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Corgenix Reports Second Quarter Fiscal 2009 Financial Results
Date:2/12/2009

- Revenues for the quarter decrease 17% vs. prior year -

DENVER, Feb. 12 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its 2nd quarter Form 10-Q and reported financial results. The report disclosed that the company's sales and operating results have declined during the quarter and six months ended December 31, 2008. Some of the results highlighted by the report are as follows:

  • Revenues for the quarter decreased $404,012 or 16.8% vs. the prior year's comparable quarter; of this, $179,365 was a reduction in contract manufacturing revenue primarily due to reduced sales to one key customer as previously reported.
  • Total operating expenses increased $88,345 or 7.9% vs. the prior year's comparable quarter.
  • Operating loss for the quarter was $56,223 vs. an operating income of $224,224 for the prior year's comparable quarter.
  • Net loss increased to $268,374 in the current quarter from $60,310 in the prior year's comparable quarter.

"The decline in our revenues continues to demonstrate the weakness in our contract manufacturing sector as previously reported," said Douglass Simpson, President and CEO of Corgenix. "Excluding contract manufacturing revenue, our six month revenues declined approximately 3.5% over the same period in the prior year which we believe is largely related to the slowdown of the overall economy. We are continuing to aggressively seek opportunities to grow our business in contract manufacturing as well as our core products including the AspirinWorks Test."

The company noted that the financial performance for the quarter was weak, with weakness in core product revenue and increased net negative cash flow. The company expects that Fiscal Year 2009 revenues will approximate that o
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SOURCE Corgenix Medical Corporation
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