Fairfield, Conn. - (May 19, 2014) - Competitive Technologies, Inc., (CTTC) (CTI), a pain mitigation biotechnology company, reported results for the quarter ended March 31, 2014.
Net loss for the quarter ended March 31, 2014 decreased to $726,000 or $0.04 per basic and diluted share as compared with a net loss of $782,000 or $0.05 per basic and diluted share for the quarter ended March 31, 2013. The net loss for the quarter ended March 31, 2014 includes a non-recurring expense of $132,000 related to the settlement of the Tonaquint note and warrant.
Revenue from the sale and shipment of the Calmare® pain therapy devices (Device) for the quarter ended March 31, 2014 increased to $221,000 as compared with $0 for the quarter ended March 31, 2013.
Device sales for the quarter ended March 31, 2014 were three (3) as compared with 0 for the comparable quarter ended March 31, 2014 and as compared with three (3) for the sequential quarter ended December 31, 2013. Due to the relatively long sales cycle for a Device in effect, Device sales may and can vary significantly from quarter to quarter.
Total expenses for the quarter ended March 31, 2014 increased 7% or $59,000 to $884,000 as compared with $825,000 for the quarter ended March 31, 2013. Total expenses for the quarter ended March 31, 2014 include a non-recurring expense of $132,000 related to the settlement of the Tonaquint note and warrant.
Personnel and consulting expenses for the quarter ended March 31, 2014 increased 16% or $54,000 to $395,000 as compared with $341,000 for the quarter ended March 31, 2013.
General and administrative expenses for the quarter ended March 31, 2014 decreased 52% or $207,000 to $194,000 as compared with $401,000 for the quarter ended March 31, 2014.
Interest expense for the quarter ended March 31, 2014 increased $72,000 to $105,000 as compared with $33,000 for the quarter ended March 31, 2013. The increase is due to an increase in the use of debt financing.
Cash-on-hand at March 31, 2014 increased $287,000 to $344,000 from $57,000 at December 31, 2013.
Total assets at March 31, 2014 increased $184,000 to $4,750,000 as compared with $4,566,000 at December 31, 2013.
Total liabilities at March 31, 2014 increased $232,000 to $10,743,000 as compared with $10,511,000 at December 31, 2013. This increase is due to an increase in the use of debt financing.
Total capital raised over the past two quarters was $861,000 and consisted of: $361,000 of hybrid debt and $500,000 of equity.
"Results for the first quarter of 2014 were a clear testament to CTI's ability to overcome adversity," said CTI President & CEO Conrad Mir. "We had several device sales and a host of new prospects; a dynamic the Company has not had in well over two years. Although some projected sales closed after the quarter-end, Management believes this may make for an even better than expected second quarter 2014."
CTI will host an earnings conference call on Wednesday, May 21, 2014 at 1:30 p.m. EDT. To participate in the conference call, please dial the following telephone numbers and appropriate call code a few minutes before the start time: (866) 952-1906 (U.S.) or +1 (785) 424-1825 (Int'l) | Call Code: CTI.
As participation is limited, please RSVP via email to: email@example.com or FAX: (203) 368-5399 by 10:00 a.m. EDT, Wednesday, May 21, 2014 with "Earnings Call 2014" in the subject line.
About the Company
Competitive Technologies Inc., the pain mitigation company, develops and commercializes innovative wound and pain management products and technologies. CTI holds the 510k clearance on its flagship product, the non-invasive Calmare® Pain Therapy Device, which grants it an exclusive right to sell, market, research and develop the medical device. The Company is the exclusive licensed global distributor of Calmare.
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.