Covalon loses $2.8-million in Q2 2009
2009-05-28 11:51 ET - News Release
Dr. Frank DiCosmo reports
COVALON RELEASES SECOND QUARTER 2009 FINANCIAL RESULTS
Covalon Technologies Ltd. has released its financial statements for the second quarter of fiscal 2009 ending March 31, 2009. Total revenues for the three months ending March 31, 2009, were $781,433, an increase of $126,808 over the same period of the previous year. Total revenues for the six months ending March 31, 2009, were $1,243,600 compared with $1,585,519 in the same period of the previous year. Net loss for the six months ending March 31, 2009, was $2.8-million and net cash outflows for the same period were $3.6-million. At March 31, 2009, the company had $9.0-million in cash and cash equivalents available for use.
Peter Hobbes, Covalon's chief financial officer, noted: "I am quite pleased with the steps that Covalon is taking to reduce expenses, preserve cash and improve sales. I am encouraged by the focused efforts of management and staff to improve our performance."
Dr. Frank DiCosmo, Covalon co-founder, president and chief executive officer, stated: "Covalon's exceptional team of world-class medical researchers and scientists are extremely busy working on a number of existing projects and new sales initiatives. I am optimistic that our shareholders' patience will be rewarded in due course and that our sales activities led by Covalon co-founder and chief business officer, William Jackson, will result in new customer contracts."
