WESTON, Fla., Aug. 16, 2011 /PRNewswire/ -- American Scientific Resources, Inc. ("American Scientific Resources" – OTCQB: ASFX) today announced that sales in the second quarter 2011 ending June 30, increased 61.5 percent compared to the similar quarter one year ago.
The company reported net sales of $222,129 for the quarter ending June 30, 2011, compared to net sales of $137,528 for the same quarter a year ago. Additionally, the company's gross profit for the quarter increased 484.1% to 79,556 compared to a loss of 20,711 in the same quarter one year ago. Since the company is in its transitional period to what it believes will be significant growth, the net loss applicable to common shareholders increased 392.4% to $4,009,697 compared to a net loss of $814,298 for the similar quarter one year ago, or a loss of $.30 per share compared to a loss of $0.09 per share quarter over quarter. The significantly higher net loss was primarily due to (i) the expensing of stock options issued to directors, employees and professional advisors, (ii) the charge resulting from triggered anti-dilution provisions within certain convertible debt agreements, (iii) fair value changes within derivative instruments, (iv) higher interest expenses, (v) higher other operating, sales and administrative expenses, offset by higher gross profits on sales of our products.
For the six month period ending June 30, 2011, the company reported sales of $323,375 a 3.3% increase over net sales for the six months one year ago of $313,151. The net loss for the six month period was $6,142,744 or $0.50 per share compared to $2,293,774 or $0.24 per share.
"While we hope to continue to improve our bottom line, we are very encouraged by the growing acceptance of the Kidz-Med products," said Dr. Christopher F. Tirotta, CEO and Chairman of American Scientific Resources. "Our sales for both the VeraTemp (consumer) and VeraTemp+ (institutional) non-contact thermometers are growing as we expand our distribution into retail stores throughout the US. Additionally we are adding international distributors for the products as well and we believe the results of this expansion will be reflected in future quarters." Dr. Tirotta noted that the company's new Disintegrator Plus needle and lancet destruction device will begin to be introduced aggressively this fall and early in 2012, and "sales from those efforts should begin to be reflected in future quarters as well."
About American Scientific Resources, Inc.
American Scientific Resources, Inc. is a purpose-driven consumer product manufacturer specializing in the clinical, home healthcare, infant and juvenile products industries. The Company sources and designs innovative health and safety products, developing advanced technology and intellectual property. The Company's products, which include infrared thermometers and safe disposal systems for home use of sharps and needles associated with certain health care issues, are distributed through established relationships in-house and through an ever growing network of leading global healthcare distributors and retailers. Brands under the American Scientific Resources umbrella include Kidz-Med, Disintegrator Plus and VeraTemp.
Forward Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
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SOURCE American Scientific Resources, Inc.