DENVER, Nov. 13 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, reported sales of $2,001,896 for the first fiscal quarter ended September 30, 2008, compared with $2,105,188 for the quarter ended September 30, 2007, a decrease of 4.9%. Excluding revenues from contract manufacturing, Corgenix sales increased 9.6% over the same period in the prior fiscal year.
The first quarter of fiscal 2009 produced an operating loss of $94,133 compared with operating income of $2,023 for the first quarter of fiscal 2008. The net loss for the quarter was $340,659 or $0.01 per share, compared to a net loss of $688,129, or $0.04 per share, in the year earlier quarter. The primary causes of the reduced net loss for the current quarter were the reductions in the cost of sales as a percentage of sales from 45.8% in the previous year to 44.6% in the current quarter, in addition to the reduced interest expense, from $680,324 in the prior year to $252,611 in the current quarter.
During the first quarter of fiscal 2009, Corgenix was again named one of Colorado's 50 fastest growing technology companies in Colorado in a list compiled by Deloitte & Touche.
"During the quarter, we saw solid growth in sales of most Corgenix products and were successful in cutting our quarterly net loss in half," said Douglass Simpson, Corgenix President and CEO. "The decrease in total revenue was mainly due to the loss of some contract manufacturing business, but we remain optimistic that we will replace that part of our business later this year with some exciting new strategic alliances."
Mr. Simpson added, "We believe the remainder of this fiscal year will begin to reflect a number of additional accomplishments including the efforts we continue to put forth in growing our AspirinWorks business."
First Quarter Fiscal 2009 Conference Call Details
Corgenix invites all those
|SOURCE Corgenix Medical Corporation|
Copyright©2008 PR Newswire.
All rights reserved