Competitive Tech Reports First Quarter 2014 Results May 19, 2014
Quarterly Revenues Up $221,000 | G&A Down 52% | Loss Per Share Down 20%
Investor Conference Call: Wednesday, May 21, 2014 at 1:30 PM EDT
Dial-in: (866) 952-1906 (U.S.) +1 (785) 424-1825 (Int'l) | Code: CTI
Fairfield, Conn. - (May 19, 2014) - Competitive Technologies, Inc., (CTTC) (CTI), a pain mitigation biotechnology company, reported results for the quarter ended March 31, 2014.
Net loss for the quarter ended March 31, 2014 decreased to $726,000 or $0.04 per basic and diluted share as compared with a net loss of $782,000 or $0.05 per basic and diluted share for the quarter ended March 31, 2013. The net loss for the quarter ended March 31, 2014 includes a non-recurring expense of $132,000 related to the settlement of the Tonaquint note and warrant.
Revenue from the sale and shipment of the Calmare® pain therapy devices (Device) for the quarter ended March 31, 2014 increased to $221,000 as compared with $0 for the quarter ended March 31, 2013.
Device sales for the quarter ended March 31, 2014 were three (3) as compared with 0 for the comparable quarter ended March 31, 2014 and as compared with three (3) for the sequential quarter ended December 31, 2013. Due to the relatively long sales cycle for a Device in effect, Device sales may and can vary significantly from quarter to quarter.
Total expenses for the quarter ended March 31, 2014 increased 7% or $59,000 to $884,000 as compared with $825,000 for the quarter ended March 31, 2013. Total expenses for the quarter ended March 31, 2014 include a non-recurring expense of $132,000 related to the settlement of the Tonaquint note and warrant.
Personnel and consulting expenses for the quarter ended March 31, 2014 increased 16% or $54,000 to $395,000 as compared with $341,000 for the quarter ended March 31, 2013.
General and administrative expenses for the quarter ended March 31, 2014 decreased 52% or $207,000 to $194,000 as compared with $401,000 for the quarter ended March 31, 2014.
Interest expense for the quarter ended March 31, 2014 increased $72,000 to $105,000 as compared with $33,000 for the quarter ended March 31, 2013. The increase is due to an increase in the use of debt financing.
Cash-on-hand at March 31, 2014 increased $287,000 to $344,000 from $57,000 at December 31, 2013.
Total assets at March 31, 2014 increased $184,000 to $4,750,000 as compared with $4,566,000 at December 31, 2013.
Total liabilities at March 31, 2014 increased $232,000 to $10,743,000 as compared with $10,511,000 at December 31, 2013. This increase is due to an increase in the use of debt financing.
Total capital raised over the past two quarters was $861,000 and consisted of: $361,000 of hybrid debt and $500,000 of equity.
"Results for the first quarter of 2014 were a clear testament to CTI's ability to overcome adversity," said CTI President & CEO Conrad Mir. "We had several device sales and a host of new prospects; a dynamic the Company has not had in well over two years. Although some projected sales closed after the quarter-end, Management believes this may make for an even better than expected second quarter 2014."
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