CHAD Therapeutics Reports Another Strong Sales Quarter.Business Editors & Health/Medical Writers CHATSWORTH, Calif.--(BUSINESS WIRE)--Nov. 1, 2001 CHAD Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. Inc. (AMEX AMEX See: American Stock Exchange :CTU CTU Colorado Technical University CTU Czech Technical University in Prague CTU Counter Terrorist Unit CTU Clinical Trials Unit CTU Catholic Theological Union CTU Chicago Teachers Union CTU Computer Training Unit CTU Control Unit ), producer and distributor of oxygen- conserving con·serve v. con·served, con·serv·ing, con·serves v.tr. 1. a. To protect from loss or harm; preserve: devices and oxygen systems used by pulmonary pulmonary /pul·mo·nary/ (pool´mo-nar?e) 1. pertaining to the lungs. 2. pertaining to the pulmonary artery. pul·mo·nar·y adj. Of, relating to, or affecting the lungs. patients who need supplementary oxygen, today announced operating results for the second quarter ended Sept. 30, 2001. Sales for the quarter were $5,106,000, an increase of $1,972,000 or 63 percent over the same quarter last year. For the six months ended Sept. 30, sales increased to $9,953,000, an increase of $3,854,000, also up 63 percent from the same period last year. The company's net earnings for the second quarter were $67,000 (1 cent per share) compared with a loss of $685,000 (7 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) for the same quarter last year. For the six months ended Sept. 30, net earnings were $80,000 (1 cent per share) compared with a loss of $1,405,000 (14 cents per share) for the previous year. At Sept. 30, 2001, the company had fully utilized its net operating loss carrybacks Net operating loss carrybacks The application of losses to offset earnings in previous years. and has approximately $3,937,000 and $3,009,000 in Federal and California net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. , respectively, available to offset future taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. . Thomas E. Jones, chief executive officer, stated, "The sales increase this quarter represents the second consecutive strong quarterly increase and was led by a 94 percent increase in domestic sales. This was generated primarily from sales of the new OXYMATIC(R) 400 series conservers, which were introduced during the past fiscal year. We are encouraged by these results and currently believe this trend should continue for the balance of the current fiscal year. "In addition, our performance may be enhanced by additional products under development that are designed to further improve our competitive position, including the SEQUOIA sequoia (sĭkwoi`ə), name for the redwood (Sequoia sempervirens) and for the big tree, or giant sequoia (Sequoiadendron giganteum), both huge, coniferous evergreen trees of the bald cypress family, and for extinct related species. (TM) line of OXYMATIC(R) 300 series conservers that was announced in October 2001. This new line of conservers brings the technology of the popular OXYMATIC(R) 400 series conservers to a stand-alone conserver con·serve v. con·served, con·serv·ing, con·serves v.tr. 1. a. To protect from loss or harm; preserve: that does not contain a built-in regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. . The introduction of the SEQUOIA conservers represents another step in the execution of CHAD's strategy to provide the home oxygen industry with the widest selection of conservers on the market." Jones further stated, "While sales were temporarily affected by the events of September 11, 2001, sales activity in the month of October leads us to believe that these events will not have a long- term impact on CHAD." The foregoing statements regarding prospects for future earnings, future sales trends for the OXYMATIC 400 series conservers and the SEQUOIA conservers and the introduction of products under development are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks and uncertainties. A number of important factors could cause actual results to differ materially from those contemplated by such forward-looking statements. These include the loss of one or more major customers, increased competition and the ability to anticipate and respond to technological and economic changes in the home oxygen market. Moreover, the success of the OXYMATIC 400 series conservers, the SEQUOIA conservers, and products under development will depend on the health-care community's perception of the products capabilities and benefits, the degree of acceptance the products achieve among home-care providers and, with respect to products under development, obtaining timely regulatory approval. Additional factors that could cause actual results to differ materially from those contemplated in this news release can be found in the company's annual and quarterly reports filed with the Securities and Exchange Commission under the caption "Outlook: Issues and Risks."
CHAD Therapeutics Inc.
Selected Financial Data
Sept. 30, 2001
Six Months Ended Three Months Ended
Sept. 30, Sept. 30,
2001 2000 2001 2000
Net Sales $9,953,000 $6,099,000 $5,106,000 $3,134,000
Interest Income, Net 31,000 39,000 17,000 28,000
Earnings (Loss) before
Income Taxes 83,000 (1,405,000) 69,000 (685,000)
Net Earnings (Loss) 80,000 (1,405,000) 67,000 (685,000)
Basic Earnings (Loss)
Per Share .01 (.14) .01 (.07)
Diluted Earnings (Loss)
Per Share .01 (.14) .01 (.07)
Balance as of
Sept. 30,
2001 2000
Cash $ 1,423,000 $ 1,824,000
Total Assets 11,552,000 12,198,000
Shareholders' Equity $ 9,291,000 $ 10,809,000
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion