Year-on-Year; Revenues up 60%; Device Sales up 88%; G&A Down 22%, Fourth Quarter: Revenues Down 52%; Device Sales Down 33%: G&A Down 14%
Conference Call
CTI will host an earnings conference call on Wednesday, July 1, 2015 at 10:00 A.M. EDT. To participate in the conference call, please dial the appropriate telephone number a few minutes before the start time and use the call-in term: "CALMARE."
Dial-in: 877-876-9177 | Call Code: 785-424-1666
As participation is limited, please RSVP via email to: IR@calmaretherapeutics.com or FAX: (203) 368-5399 by 5:00 P.M. EDT, Tuesday, June 30, 2015 with "Earnings Call 2014" in the subject line.
Fairfield, CT – June 24, 2015 – Calmare Therapeutics Incorporated, (OTC: CTTC) (CTI), the pain mitigation company, reported results for the year and quarter ended December 31, 2014.
Year Ended December 31, 2014
Revenue from the sale and shipment of the Calmare® pain therapy devices (Devices) for the year ended December 31, 2014 increased 60% or $392,000 to $1,045,000 as compared with $653,000 for the year-ended December 31, 2013.
Device sales for the year ended December 31, 2014 increased 88% or 8 Devices to 17 Devices as compared with 9 Devices for the year ended December 31, 2013. Due to the relatively long sales cycle for a Device, Device sales can and will vary significantly from period to period.
Total expenses for the year ended December 31, 2014 increased 30% or $963,000 to $4,134,000 as compared with $3,171,000. Total expenses include approximately $620,000 of additional interest expense related to the Company's 90 day Convertible Notes for the year ended December 31, 2014.
General and administrative expenses for the year ended December 31, 2014 decreased 22% or $390,000 to $1,371,000 as compared with $1,761,000 for the year ended December 31, 2013.
Total assets at December 31, 2014 decreased $136,000 to $4,430,000 as compared with $4,566,000 at December 31, 2013.
Total liabilities at December 31, 2014 increased $1,658,000 to $12,169,000 as compared with $10,511,000 at December 31, 2013.
Net loss for the year ended December 31, 2014 increased to $3,411,000 or $0.15 per basic and diluted share as compared with a net loss of $2,672,000 or $0.16 for the year ended December 31, 2013.
Total capital raised over the past five quarters was $1,494,000 and consisted of: $466,000 of hybrid debt and $1,028,000 of equity.
Quarter Ended December 31, 2014
Revenue from the sale and shipment of the Calmare® pain therapy devices (Devices) for the quarter ended December 31, 2014 decreased 52% or $119,000 to $108,000 as compared with $227,000 for the quarter ended December 31, 2013. This is largely attributable to the cyclicality and historically sales slow-down the Company has witnessed over the last four years with respect to Device sales and its related consumables in the fourth quarter.
Device sales for the quarter ended December 31, 2014 decreased 33% to two (2) Devices as compared with three (3) Devices for the comparable quarter ended December 31, 2013 and as compared with eight (8) for the sequential quarter ended September 30, 2014. Due to the relatively long sales cycle for a Device, Device sales can and will vary significantly from quarter to quarter.
Total expenses for the quarter ended December 31, 2014 increased 7% or $54,000 to $810,000 as compared with $756,000 for the quarter ended December 31, 2013.
General and administrative expenses for the quarter ended December 31, 2014 decreased 14% or $69,000 to $427,000 as compared with $496,000 for the quarter ended December 31, 2013.
Total assets at December 31, 2014 decreased $109,000 to $4,430,000 as compared with $4,539,000 at September 30, 2014.
Total liabilities at December 31, 2014 increased $371,000 to $12,169,000 as compared with $11,798,000 at September 30, 2014.
Net loss for the quarter ended December 31, 2014 increased to $645,000 or $0.03 per basic and diluted share as compared with a net loss of $611,000 or $0.03 per basic and diluted share for the quarter ended December 31, 2013,
Cash-on-hand at December 31, 2014 decreased $51,000 to $6,000 from $57,000 at December 31, 2013.
"Our year-end numbers exceeded our projections and is a good starting point for 2015" said CTI President & CEO Conrad Mir. "Although there is much work ahead, we look forward to the promise 2015 holds with a careful vigilance on the second half of the year."
