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The first quarter of fiscal 2009 produced an operating loss of $94,133 compared with operating income of $2,023 for the first quarter of fiscal 2008. The net loss for the quarter was $340,659 or $0.01 per share, compared to a net loss of $688,129, or $0.04 per share, in the year earlier quarter. The primary causes of the reduced net loss for the current quarter were the reductions in the cost of sales as a percentage of sales from 45.8% in the previous year to 44.6% in the current quarter, in addition to the reduced interest expense, from $680,324 in the prior year to $252,611 in the current quarter.
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During the first quarter of fiscal 2009, Corgenix was again named one of Colorado's 50 fastest growing technology companies in Colorado in a list compiled by Deloitte & Touche.
"During the quarter, we saw solid growth in sales of most Corgenix products and were successful in cutting our quarterly net loss in half," said Douglass Simpson, Corgenix President and CEO. "The decrease in total revenue was mainly due to the loss of some contract manufacturing business, but we remain optimistic that we will replace that part of our business later this year with some exciting new strategic alliances."
Mr. Simpson added, "We believe the remainder of this fiscal year will begin to reflect a number of additional accomplishments including the efforts we continue to put forth in growing our AspirinWorks business."
First Quarter Fiscal 2009 Conference Call Details
Corgenix invites all those interested in hearing management's discussion of fiscal year results to join a shareholders conference call on Thursday, November 13, 2008, at 4:00 PM EST (2:00 PM MST). Interested parties can join the call by dialing (800) 895-0198. International participants may access the call by dialing +1 785 424 1053. The conference code is "CORGENIX." A replay will be available for 30 days following the call by dialing (800) 723-0544 for U.S. participants and +1 402 220 2656 for international participants.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world's only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience advancing products through the FDA process. More information is available at www.corgenix.com.
Statements in this press release that are not strictly historical facts are "forward looking" statements (identified by the words "believe", "estimate", "project", "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the company does not undertake any obligation to publicly update or revise any forward-looking statements.
SUMMARY OF FINANCIAL HIGHLIGHTS ($000 of U.S. dollars except shares outstanding and per share amounts) CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES OPERATIONAL DATA Quarter Ended September 30 2008 2007 Net sales $2,002 $2,105 Gross profit 1,107 1,149 Operating income (loss) (94) 2 Net loss (341) (688) Basic and diluted loss per share $(0.01) $(0.04) Basic and Diluted shares outstanding 30,092,093 19,340,384 BALANCE SHEET DATA September 30, 2008 June 30, 2008 Cash $1,023 $1,520 Working capital 2,513 2,889 Total assets 7,337 7,888 Long-term debt 1,129 1,276 Total stockholders' equity 3,886 4,153
SOURCE Corgenix Medical Corporation
