Whole report of CBAI:Cord Blood America Announces 2013 First Quarter Financial Results
LAS VEGAS, May 15, 2013 /PRNewswire/ -- Cord Blood America, Inc. (www.cordblood-america.com) (OTC Bulletin Board: CBAI) ("CBAI" or the "Company") today announced financial results for the quarter ended March 31, 2013.
First Quarter 2013 Highlights From Continuing Operations
Recurring revenues increased approximately 7% for the three months ended March 31, 2013 to $740,124.
Cash provided by operations totaled $128,970 in the first quarter. This represents 68% of the total full year cash generated in 2012 of $190,323.
EBITDA for the quarter increased 587% to $99,985 from $14,542 in the year ago period.
SG&A decreased 11% to $1.11 million from $1.24 million in the year ago period.
Our cash balance increased 40% to $369,186 compared to the same period a year ago.
Joseph Vicente, President of Cord Blood America, Inc. commented "During the quarter, Biocordcell Argentina (Bio), made investments in lab related processes, causing increased costs which we expect to be primarily one-time charges. The Company believes these investments will help support future growth. We remain focused on reducing our corporate costs, which were down 11%, despite the increased costs from Bio in the first quarter. We also remain committed to ensuring that incremental revenue growth meets a corresponding increase in profitability, as the Company will not add to its debt under the current conditions. We remain bullish on the industry and our prospects for future growth."
