BETHLEHEM, Pa., May 15, 2012 /PRNewswire/ -- MedClean Technologies, Inc. (OTC Bulletin Board: MCLN) today announced financial results for the 12-month period ended December 31, 2011.
2011 Year-end Operational Highlights:
2011 Fourth Quarter Operational Highlights:
"Year-over-year revenue results were extremely positive and we managed to continue to reduce our operational expenses while growing our revenue," stated David Laky, President & CEO of MedClean Technologies, Inc. "Our overall business plan has been well received by partners and peers in the market. The Company will continue to focus on building operational integrity through improving recurring revenue streams, implementing the localized processing center model, and managing operating expenses. We have also begun the process of investigating new business opportunities through tighter integration with partners and providers of industry related products and services that would benefit from our industry expertise and connectivity developed via our distributor and IMWTA hauler network. While I commend our team for the hard work and strong improvements in 2011, we all understand that we have to compound these improvements to scale our business model with the first goal of profitability while also expanding our addressable market with the new opportunities outside of one-time system sales."
Mr. Laky added, "We will be hosting a conference call with investors on Monday, May 21, 2012 at 1:30 p.m. The call will include an overview of our 2011 financial results and will include a question and answer session for shareholders. We feel this type of communication will provide the best forum to provide additional information on recent developments."
Full Year Financial Results:
Total revenue for 2011 was $1,717,721 compared with $896,993 for 2010, representing a revenue increase of $820,729 or 91%. The net gain in revenue was attributed to an increase in MedClean System sales of $1,010,200, and a decrease of $(189,472) in the sale of consumables, component parts, and service contracts.
Revenues from MedClean System Sales for 2011 were $1,010,200 compared to $-0- in 2010.
Revenues derived from the sale of consumables, component parts and service contracts decreased to $707,521 compared to $896,993 in the prior year. The revenue was attributable to orders for goods and services from the Company's existing installed base of hospitals that have previously purchased a MedClean System. Service revenues decline in direct proportion to a reduction in corrective maintenance services work. Service billings will continue to fluctuate period to period based upon equipment service requirements.
The gross profit for 2011 was $725,752 (42.3% of total revenue) compared with a gross profit in 2010 of $470,295 (52.5% of total revenue). The decrease in gross profit margin as compared to the prior year can be attributed to lower profit margins on system sales. The components of costs of revenues for system sales include direct materials, depreciation, shipping and rigging costs, and contract labor.
Total operating expenses for 2011 were $3,579,315 compared with $4,787,192 for 2010, a decrease of $1,207,877 or 25.3%. In 2011, the Company incurred a $1,204,799 non-cash charge to operations for the fair value of vesting options and warrants as compared to $2,060,985 in 2010 and $0 in 2011 for stock based compensation as compared to $227,640 in 2010; a net decrease of $1,083,826, while other operating costs were reduced by $124,051 in 2011 versus 2010.
Net loss for 2011 was $(4,376,105) compared to a net loss in 2010 of $(4,417,550).
The Company has filed its Form 10-K for the year ended December 31, 2011 with the Securities and Exchange Commission, and investors are encouraged to visit www.sec.gov to review this document, which includes financial tables and additional detail for the year ended December 31, 2011.
Financial Results Conference Call
MedClean will host a conference call that will be broadcast live over the Internet on Monday, May 21, 2012 at 1:30pm ET to discuss the Company's 2011 financial results. Investors can access the call at http://public.viavid.com/index.php?id=100578. To listen to the live call via the telephone, please call 1-877-941-1427. For calls from outside North America, please dial 1-480-629-9664. For those who cannot listen to the live broadcast, a replay will be available shortly after the call by dialing 1-877-870-5176 within North America, or 1-858-384-5517 from outside North America. The replay will be available until 11:59 p.m. ET. Reference replay pin number: 4540462.
About MedClean Technologies, Inc.
MedClean Technologies, Inc. is a provider of innovative technology and services for the onsite treatment and disposal of regulated medical waste. MedClean's flagship MedClean® Series systems are fully integrated, turnkey technology solutions that enable hospitals and other healthcare providers to safely, efficiently, and cost-effectively convert bio-hazardous regulated medical waste into sterile, unrecognizable material suitable for disposal as municipal solid waste. MedClean was founded in 1997 with corporate headquarters, research and development and distribution facilities located in Bethlehem, Pennsylvania. Further information on MedClean can be found at www.medcleantechnologies.com and in filings with the Securities and Exchange Commission found at www.sec.gov.
Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," "potential" and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business; including those set forth in our most recent Annual Report on Form 10-K for the year ended December 31, 2010, filed with the SEC on March 31, 2011, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
|SOURCE MedClean Technologies, Inc.|
Copyright©2010 PR Newswire.
All rights reserved