Competitive Technologies Reports Increased Profits for First Quarter Fiscal 2005

Dec 13, 2004, 00:00 ET from Competitive Technologies, Inc.

    FAIRFIELD, Conn., Dec. 13 /PRNewswire-FirstCall/ -- Competitive
 Technologies, Inc. (Amex:   CTT) today announced profitable results for its
 fiscal first quarter for the three months ended October 31, 2004.
     Revenues for first quarter of fiscal 2005 increased to $2.4 million
 compared with $1.4 million for first quarter of fiscal 2004. CTT's net income
 for first quarter of fiscal 2005 was $1.0 million, $0.14 per share, compared
 with the net income for first quarter of fiscal 2004 of $0.3 million, $0.06
 per share.
     "Our first quarter results reflect the continued profitability we achieved
 in 2004 as well as a strong revenue stream," said John B. Nano, CTT's
 President and CEO. "Revenues are up for first quarter fiscal 2005 versus 2004,
 including a substantial increase in royalties collected for past and current
 homocysteine assays and the stock dividend from MelanoTan Corporation. Our
 aggressive licensing program for the patented homocysteine assay will further
 strengthen our recurring revenue as we proceed through fiscal 2005. Our
 financial strength, driven by profits, continues to increase and shareholders'
 interest is now at $6.2 million."
     "CTT continues to leverage near term opportunities while executing our
 longer term strategy for sustained growth," stated Mr. Nano. "We are
 proactively marketing our portfolio of innovative technologies including the
 homocysteine assay, video compression and decoding technology, the sexual
 dysfunction therapeutic, the sunless tanning technology, the nanotechnology
 bone biomaterial, silicon carbide wafer testing, encryption technology, an
 anti-cancer compound and the Therapik(R) medical device. With the most
 experienced management team in the company's history we are exploiting our
 technology licensing market opportunities to build profitable recurring
 revenue streams that will drive shareholder value."
     About Competitive Technologies, Inc.
     Competitive Technologies, established in 1968, is a full service
 technology transfer and licensing provider focused on the technology needs of
 its customers and transforming those requirements into commercially viable
 solutions. CTT is a global leader in identifying, developing and
 commercializing innovative technologies in life, digital, nano, and physical
 sciences developed by universities, companies and inventors. The global market
 for technology transfer services is estimated at $150 billion annually. CTT
 maximizes the value of intellectual assets for the benefit of its customers,
 clients and shareholders. Visit CTT's website:
     Statements about our future expectations, including development and
 regulatory plans, and all other statements in this document other than
 historical facts are "forward-looking statements" within the meaning of
 applicable Federal Securities Laws, and are not guarantees of future
 performance. These statements involve risks and uncertainties inherent in our
 business, including those set forth in Item 7 under the caption "Risk
 Factors," in our most recent Annual Report on Form 10-K filed with the SEC on
 October 29, 2004, and other factors that may be described in our 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.
      Direct inquiries to:
      Johnnie D. Johnson, Strategic IR, Inc.
      Tel. (212) 754-6565; Fax (212) 754-4333
                         COMPETITIVE TECHNOLOGIES, INC.
                                AND SUBSIDIARIES
                           FIRST QUARTER FISCAL 2005
                (dollars in thousands, except per share amounts)
                                                     Quarter Ended October 31,
                                                      2004               2003
     Revenues                                       $2,431             $1,363
     Expenses                                        1,442              1,018
     Provision for income tax                           21                  0
     Net income                                       $968               $345
     Net income per share
         Basic                                       $0.15              $0.06
         Assuming dilution                           $0.14              $0.06
     Weighted average number of
       common shares outstanding:
         Basic (000)                                 6,400              6,201
         Assuming dilution (000)                     6,701              6,201
     Other Financial Data                     At October 31,        At July 31,
                                                      2004               2004
       Cash and cash equivalents                    $6,663             $4,310
       Total assets                                 $9,599             $6,681
       Total liabilities                            $3,392             $1,742
       Shareholders' interest                       $6,207             $4,939

SOURCE Competitive Technologies, Inc.