DALLAS, May 21 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading healthcare staffing company, has announced results for the first quarter ended March 31, 2008.
Revenue in the quarter was $10,579,387, an increase of 8% over fourth quarter 2007 revenue of $9,806,540 and an increase of 31% over revenue of $8,097,329 in the first quarter of 2007. Gross profit improved to $2,310,854 in the first quarter of 2008, compared to $2,228,061 in the fourth quarter of 2007 and $1,712,150 in the first quarter of 2007. Net loss was $2,301,958 in the first quarter of 2008, an improvement from the net loss of $2,644,869 reported in the fourth quarter of 2007 and a net loss of $6,589,080 in the first quarter of 2007. Net loss was $0.05 per share for the first quarter of 2008 on weighted average shares of 47,572,548 compared to a net loss of $0.38 per share for the first quarter of 2007 on weighted average shares of 17,365,298.
During the first quarter, the Company completed a $10.2 million long-term debt financing with ComVest Capital LLC, based in Palm Beach, Florida. Proceeds from the financing replaced Crdentia's previous credit facility and are being used for general working capital purposes. The $10.2 million financing is comprised of a two-year $5.2 million Revolving Credit Note, bearing interest at the greater of the Prime Rate plus 2% or 8.5%, and two separate three-year term loans, each amounting to $2.5 million and bearing annual interest of 12.5%.
John Kaiser, CEO of Crdentia said, "We are off to a strong start in 2008. I am pleased with the growth in revenues we achieved in the latest quarter, both on a sequential quarter and year-over-year basis. We continue to make good progress towards our objective of profitably growing our business through improved operating performance and executing initiatives to expand our presence in the attractive U.S. Sun Belt region."
Kaiser concluded, "In addition to our solid fir
|SOURCE Crdentia Corp.|
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