BETHEL, Conn., Aug. 23 /PRNewswire-FirstCall/ -- MedClean Technologies, Inc. (OTC Bulletin Board: MCLN), the leading provider of on-site technology for the treatment and disposal of medical waste and the destruction of confidential documents and related media, today announced financial results for the 2010 second quarter for the period ended June 30, 2010.
Some of the recent highlights include:
"The paradigm shift undertaken by the Company, infusing readily available capital, ground breaking products, a strong management team, and talents of proven industry partners establishes the basis for the growth that we identified at the beginning of this year," commented David Laky, President and CEO, MedClean Technologies, Inc. "The barometer for the investment community to monitor our success going forward will be growth in backlog, which, at $1.7 million, is up more than 50% compared to one year ago. In addition our progress can be further tracked through incremental partnerships that address new geographies, market segments and international opportunities, new product introductions both through internal development and acquisition, and new business generated through our complementary channels of distribution. We intend to capitalize on the leverage provided by the distribution/hauler network that has worked with health care customers for many years to increase penetration of a market in need of cost effect alternatives.
"We are confident that our strategy is optimal for this marketplace and offers great value to the health care community," Mr. Laky continued. "We are grateful that despite these tough economic times, changing regulatory climate, and lean financial resources in the past, we have secured capital to enable a paradigm shift that provides the Company with a competitive advantage to now rapidly grow our business. The challenges that have limited the growth of our Company have now been addressed as we look forward to turning the corner to accelerated growth and positive free cash flow from operations."
Second Quarter Financial Results:
The Company reported revenue of approximately $131,758 for the three months ended June 30, 2010, compared to approximately $400,625 in the same period a year ago. The year-over-year decrease was due to lower levels of system deliveries during the quarter. The decrease in service billings was a result of fewer service calls required due to equipment issues. Service billings will continue to fluctuate period to period based upon equipment issues, whether through operator error or wear and tear, and pre-scheduled service activities such as equipment relocation. Service revenue attributable to contract revenues is recognized at the time of performance and not at the time of contract execution.
Gross profit for the second quarter of 2010 was $60,084, or a 40.8% profit margin, compared to gross profit of $128,590, or a 35.4% profit margin in the prior-year period. Total operating expenses were $1.1 million compared to operating expenses of $2.3 million in the 2009 second quarter. Net loss for the second quarter was $(1.1) million, or $(0.00) per share, compared to a net loss of $(2.7) million, or $(0.00) per share for the same period in 2009. The net loss included $.5 million of non-cash charges associated with depreciation, amortization and stock-based compensation.
For the six months ended June 30, 2010, the Company generated revenue of $400,625 compared to revenue of $772,182 in the year-earlier period. Gross profit was $163,498 for the 2010 six months ended, compared to $273,145 in the 2009 six months ended. The net loss for the 2010 six months was $(2.7) million, or $(0.00) per share, compared to a net loss of $(4.6) million or $(0.01) per share in the 2009 six months.
The Company has filed its Form 10-Q for the period ended June 30, 2010 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 quarter ended June 30, 2010.
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 Bethel, Connecticut. 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, 2009, filed with the SEC on March 3, 2010, 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.|
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