LAS VEGAS, Nov. 14, 2011 /PRNewswire/ -- Cord Blood America, Inc. (www.cordblood-america.com) (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells to families nationwide and internationally, today announced revenues for the nine months ended September 30, 2011 totaled $4.38 million, up 59 percent compared to revenues of $2.75 million in the same period in 2010. Revenues for the third quarter were up 56 percent to $1.49 million compared to revenues of $958,449 in the same quarter in 2010.
The Company announced that Gross Profit increased 75 percent in the third quarter and 91 percent to $3.01 million for the first nine months of 2011 compared to the same period in 2010. Cost of services as a percentage of revenues were down from 37 to 29 percent in the third quarter and down from 43 to 31 percent for the first nine months of 2011. Administrative and selling expenses were down 95 percent in the third quarter and the net loss decreased 48 percent in the third quarter and 36.5 percent or $3.2 million for the first nine months of 2011.
"Our operating loss was $494,000 in the third quarter of 2011, down from $1.7 million in the same period in 2010. EBITDA (earnings before interest, taxes, depreciation and amortization) for the three month period was $267,000, a true indicator of our improvement to operate the business at a break even basis," Matthew Schissler, co-founder and CEO, said.
“These results demonstrate strength in the three key areas on which we focus our efforts: revenues and gross profits are both up while expenses are down. We are very pleased with our third quarter results with 91% more gross profit for nine months of operating than this time last year, administration and selling expenses down 34% from same three month period last year, and our operating loss down over 72% compared to same period. More importantly, third quarter 2011 operating loss is down almost 45% from second quarter 2011, showing a huge expense reduction in just one quarter. We would urge investors and potential shareholders to view the complete 10Q filing at www.sec.gov," Mr. Schissler said.
About Cord Blood America
Cord Blood America is the parent company of CorCell, which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Its mission is to be the most respected stem cell preservation company in the industry. 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., visit our website at http://www.corcell.com/. For investor information, visit http://www.cordblood-america.com/.
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 the Cord Blood America'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.
E & E Communications
SOURCE Cord Blood America, Inc.