Company Cites Important Progress With Needle-free Vaccine Technology and
Bird Flu Clinical Program Webcast/teleconference Call Set for 4:30 pm Today, Monday March 31, 2008
IRVING, Texas, March 31 /PRNewswire-FirstCall/ -- Carrington Laboratories, Inc. (OTC Bulletin Board: CARN) today reported revenue of $21.8 million and a net loss of $9.8 million, or ($0.90) per basic and diluted share, for the year ended December 31, 2007.
Excluding net funding of $2.8 million for DelSite Biotechnologies, Inc., the Company's wholly-owned drug delivery subsidiary, the pro forma loss for 2007 was $7.0 million. 2006's net loss, including DelSite net costs of $3.1 million, was $7.6 million, or ($0.70) per basic and diluted share, on Company- wide revenue of $27.4 million.
The decrease in revenue for 2007 was primarily due to a decrease in consumer services revenue, to $11.6 million from $16.6 million a year ago. Medical services revenues dropped slightly, to $8.4 million from $8.8 million in 2006; royalty income remained roughly the same at $417,000.
Revenue for the fourth quarter ended December 31, 2007 decreased to $5.0 million from $6.7 million in the year-ago period. The net loss for the quarter was $2.7 million, or ($0.25) per basic and diluted share. The pro forma loss, before accounting for net expenses of DelSite, was $2.1 million. The year-ago fourth quarter's final net loss, including DelSite net expenses of $622,000, was $2.2 million, or ($0.20) per basic and diluted share.
"While our consumer services revenue base continues to be under
pressure due to general economic conditions and lower order flow from our
historically largest customer, we are stabilizing our revenue base in
medical services. I am excited about the advances being made in the three
technology platforms and the typhoid antigen being developed by DelSite. As
previously stated, DelSite is currently engaged in the cGMP manufacture of
|SOURCE Carrington Laboratories, Inc.|
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