LAS VEGAS, Nov. 14, 2013 /PRNewswire/ -- Cord Blood America, Inc. (www.cordblood-america.com) (OTC Bulletin Board: CBAI) ("CBAI" or the "Company") today announced financial results for the quarter ended September 30, 2013.
Third Quarter and YTD 2013 Highlights from Continuing Operations
- Third quarter recurring revenues increased 8% to $684,374 compared to the year ago period.
- Cash provided by operations increased 247% to $333,034 for the nine months ended September 30, 2013. This compares with the loss of $227,064 in the year ago period.
- Cash balance increased $201,484 from the beginning of 2013 to $595,316 or 52%.
- EBITDA from US Operations increased 33% in the third quarter to $160,660 compared to $120,311 in the year ago period.
"During the third quarter we continued to see our core US operations, which accounts for approximately 65% of our revenue, drive strong EBITDA growth from the increasing base of recurring revenue now totaling approximately $600,000. This has allowed us to make significant increases in our marketing initiatives, targeting high ROI programs to drive future growth. This also correlates to our new cord tissue product offering we launched earlier this year in which we saw approximately 58% of customers in the third quarter store both the traditional cord blood and cord tissue, increasing future annual recurring storage revenue by 56% per customer," said Joseph Vicente, President of CBAI. Mr. Vicente continued, "BioCells located in Argentina, continues to see inflationary pressures with costs up 15% year over year. The number of units processed remain steady which continues to grow our recurring base and a concentrated effort to expand our margins to historical levels has been put in place."
For the three months ended September 30, 2013, total revenue decreased to approximately $1.49 million from $1.51 million, a decrease of 2% over the same period of 2012. Recurring revenue increased approximately 8% from the year ago period.
For the period ending September 30, 2013, the company had $0.60 million in cash, an increase of 61% from $0.39 million at December 31, 2012. The Company currently collects cash receipts from operations through Cord and BioCells. During the nine month period ended September 30, 2013 there was no increase in notes payable for purposes of working capital or investment in affiliate companies and represents six consecutive quarters without receiving any external financing. Net cash provided by operating activities for the nine month period ending September 30, 2013 was $0.33 million, versus a net use of cash of $0.23 million from the prior comparative period of 2012, an improvement of $0.60 million or 247%. Net cash used in investing activities decreased by $0.13 million. Net cash provided by financing activities decreased $0.43 million from the prior comparative period ending September 30, 2012. The Company did not have any financing activities during the nine month period ending September 30, 2013, and cash flow from operations continue to be sufficient to fund operations.
About Cord Blood America
Cord Blood America, Inc. is the parent company of CorCell, Companies, Inc. which, along with Cord Blood America, Inc., facilitates umbilical cord blood and cord tissue stem cell processing and storage for expectant parents and their children. Collected through a safe and non-invasive process, cord blood stem cells offer a powerful and potentially life-saving resource for treating a growing number of ailments, including cancer, leukemia, blood, and immune disorders. To find out more about Cord Blood America, Inc. and CorCell Companies, Inc., visit our websites: http://www.cordblood-america.com/ for investor information and http://www.corcell.com/ for customer information.
Some statements made in this press release are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect,'' "future," "intend," "plan," and similar expressions to identify forward-looking statements. These statements including those related to the growth of the industry, new stem cell treatments, and Cord Blood America Inc.'s performance, are only predictions and are subject to certain risks, uncertainties and assumptions. Additional risks are identified and described in the Company's public filings with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
Web Site: http://www.cordblood-america.com
SOURCE Cord Blood America, Inc.