Total revenues for the quarter decrease approximately 3% vs. prior year
DENVER, May 15 /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-QSB and
reported financial results. The report disclosed that the company's sales
and operating results have advanced during the quarter and nine months
ended March 31, 2008, and further confirmed that the initiatives the
company put in place several months earlier are continuing to prove
effective. Some of the results highlighted by the report are as follows:
-- Total revenues for the quarter decreased $61,166 or 3.1% vs. the prior
year's comparable quarter.
-- Revenues, excluding contract manufacturing, increased $186,686 or 10.6%
vs. the prior year's comparable quarter.
-- Total operating expenses decreased $30,009 or 2.4% vs. the prior year's
-- Operating loss for the quarter was $62,912 vs. an operating loss of
$37,423 in the prior year's comparable quarter.
-- Net loss for the quarter was $352,102 vs. $329,370 in the prior year's
"While much was accomplished in the quarter, including product sales
growth and reduction in operating expenses, the overall financial results
in the third quarter were less than we had expected, reflecting to some
extent, the timing of our sales orders, but to a greater extent, softer
sales in the contract manufacturing aspect of our business, which was 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 10.6% over
the same period in the prior year. It's important to recognize that
Corgenix is still growing well ahead of industry averages -- our sales are
up almost 20% for the nine m
|SOURCE Corgenix Medical Corporation|
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