OLDSMAR, Fla., Feb. 11 /PRNewswire-FirstCall/ -- Cryo-Cell International, Inc. (OTC Bulletin Board Symbol: CCEL) (the "Company"), one of the world's largest and most established family cord blood banks, today announced results for fiscal 2007.
Consolidated revenues for the fiscal year ended November 30, 2007 were approximately $17.5 million, up 2% from approximately $17.2 million for the fiscal year ended November 30, 2006. The Company reported a net loss in fiscal 2007 of approximately ($5.0 million), or ($0.43) per basic common share, compared to net loss of approximately ($2.8 million), or ($0.24) per basic common share, in fiscal 2006. The increase in the net loss in fiscal 2007 resulted from a 9% increase in cost of sales, a 12% increase in marketing, general and administrative expenses and a 12% increase in research and development expenses in fiscal 2007 over fiscal 2006.
The increase in cost of sales during the 2007 period was in part due to expenses associated with the Company's introduction of umbilical cord blood (U-Cord) service enhancements, including return shipping by a medical courier for all new U.S. customers, and an increase in cord blood collection reimbursements. Marketing, general and administrative expenses primarily represent expenses associated with previously announced strategic initiatives to strengthen the resources allocated to sales and marketing. Also, included in marketing, general and administrative expenses in fiscal 2007 was approximately $874,000 in professional fees associated with a proxy contest and subsequent claim filed by a dissident shareholder group and approximately $266,000 in stock option compensation which is the result of the Company's adoption of FASB Statement No. 123 (R).
In addition, expenses in fiscal 2007 included approximately $545,000 in
research and development expenses related to the Company's expenses for its
efforts to commercialize its technology for the procurement, isolation,
|SOURCE Cryo-Cell International, Inc.|
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