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Corgenix Reports Third Quarter Fiscal 2009 Financial Results
Date:5/14/2009

- Revenues for the quarter increase 4.2% vs. prior year -

DENVER, May 14 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its third quarter Form 10-Q and reported financial results. The report disclosed that the company's sales have increased during the quarter ended March 31, 2009, over the same period in the prior year. Some of the results highlighted by the report are as follows:

  • Revenues for the quarter increased $81,195 or 4.2% vs. the prior year's comparable quarter.
  • Total operating expenses increased $2,225 or less than 1% vs. the prior year's comparable quarter.
  • Operating loss for the quarter was $61,060 vs. $62,913 for the prior year's comparable quarter.
  • EBITDA increased to $267,312 in the current quarter from $122,643 in the prior year's comparable quarter.

Douglass Simpson, President and CEO of Corgenix, stated "This quarter's results demonstrate that despite the difficult global economy, we are progressing toward reaching our profitability goal. Revenues for the quarter increased over the prior year and expenses are in check. As we move forward we will see significant reductions in interest charges which should significantly improve the bottom line."

William Critchfield, Senior Vice President and CFO of Corgenix, added "Over the past quarter, we have instituted a vendor/service provider cost reduction initiative which we believe will cut well over $500,000 annually in our cost of sales and operating expenses, without any head-count reductions. This cost cutting initiative should help us expedite the process of finally achieving profitability and cash-flow positive operations."

The Company continues to expect that Fiscal Year 2009 revenues will approxi
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SOURCE Corgenix Medical Corporation
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