ALACHUA, Fla., March 19, 2012 (GLOBE NEWSWIRE) -- CTD Holdings, Inc. (OTCQB:CTDH) reported record annual revenues of $1,031,849 for the fiscal year ended December 31st, 2011, a 30% increase over 2010 products sales. This revenue growth was driven by sales of Trappsol products to existing and new customers. The Company has fostered a greater awareness of the uses of cyclodextrins in drug formulation and as a direct treatment for some rare diseases. It has also increased internet communications about its products during 2011.
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Fiscal 2011 Highlights:
- For the 12 months ended December 31, 2011, sales consisted of 86% Trappsol products and 14% Aquaplex products.
- Sales of Trappsol HPB were $889,000 for the year as compared to $690,000 for 2010, representing an increase of $199,000, or 29%.
- Sales of Aquaplex were $143,000 for the year as compared to $103,000 for 2010, representing an increase of $40,000, or 39%.
- The Company's NanoSonic Products, Inc. manufacturing facility is in operation, including its proprietary pulse dryer technology and the solar electric renewable energy system. This facility received more than $99,000 in grants to support the renewable energy system installation. With the completion of the facility, the Company has consolidated its corporate headquarters for all divisions at the new site.
- Cash flows from operations for 2011 were $186,000 compared to $210,000 for 2010.
- In March 2011, the Company obtained a $100,000 line of credit.
- In March 2011, the Company obtained a $325,000 equipment loan to partially finance the installation of the pulse dryer and building renovations.
- The Company installed a solar electric renewable energy system on the rooftop of its pulse drying building, which was operational in November 2011. The system is designed to generate 140 KWH of electric power and generate more electricity than it expects to consume under normal operations, giving its facility a zero-energy footprint. The Company intends to sell electricity generated in excess of its needs, if any, to its local utility at prevailing rates. The cost of the solar equipment and installation was $186,000, and the Company has received Federal and other grants that subsidized $99,000 of the cost.
- At December 31, 2011, The Company had $815,000 in net operating loss carry forwards that can be used to offset its current and future taxable net income and reduce its income tax liabilities.
The Company reported Cost of Goods Sold of $274,000 for the year, an increase of $159,000 or 138% compared to $115,000 for 2010. CTD's cost of products sold as a percentage of sales was 26.5% and 14.5% for 2011 and 2010, respectively. This increase was due largely to a single high COGS transaction. Absent this sale, cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) as a percentage of sales for 2011 was 15.7%.
The Company's personnel expenses decreased 4% to $344,000 for 2011, from $358,000 for 2010. Gross payroll also decreased 4% to $329,000 for 2011 from $374,000 for 2010. Beginning in April 2010, CTD self performed much of its pulse dryer installation and building renovations using its employees and capitalized its personnel costs directly related to these improvements, which reduced payroll expenses. The Company expects personnel costs to increase in 2012 as the result of reduced capitalized salaries into our construction projects and the addition of marketing and production personnel.
CTD reported net loss of ($98,000) for full year 2011 compared to a net loss of ($38,000) for 2010. CTD's cash and short-term investments was $127,000 as of December 31, 2011, compared to $107,000 as of December 31, 2010.
"Even in a year of building and investment we have been able to consistently turn in record sales and end the year financially strong going into 2012," commented CTD Holdings' President Dr. Jeffrey Tate, "With our manufacturing facility in full operation and increasing visibility for the applications of cyclodextrin technology we expect continued strong growth as we shift our focus to sales and revenue in the coming year."
About the Company:
The CTD Holdings, Inc. Family of Companies manufacture and market Trappsol® and Aquaplex cyclodextrins and cyclodextrin complexes for food, nutrition and pharmaceutical markets. NanoSonic Products, Inc. operates the world's only cGMP pulse drying facility for the production of pharmaceutical grade Aquaplex cyclodextrin complexes. The companies offer a wide variety of cyclodextrin related manufacturing services to its worldwide customers; including custom formulation, manufacturing, and commercial scale supply of pharmaceutical grade cyclodextrin complexes.
