DALLAS, April 1 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading healthcare staffing company, today announced results for the fourth quarter ended December 31, 2007.
Revenue in the quarter was $9,806,540, an increase of 34% over third quarter 2007 revenue of $7,329,161 and an increase of 15% over revenue of $8,531,970 in the fourth quarter of 2006. Gross profit improved to $2,228,061 in the fourth quarter of 2007, compared to $1,570,923 in the third quarter of 2007 and $1,619,346 in the fourth quarter of 2006. Net loss attributable to common stockholders was $2,644,869 in the fourth quarter of 2007, an improvement from the net loss of $13,639,772 reported in the fourth quarter of 2006. The fourth quarter of 2006 included a $10,000,000 charge for loss on impairment of goodwill. Net loss was $0.06 per share for the fourth quarter of 2007 on weighted average shares of 44,288,419 compared to a net loss of $0.98 per share for the fourth quarter of 2006 on weighted average shares of 13,913,454.
During the fourth quarter, Crdentia raised a total of $5,750,000 in private equity transactions. The proceeds from this raise were used primarily to acquire Medical People Healthcare Services, Inc. and ATS Health Services. These acquisitions enabled the Company to expand its presence and depth of services throughout the Sun Belt region. In addition, these transactions are expected to enhance Crdentia's future operations as a result of increased absorption of the Company's corporate overhead costs over a larger base of business.
John Kaiser, CEO of Crdentia said, "The improved fourth quarter
financial results are evidence that the Company is making good progress
towards our objective of profitably growing our business. I am also pleased
to have completed the equity raise during the fourth quarter which enabled
us to make two acquisitions that contributed meaningfully to fourth quarter
revenue. Also, the $10.2 million long-ter
|SOURCE Crdentia Corp.|
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