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Competitive Tech Reports Third Quarter 2013 Results
Date:11/20/2013

FAIRFIELD, Conn., Nov. 20, 2013 /PRNewswire/ -- Competitive Technologies, Inc., (OTCQX: CTTC) (CTI), a pain mitigation biotechnology company, reported results for three months and nine months ended September 30, 2013.

Three Months Ended September 30, 2013Revenue from the sale and shipment of Calmare® pain therapy medical devices (Devices), in the three months ended September 30, 2013 decreased 7% or $21,000 to $290,000 as compared with $311,000 for the comparable quarter of 2012.

Total expenses for the three months ended September 30, 2013 decreased 3% or $21,000 to $809,000 as compared with $830,000 in the three months ended September 30, 2012.

Personnel and consulting expenses in the three months ended September 30, 2013 decreased 21% or $58,000 to $219,000 as compared with $277,000 in the three months ended September 30, 2012.

General and administrative expenses in the three months ended September 30, 2013 increased 15% or $57,000 to $450,000 as compared with $393,000 in the three months ended September 30, 2012.

Interest expense in the three months ended September 30, 2013 increased 253% or $48,000 to $67,000 as compared with $19,000 in the three months ended September 30, 2012. This large increase is due to an increase in the use of debt financing.

Unrealized loss on derivative instrument for three months ended September 30, 2013 was $50,000, as compared with the $15,000 loss recorded in the three months ended September 30, 2012.

Net loss for the quarter ended September 30, 2013 increased marginally to $602,000 or $0.04 per basic and diluted share for the three months ended September 30, 2013 as compared with a net loss of $597,000 or $0.04 per basic and diluted share for the comparable quarter of 2012.

Basic and diluted weighted average number of common shares outstanding, for three months ende
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SOURCE Competitive Technologies, Inc.
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