Corgenix Reports Fiscal 2008 Financi... ( Total revenues for the year increas...)

Corgenix Reports Fiscal 2008 Financial Results

Date:9/25/2008

Total revenues for the year increase approximately 13.5% vs. prior year

DENVER, Sept. 25 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its fiscal year Form 10-KSB and reported financial results. The report disclosed that the company's sales and operating results have advanced for the fiscal year ended June 30, 2008. Some of the results highlighted by the report are as follows:

-- Total revenues for the year increased $997,636 or 13.5% vs. the prior

year.

-- Total operating expenses decreased $458,297 or 8.5% vs. the prior year.

-- Operating loss for the fiscal year was $602,279 vs. an operating loss

of $858,104 for the prior year.

-- Net loss for the year was $2,112,106 vs. $2,440,573 for the prior year.

"While much was accomplished in the past fiscal year, including product sales growth and reduction in operating expenses, the overall financial results were less than we had expected, reflecting softer sales in the contract manufacturing aspect of our business, which was, as we stated in the third quarter, a direct result of the new business strategy of our largest contract manufacturing customer," said Douglass Simpson, President and CEO of Corgenix. "Excluding contract manufacturing, our sales increased 17.0% over the prior year. It's important to recognize that Corgenix is still growing ahead of industry averages even with the flattening of sales in the third and fourth quarter."

Mr. Simpson continued, "Given the very soft economy we are faced with, the initiatives that we implemented beginning in the final quarter of fiscal 2007 to increase sales and decrease operating expenses continue to move the Company in a positive direction. We are still committed to doing what is necessary to achieve our financial goals including maintaining the initiatives to stabilize our operating expens
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Corgenix Reports Fiscal 2008 Financi...( Total revenues for the year increas...)