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CTD HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS |
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| ASSETS | ||
| December 31, | ||
| 2011 | 2010 | |
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 127,077 | $ 106,753 |
| Accounts receivable, net | 46,365 | 78,962 |
| Inventory | 142,017 | 175,364 |
| Other current assets | 820 | 5,132 |
| Total current assets | 316,279 | 366,211 |
| PROPERTY AND EQUIPMENT, NET | 1,722,116 | 1,330,973 |
| OTHER ASSETS | ||
| Property held for sale | 512,319 | -- |
| Deferred tax asset | 225,000 | 225,000 |
| Deferred costs, net of accumulated amortization of | ||
| $11,453 and $7,000, respectively | 14,551 | 9,500 |
| Total other assets | 751,870 | 234,500 |
| TOTAL ASSETS | $ 2,790,265 | $ 1,931,684 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable and accrued expenses | $ 528,987 | $ 90,015 |
| Line of credit | 96,251 | -- |
| Current portion of long-term debt | 27,217 | 12,606 |
| Total current liabilities | 652,455 | 102,621 |
| LONG-TERM LIABILITIES | ||
| Long-term debt, less current portion | 713,338 | 426,369 |
| STOCKHOLDERS' EQUITY | ||
| Common stock, par value $.0001 per share, | ||
| 100,000,000 shares authorized, 36,575,070 and | ||
| 35,408,822 shares issued and outstanding, respectively | 3,657 | 3,540 |
| Preferred stock, par value $.0001 per share, | ||
| 5,000,000 shares authorized; | ||
| Series A, 1 share issued and outstanding | -- | -- |
| Additional paid-in capital | 3,831,636 | 3,712,208 |
| Accumulated deficit | (2,410,821) | (2,313,054) |
| Total stockholders' equity | 1,424,472 | 1,402,694 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,790,265 | $ 1,931,684 |
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CTD HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS |
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Year Ended December 31, |
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| 2011 | 2010 | |
| REVENUES | ||
| Product sales | $ 1,031,849 | $ 793,404 |
| Consulting income | -- | 8,968 |
| 1,031,849 | 802,372 | |
| EXPENSES | ||
| Personnel | 343,633 | 358,460 |
| Cost of products sold | ||
| (exclusive of depreciation and | ||
| amortization, shown separately below) | 273,756 | 114,660 |
| Consulting | 121,472 | 82,450 |
| Professional fees | 178,177 | 147,705 |
| Office and other | 145,369 | 74,832 |
| Amortization and depreciation | 32,747 | 20,940 |
| Freight and shipping | 10,953 | 15,191 |
| 1,106,107 | 814,238 | |
| LOSS FROM OPERATIONS | (74,258) | (11,866) |
| OTHER INCOME (EXPENSE) | ||
| Investment and other income | 2,299 | 3,643 |
| Interest expense | (25,808) | (4,305) |
| Total other income (expense) | (23,509) | (662) |
| LOSS BEFORE INCOME TAXES | (97,767) | (12,528) |
| PROVISION FOR INCOME TAXES | -- | (25,000) |
| NET LOSS | $ (97,767) | $ (37,528) |
| NET LOSS PER COMMON SHARE | $ (0.01) | $ (0.01) |
| WEIGHTED AVERAGE NUMBER OF | ||
| COMMON SHARES OUTSTANDING | 35,807,497 | 33,710,809 |
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CTD HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS |
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Year Ended December 31, |
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| 2011 | 2010 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | $ (97,767) | $ (37,528) |
| Adjustments to reconcile net loss to net | ||
| cash provided by operating activities: | ||
| Depreciation and amortization | 32,747 | 20,940 |
| Provision for doubtful accounts | (6,000) | 6,000 |
| Stock compensation to consultants | 88,888 | 69,000 |
| Stock compensation to employees | 27,294 | 93,988 |
| Deferred income taxes | -- | 25,000 |
| Other | -- | 9,894 |
| Increase or decrease in: | ||
| Accounts receivable | 38,597 | (44,537) |
| Inventory | 33,347 | 9,898 |
| Other current assets | 4,312 | (5,132) |
| Accounts payable and accrued expenses | 64,363 | 62,339 |
| Total adjustments | 283,548 | 247,390 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 185,781 | 209,862 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of property and equipment | (553,784) | (442,676) |
| Payment of deferred costs | -- | (6,500) |
| NET CASH USED IN INVESTING ACTIVITIES | (553,784) | (449,176) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from long-term debt | 325,000 | -- |
| Proceeds from line of credit | 96,251 | -- |
| Proceeds from sale of stock | -- | 7,751 |
| Payments on long-term debt | (23,420) | (1,025) |
| Loan costs | (9,504) | -- |
| Payments received on stockholder loan | -- | 469 |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 388,327 | 7,195 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 20,324 | (232,119) |
| CASH AND CASH EQUIVALENTS, beginning of period | 106,753 | 338,872 |
| CASH AND CASH EQUIVALENTS, end of period | $ 127,077 | $ 106,753 |
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SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES |
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| Acquisition of land and building with debt | $ -- | $ 440,000 |
| Common stock awards capitalized as equipment | $ 3,363 | $ -- |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
| Cash paid for interest | $ 39,215 | $ 4,305 |
| Cash paid for income taxes | $ -- | $ -- |
Safe Harbor Statement:
This news release contains "forward-looking statements" about the Company's anticipated growth. You are cautioned that such statements are subject to risks and uncertainties and that could cause actual results to differ materially from those projected in the forward-looking statements, such as the Company's ability to obtain additional capital to expand operations as planned. The above forward-looking statements are made as of the date above; CTD Holdings, Inc. accepts no specific responsibility for updating such statements.
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