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
"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: http://www.competitivetech.net
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.
FIRST QUARTER FISCAL 2005
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
Quarter Ended October 31,
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,
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.