Company Achieves Profitability in Fourth Quarter of Fiscal 2008
OLDSMAR, Fla., March 2 /PRNewswire-FirstCall/ -- Cryo-Cell International, Inc. (OTC Bulletin Board: CCEL) (the "Company"), one of the world's largest and most established family cord blood banks and an industry leader of innovative stem cell solutions, today announced results for fiscal 2008.
Consolidated revenues for the fiscal year ended November 30, 2008 were approximately $17.3 million compared to approximately $17.5 million for the fiscal year ended November 30, 2007. The Company reported a net loss in fiscal 2008 of approximately $760,000, or ($0.06) per basic common share, compared to net loss of approximately $5.0 million, or ($0.43) per basic common share, in fiscal 2007. The decrease in the net loss in fiscal 2008 is primarily the result of a 25% decrease in marketing, general and administrative expenses. In addition, research and development expenses were approximately $194,000 in fiscal 2008, a decrease of approximately 64% in comparison to fiscal 2007.
The Company recognized approximately $898,000 in licensee income for the fiscal year ended November 30, 2008, compared to approximately $951,000 for the fiscal year ended November 30, 2007. Of the 2008 licensee income, $100,000 was related to an installment of a non-refundable up-front license fee from the licensee of the Company's U-Cord program in Venezuela. The Company also recognized approximately $90,000 from an installment of a non-refundable license fee paid by the licensee of the Company's C'elle menstrual stem cell preservation program in India and, optionally, certain neighboring countries under a license agreement entered into in March 2008. The remaining approximately $708,000 is royalty income earned on subsequent processing and storage of specimens in geographical areas where the Company has license agreements, and from the sale of sub-license agreements by license
|SOURCE Cryo-Cell International, Inc.|
Copyright©2009 PR Newswire.
All rights reserved