Carrington Reports Third Quarter 2007 Results
Medical Services revenue for the third quarter of 2007, at $1.9 million,was down from the year-ago level of $2.3 million. Consumer Services revenuegrew 5 percent for the quarter, to $3.8 million from $3.6 million in theyear-ago period. Grant income received for funding of research for theCompany's wholly-owned drug delivery subsidiary, DelSite Biotechnologies,Inc., decreased by 4 percent for the quarter, to $776,000 from $811,000 a yearago.
Net loss for the third quarter of 2007, including $524,000 of net fundingof DelSite, was $2.2 million, or 21 cents per basic and diluted share, anincrease of $485,000 from the net loss reported for the year-ago quarter of$1.7 million, or 16 cents per basic and diluted share. Pro forma loss for thequarter, exclusive of DelSite net funding, was $1.7 million compared to a$1.1 million pro forma loss in the prior-year period.
"We continue on the road to bringing growth and profitability to our corebusiness," said Carlton E. Turner, PhD, Carrington's CEO. "Our product revenueand margins improved again this quarter as we grew our more profitable productlines and reduced our overall operating costs."
Commenting on DelSite, Dr. Turner stated, "We continue to focus ourstrategy on building the clinical foundation of the GelSite(R) polymer drugdelivery and adjuvant technologies and on moving them toward commercialintroduction. We are seeing increasing interest from both commercial companiesand government health agencies in our vaccine and therapeutic delivery systemsfor both nasal and injectible formulations. In addition, we continue on thepath toward filing an IND and conducting a Phase I clinical study in early2008 of the GelVac(TM) nasal powder influenza H5N1 (bird flu) vaccine."
Conference Call Scheduled
Investors are invited to listen to the conference call scheduled onTuesday, November 27, 2007, at 4.30 p.m. Eastern, 3.30 p.m. Central, bydialing 1-866-825-3209 in the US or 617-213-8061 internationally. The passcode is 13738306. The call is also being web cast by CCBN and can be accessedat Carrington's website at http://www.carringtonlabs.com. A replay of thecall will be available a few hours after the call concludes by dialing1-888-286-8010 in the US and 617-801-6888 internationally. The pass code forthe replay is 83847473.
The web cast is also being distributed through the Thomson StreetEventsNetwork to both institutional and individual investors. Individual investorsmay listen to the call at http://www.fulldisclosure.com, Thomson/CCBN'sindividual investor portal, powered by StreetEvents. Institutional investorsmay access the call via Thomson's password-protected event management site,StreetEvents (http://www.streetevents.com).
Carrington Laboratories, Inc. is an ISO 9001-certified, research-based,biopharmaceutical and consumer products company currently utilizingnaturally-occurring complex carbohydrates to manufacture and market productsfor mucositis, radiation dermatitis, wound and oral care, as well as tomanufacture and market the nutraceutical raw material Manapol(R) and cosmeticraw material Hydrapol(TM). Carrington also manufactures and markets consumerproducts and manufactures quality products for other companies. Manufacturingoperations comply with cGMP standards. Carrington's DelSite Biotechnolo
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