FAIRFIELD, Conn., Dec. 15, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced that the Company continues to transition to a profitable 2011. Part of the transition process includes staff reductions and associated costs, which are part of the quarterly results for the quarter ended October 31, 2010. The expenses for the period were $1.2 million compared to $0.9 million in the prior year period. Revenue for the quarter ended October 31, 2010 was $0.1 million compared to $0.1 million for the prior year. The loss for the current period is $1.1 million compared to $0.8 million for the prior year period.
"The transition period, from September 2010 through December 2010, involves a major cost cutting initiative," said Johnnie D. Johnson, CTTC's Chief Executive Officer. "Following a number of actions, including severance payments for staff reductions, asset write offs, and extricating the Company from a burdensome long-term office lease that dates back to 2006, there will be cost increases in the transition period. However, the Company will be in a much better financial position to begin its new fiscal year on January 1, 2011."
"With a new lower operating base for the Company and a renewed focus on marketing and sales of our Calmare® pain therapy medical device, we are excited about the Company's prospects for 2011 and beyond," said Aris Despo, CTTC's Executive Vice President for Business Development. "Our ongoing marketing focus and product positioning in the US has produced increased Calmare® evaluations from medical facilities in the private and government healthcare sectors during Q1 2011. Additionally, we are adding certified Calmare® trainers to further support this increased demand. Internationally, we are positioned to add distributors and to help our productive distributors to improve sales in their territories. We are convinced that these strategies, as well as renewed programs to acquire compatible technologies or products, will enhance our offerings and develop additional revenue streams."
About Competitive Technologies
Competitive Technologies, established in 1968, provides distribution, patent and technology transfer, sales and licensing services focused on the needs of its customers and matching those requirements with commercially viable product or technology solutions. CTTC is a global leader in identifying, developing and commercializing innovative products and technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. Currently, CTTC's principal technology is the non-invasive Calmare® pain therapy medical device, which uses the biophysical "Scrambler Therapy" technology, and was developed in Italy by CTTC's client, Professor Giuseppe Marineo. The Calmare® device is currently being manufactured for sale by CTTC's partner, GEOMC Co. Ltd. of Seoul, Korea. For more information about the device, visit www.calmarett.com. Visit CTTC's website: www.competitivetech.net
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended July 31, 2010, filed with the SEC on October 27, 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.
| COMPETITIVE TECHNOLOGIES, INC. | ||
| QUARTER ENDED OCTOBER 31, 2010 | ||
| CONDENSED CONSOLIDATED RESULTS OF OPERATIONS | ||
| (dollars in thousands, except per share amounts) (unaudited) | ||
| Quarter Ended October 31, | ||
| 2010 | 2009 | |
| Revenue | $119 | $144 |
| Expenses | ||
| Cost of Sales | 18 | -- |
| Operating expenses | 1,196 | 900 |
| Provision for income tax | -- | -- |
| Net (loss) | $ (1,094) | $ (756) |
| Net (loss) per share: | ||
| Basic and diluted | $ (0.08) | $ (0.08) |
| Weighted average number of common shares outstanding Basic and diluted (000) | 13,825 | 9,885 |
| Other Financial Data | ||
|
At October 31, 2010 |
At July 31, 2010 |
|
| Cash and cash equivalents | $873 | $907 |
| Receivables | 1,789 | 3,536 |
| Total assets | $3,147 | $4,950 |
| Total liabilities | $1,624 | $2,341 |
| Shareholders' equity | $1,523 | $2,609 |