CardioTech International, Inc. Announces Year End and Fourth Quarter Results.WOBURN, Mass.--(BW HealthWire)--June 4, 1997--CardioTech International, Inc. (AMEX AMEX See: American Stock Exchange :CTE (Coefficient of Thermal Expansion) The difference between the way two materials expand when heat is applied. This is very critical when chips are mounted to printed circuit boards, because the silicon chip expands at a different rate than the plastic board. ) today reported a net loss for the fiscal year ended March 31, 1997, was $1,655,574, or $0.42 per share, compared with a net loss of $2,188,030, or $0.77 per share, for the year ended March 31, 1996. The net loss for the fourth quarter ended March 31, 1997, was $436,414, or $0.10 per share, as compared to a net loss of $1,445,406, or $0.51 per share for the corresponding quarter last year. For the fiscal year ending March 31, 1997, research revenues were $570,676, an increase of 149% compared to $228,806 for the year ended March 31, 1996. Research revenues for the Company for the fourth quarter were $69,216, a decrease of 19%, compared to research revenues of $85,496 for the corresponding quarter last year. For the fiscal year ended March 31, 1997, total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $1,934,623, an increase of 36%, compared to $1,423,602 for the fiscal year ended March 31, 1996. Total operating expenses for the fourth quarter were $534,515, a decrease of 0.6%, compared to $537,668 for the corresponding quarter last year. Other income and expenses for the year end March 31, 1997 were expenses of $291,627, a decrease of 71%, compared to expenses of $993,234 for the year end March 31, 1996. Other income and expenses for the fourth quarter ended March 31, 1997 were income of $28,885 compared to expenses of $993,234 in the comparable period of 1996. "The results of the first year as a stand alone company were well within our expectations. We expect our losses to increase modestly over the short term as we move forward in the clinical trials of VascuLink(TM) our vascular access vascular access Clinical medicine The ability to enter the vascular system; the ease with which the vascular system can be entered for administering therapy or obtaining blood for testing graft graft, in surgery: see transplantation, medical. graft In horticulture, the act of placing a portion of one plant (called a bud or scion) into or on a stem, root, or branch of another (called the stock) in such a way that a union forms and the ," remarked Dr. Michael Szycher, Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Common Stock outstanding as of March 31, 1997 and March 31, 1996 was 4,272,916 and 2,831,941, respectively. The Company also announced that it will hold its Annual Meeting of Stockholders at the office of Mintz, Levin lev·in n. Archaic Lightning. [Middle English levene, levin; see leuk- in Indo-European roots.] , Cohn, Ferris, Glovsky and Popeo, P.C p.c. (post cibum), n a Latin phrase meaning “after meals”; the abbreviation may be used in prescription writing. ., 38th Floor, One Financial Center, Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New , at 10:00 a.m. on August 27, 1997. The Board of Directors has fixed the close of business on July 11, 1997 as the record date for the determination of stockholders entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to notice of, and to vote at, the Annual Meeting or any adjournment A putting off or postponing of proceedings; an ending or dismissal of further business by a court, legislature, or public official—either temporarily or permanently. or postponement thereof. CardioTech International, Inc., with operations in Woburn, Massachusetts Woburn (/'wu.bə(r)n/) is a city in Middlesex County, Massachusetts, USA. The population was 37,258 at the 2000 census. Woburn is the birthplace of Anglo-American scientist Benjamin Thompson, a.k.a. and Tarvin, Cheshire, United Kingdom, designs and manufactures polyurethane-based vascular vascular /vas·cu·lar/ (vas´ku-ler) 1. pertaining to vessels, particularly blood vessels. 2. indicative of a copious blood supply. vas·cu·lar adj. graft devices for the treatment of late-stage cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease . Additionally, the Company synthesizes and manufactures medical grade polyurethanes polyurethanes (pŏl'ēy  r`əthānz), group of plastics that may be either thermosetting or thermoplastic. Polyurethane can be made into both flexible and rigid foams. for use in the
development of implantable medical devices.
-0- The Company believes that this release may contain 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 are subject to risks and uncertainties. Such statements are based on management's current expectations. The forward-looking statements are based on management's current expectations and are subject to a number of factors that could cause actual results to differ materially from the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements, as a result of various factors, including but not limited to, the following: the timely development of products by the Company, the Company's ability to obtain financing to support its working capital needs, intense competition related to the development of synthetic grafts and difficulties inherent in developing synthetic grafts. As a result, the Company's further development involves a degree of risk. -0-
CardioTech International, Inc.
Consolidated Statements of Operations
Three Months Ended Year Ended
March 31, March 31, March 31, March 31,
1996 1997 1996 1997
Research Revenue $85,496 $69,216 $228,806 $570,676
Operating Expenses
Research and
Development 272,391 201,928 910,676 1,031,605
Selling, General and
Administrative 265,277 332,587 512,926 903,018
Total Operating
Expense $537,668 $534,515 $1,423,602 $1,934,623
Other Income and
Expenses
Spin Off Transaction
Cost (993,234) (993,234) (393,897)
Interest Income - 28,885 - 102,270
(993,234) 28,885 (993,234) (291,627)
Net Loss $(1,445,406) $(436,414) $(2,188,030) $(1,655,574)
Net Loss Per
Common Share $(0.51) $(0.10) $(0.77) $(0.42)
Weighted Average
Number of Shares
Outstanding 2,831,941 4,272,916 2,831,941 3,983,067
-0-
CardioTech International, Inc.
Consolidated Balance Sheets
ASSETS
Current Assets: March 31, 1996 March 31, 1997
Cash and Cash Equivalents
Accounts Receivable - Trade
Accounts Receivable - Other $504 $2,346,366
Prepaid - 8,292
- 93,218
Total Current Assets - 87,409
Property and Equipment, Net 504 2,535,285
Other Non-Current Assets
35,190 231,619
Total Assets - 15,883
$35,694 $2,782,787
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable
Accrued Expenses
Total Current Liabilities $ - $50,860
Stockholders' Equity: - 134,076
Preferred stock, $.01 par value, $ - $184,936
5,000,000 shares authorized
non issued or outstanding
Common stock, $.01 par value
20,000,000 shares authorized
2,831,491 and 4,272,916 issued
and outstanding at March 31, 1996
and March 31, 1997,
respectively $2,831 $42,729
Due to Parent 4,063,966 -
Additional Paid in Capital - 8,232,579
Accumulated Deficit (4,031,103) (5,686,675)
Cumulative Translation Adjustment - 9,218
Total Stockholders' Equity $35,694 $2,597,851
Total liabilities and stockholders'
equity $35,694 $2,782,787
CONTACT: CardioTech International John E. Mattern, 617/933-4772 |
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