outstanding, diluted
(000) 14,467 11,057
BALANCE SHEET DATA
(dollars in thousands) (unaudited)
At
At March December
31, 2011 31, 2010
--------- ---------
Cash and cash equivalents $ 331 $ 557 Restricted cash $ 750 $ 750
--------- ---------
Total Assets $ 4,991 $ 3,195
--------- ---------
Total liabilities $ 4,269 $ 2,544
--------- ---------
Shareholders' equity $ 722 $ 651
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