FAIRFIELD, Conn., April 13, 2012 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced its financial results for the year ended December 31, 2011, as well as the date and time of its Annual Meeting of Shareholders.
Sales of the Calmare® medical device with Scrambler Therapy™ technology continue to increase and the pain therapy device is providing relief to innumerable patients throughout several countries.
"Competitive Technologies has completed what I believe to be the restructuring phase and has built a platform for substantial growth," said Johnnie D. Johnson, CTTC's CEO. "The membership of the Board of Directors is repositioned to bring additional personnel strength for sales and marketing of the Calmare medical device. We have reduced staff levels and the corporate real estate footprint and associated costs to the minimum level. Advertising programs are now rolling out, additional clinical studies are expected to be announced for Calmare in 2012, and worldwide sales are increasing. Challenges we currently are working on include increasing the US insurance reimbursement approvals by more government and private patient insurers and strengthening the corporate balance sheet through raising additional funds. Each of these issues is top priority along with increasing sales."
Corporate revenues for the year ending December 31, 2011 were $3.4 million of which $3.3 million was from Calmare sales providing a $1.9 million gross profit contribution to cover other expenses.
For the five month transition period ending December 31, 2010, revenue was $0.2 million with 87% from Calmare sales and in the previous fiscal year ending July 31, 2010, revenue was $2.0 million and Calmare sales were $1.9 million.
The expenses for the year ending December, 31, 2011 totaled $5.6 million including one-time expenses associated with the Calmare rollout plus the corporate restructuring and turnaround expenses. Included in this $5.6 million amount is $1.5 million related to the litigation and settlement of issues related to a former CEO. Additional staff reductions during 2012 have further reduced the current expense level by over $0.5 million.
The net loss for the year ending December 31, 2011 was $3.6 million, including the $1.5 million court issue above, compared to the five month transition period net loss of $2.4 million.
The Annual Meeting of Shareholders will be held on Thursday, May 24, 2012 at 10 AM (Eastern) at the Norwalk Inn and Conference Center in Norwalk, Connecticut. Shareholders of record at the close of business on March 26, 2012 are eligible to vote at the Annual Meeting.
Competitive Technologies, with exclusive rights to the unique and proven Calmare medical device utilizing Scrambler Therapy technology which has been shown to alleviate or eliminate pain in a noninvasive, non-surgical, drug free manner, is pleased to recognize that, under this management, it has attracted new board members with extensive experience in the medical device industry.
The slate of Directors includes three individuals, Peter Brennan, Robert Moussa and Stan Yarbro, new to the Board since January 2011 and two members with longer service, Richard Hornidge and Rustin Howard. The newer members bring increased experience especially in the medical device markets.
The Board has approved and is submitting to the stockholders a resolution to increase the authorized common stock to 40 million shares, currently at 20 million shares. The increase will allow periodically the directors to over time obtain additional capital to support the business growth, when needed.
"The company is embarking on a global growth initiative aimed at making this technology known and available to institutions and patients both across the US and internationally," said Rus Howard, Chairman of CTTC's Board of Directors. "When you consider how a course of treatment with this revolutionary technology can bring relief to pain sufferers, you understand why we feel that this product is a true game changer. We are looking forward to a bright future both for the company and for people whose quality of life will be dramatically improved by our technology."
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® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy™" technology developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. The Calmare® 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.
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 December 31, 2011, filed with the SEC on April 13, 2012, 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.
Direct inquiries to: Jean Wilczynski, IR Services, LLC (860.434.2465 / firstname.lastname@example.org
COMPETITIVE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(dollars in thousands, except per share amounts)
December 31, 2011
Five months ended
December 31, 2010
|Product sales||$ 3,329||$ 164|
|Cost of product sales||1,464||28|
|Gross profit from product sales||$ 1,865||$ 136|
|Other revenue||$ 116||$ 24|
|Net income (loss)||$ (3,596)||$ (2,408)|
|Preferred Stock Dividend||$ --||$ 132|
|Net income attributed to common||$ (3,596)||$ (2,540)|
|Net income (loss) per common share, basic and diluted||
|Weighted average number of common shares outstanding, basic and diluted(000)||
BALANCE SHEET DATA
(dollars in thousands)
At December 31,
At December 31,
|Cash and equivalents||$ 28||$ 557|
|Restricted cash||$ 750||$ 750|
|Receivables||$ 42||$ 25|
|Total Assets||$ 5,145||$ 3,195|
|Total liabilities||$ 6,772||$ 2,544|
|Shareholders' interest (deficit)||$ (1,627)||$ 651|