CytoSorbents Corporation (CTSO)

[NYCJR]

NEWS: CytoSorbents Posts Record Q4 2013 -2- DJNFThis press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. Risk factors are detailed in the Company's Form 10-K filed with the SEC on March 31, 2014, which is available at http://www.sec.gov.

CYTOSORBENTS CORPORATION
(a development stage company)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(amounts in thousands, except per share data)

Year Ended
December 31,
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2013 2012
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Revenues
Sales $ 822 $ 152
Grant income 1,601 1,191
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Total revenue 2,423 1,343

Cost of revenue 1,912 319
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Gross profit 511 1,024

Expenses:
Research and development 1,739 2,532
Legal, financial and other consulting 908 627
Selling, general and administrative 2,577 1,355
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Total operating costs and expenses 5,224 4,514

Operating loss (4,713) (3,490)

Other expenses, net 423 565
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Net loss before benefit from income taxes (5,136) (4,055)

Benefit from income taxes (458) (391)

Net loss (4,678) (3,664)
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Preferred stock dividend 2,395 2,511
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Net loss available to common stockholders $ (7,073) $ (6,175)
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Earnings per share:
Basic and diluted earnings per share $ (0.03) $ (0.03)
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Basic and diluted weighted average shares
outstanding 236,019,972 198,228,289