Corgenix Reports Third Quarter Fiscal 2013 Financial Results

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Corgenix Reports Third Quarter Fiscal 2013 Financial Results

Revenues of $2,495,555 and Net Income of $62,058; remain on pace for another record year

DENVER--(BUSINESS WIRE)-- Corgenix Medical Corporation (OTC BB: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its third quarter Form 10-Q and reported its financial results. The report disclosed that the company's revenues for the quarter decreased slightly compared to the prior year, but were significantly higher for the nine-month period. Some of the results highlighted by the report are as follows:

  • Revenues for the nine months increased $833,647 or 12.0% vs. the prior year's comparable nine months
  • Revenues for the quarter decreased $221,797 or 8.2% vs. the prior year's comparable quarter
  • Operating income for the quarter totaled $67,019 vs. an operating loss of $169,944 in the prior year's comparable quarter, and totaled $327,369 for the current nine month period vs. an operating loss of $220,973 for the prior year
  • Net income for the quarter amounted to $62,058, an increase of $247,203 from a net loss of $185,145 in the prior year's comparable quarter
  • Net income for the nine-month period amounted to $310,744, an increase of $631,480 from a net loss of $320,736 in the prior year's comparable period
  • EBITDA for the quarter increased $241,066 or 319.7% vs. the prior year's comparable quarter, and $552,607 or 675.7% for the current nine month period

"Although our third quarter revenues dipped from the prior year, we finished the quarter strong, with year-to-date revenues growing at 12 percent and solid net income essentially in line with our forecast," said President and Chief Executive Officer Douglass Simpson. "We are projecting a rebound in sales in the fourth quarter, finishing the year at record levels for both revenue and net income."

Executives at the company continue to believe that the fourth fiscal quarter revenues will exceed the prior year's fourth quarter, and that fiscal year 2013 revenues will set another record for annual revenues, currently revised downward to be approximately $10.3 to $10.4 million, with net income approximating $300,000 to $400,000, or slightly less than $0.01 per share. As is always the case, there can be no assurance that this guidance will be realized.

Third Quarter 2013 Conference Call Details

Corgenix invites all those interested in hearing management's discussion of second quarter results to join a shareholders conference call on Tuesday, May 14, 2013, at 4:00 p.m. EDT (2:00 p.m. MDT). Interested parties can join the call by dialing (866) 952-1906. International participants may access the call by dialing +1 785 424 1825. The conference code is "CORGENIX." A replay will be available for 30 days following the call by dialing (800) 388-6197 for U.S. participants and +1 402 220 1115 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 in product submissions to the FDA and other worldwide regulatory authorities. Additionally, Corgenix contract develops and manufactures products for key medical and life science companies in state-of-the-art facilities in Colorado. The company operates under a Quality Management System that is ISO 13485:2012 certified and compliant with FDA regulations. 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. Such statements, which are inherently uncertain, are based on management's current expectations and are subject to various factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such 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 reports filed with the Securities and Exchange Commission, and in the Company's subsequent 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 or intend 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
 

Three Months Ended

 

Nine Months Ended

  
March 31,March 31,March 31,March 31,
2013201220132012

(unaudited)

(unaudited)

(unaudited)

(unaudited)

 

Total revenues

$

2,496

$

2,717

$

7,795

$

6,961

Gross profit1,1731,0133,4442,997
Total operating expenses1,1061,1833,1173,218
Operating income (loss)67(170)327(221)
Net income (loss)62(185)311(321)
Basic income (loss) per share

$

0.00*

$

(0.00)*

$0.01

$

(0.00)*

Basic shares outstanding49,626,18545,996,59849,626,18545,996,598
Diluted income (loss) per share

$

0.00*

$

(0.00)*

$0.01

$

(0.00)*

Diluted shares outstanding51,916,92545,996,59851,916,92545,996,598
EBITDA$165,650$(75,016)$634,390$81,783

*Less than 0.01 or (0.01) per share

 
SUMMARY BALANCE SHEET DATA
(in thousands)
  
December 31, 2012June 30, 2012

(unaudited)

(audited)

 
Cash$1,877$1,249
Working capital4,4593,645
Total assets6,7696,263
Long-term debt369472

Total stockholders' equity

5,3764,626
 



Company Contact:
Corgenix Medical Corp
William Critchfield, 303-453-8903
Senior VP Operations and Finance and CFO
WCritchfield@corgenix.com
or
Media Contact:
Armada Medical Marketing
Dan Snyders, 303-623-1190 ext. 230
Vice President, Public Relations Supervisor
dan@armadamedical.com

KEYWORDS:   United States  North America  Colorado

INDUSTRY KEYWORDS:

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