Cell Robotics Reports First-Quarter Results.ALBUQUERQUE, N.M.--(BW HealthWire)--May 11, 1998--Cell Robotics International, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CRII CRII Cooperative Research in Information Infrastructure CRII Customer Returns Improvement Initiative ) today announced its financial results for the first quarter ended March 31, 1998. The Company's revenues increased 77.8% to $456,094, compared to $256,518 as of March 31, 1997. Gross profit more than doubled and 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. decreased $88,818, or 14.9%, over last year's first quarter. As a result, the first quarter of 1998 resulted in a net loss of $294,712, or $(.06) per share, on 5,125,414 shares outstanding. This represents a 39.5% reduction as compared to a net loss of $487,439, or $(.10) per share, in the first quarter 1997 on 5,004,747 shares outstanding. In February 1998, CRII completed a secondary offering (see FORM 10-QSB EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. file) resulting in gross proceeds of $3,795,000. After consideration of the Underwriter's commission and discount and other offering costs, net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company were approximately $3.0 million. CRII used $500,000 to repay a short-term loan concurrent with the offering. Primarily as a result of the offering, the Company's liquidity and capital resources were enhanced during the three-month period ended March 31, 1998. The balance sheet was strong with a current ratio of 5.4:1, with cash and cash equivalents of $2,591,000, several times the total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of $685,585. Shareholder equity was $3,225,854. The company has no long-term indebtedness. "We are pleased with the first quarter increase in sales and the decrease in the loss. Most of the sales increase was due to heightened demand for our Cell Robotics Workstation. Although the first-quarter sales included small contributions from both the Lasette and the IVF IVF in vitro fertilization. IVF abbr. in vitro fertilization IVF 1 In vitro fertilization, see there 2. Intravascular fluid Workstation, it will be third quarter and fourth quarter before these new products make substantial contributions to sales growth," said Dr. Ronald K. Lohrding, President 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. . Cell Robotics develops, manufactures and markets medical and research laser devices. The original core technology is a biotechnology research instrument, the Cell Robotics Workstation, which includes the patent-protected LaserTweezers(R), a product that uses laser light to manipulate cells, chromosomes and DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. molecules for research in cell biology Cell biology The study of the activities, functions, properties, and structures of cells. Cells were discovered in the middle of the seventeenth century after the microscope was invented. , neuroscience neu·ro·sci·ence n. Any of the sciences, such as neuroanatomy and neurobiology, that deal with the nervous system. neuroscience the embryology, anatomy, physiology, biochemistry and pharmacology of the nervous system. , cancer and plant science. Cell Robotics has the only FDA-cleared laser device to nearly painlessly draw blood for glucose testing in diabetic patients. The Lasette uses laser light to produce a small hole in the fingertip fin·ger·tip n. The extreme end or tip of a finger. for capillary blood collection. The U.S. launch of this product will be at the American Diabetes Association The American Diabetes Association, or the ADA, is an American health organization providing diabetes research, information and advocacy. Founded in 1940, the American Diabetes Association conducts programs in all 50 states and the District of Columbia, reaching hundreds of meeting June 13 to 16 in Chicago. On May 7, CRII signed a distribution agreement with C.A. Continentals, Inc. (CAC See Consumer Advisory Council. ) to distribute the Lasette in China. The CAC sales forecast Sales forecast A key input to a firm's financial planning process. External sales forecasts are based on historical experience, statistical analysis, and consideration of various macroeconomic factors. for the first three years are 2,000, 4,000 and 9,000 units, respectively. Discussions with other high-quality worldwide distributors are continuing. On May 5, 1998, CRII announced the first two pregnancies resulting from the FDA-cleared clinical trial. The proprietary In Vitro Fertilization in vitro fertilization (vē`trō, vĭ`trō), technique for conception of a human embryo outside the mother's body. Several ova, or eggs, are removed from the mother's body and placed in special laboratory culture dishes (Petri dishes); (IVF) Workstation is computer-controlled to enhance the diagnosis of eggs and embryos before they are chosen for fertilization fertilization, in biology, process in the reproduction of both plants and animals, involving the union of two unlike sex cells (gametes), the sperm and the ovum, followed by the joining of their nuclei. or implantation implantation /im·plan·ta·tion/ (im?plan-ta´shun) 1. attachment of the blastocyst to the epithelial lining of the uterus, its penetration through the epithelium, and, in humans, its embedding in the stratum compactum of the into the mother, and incorporates sperm injection and laser-assisted hatching. Already cleared for sale in Europe, the IVF Workstation will be displayed June 20-24 at the annual European Society of Human Reproduction and Endocrinology in Sweden. NOTE: Except for the historical information contained herein, the statements made in this release constitute forward-looking statements that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including the availability of components and supplies, the volume of sales of instruments by the Company and the ability of the Company to successfully manage its various contracts and the other factors detailed from time to time in the Company's reports on file with the Securities and Exchange Commission. -0-
CELL ROBOTICS INTERNATIONAL, INC. AND SUBSIDIARY
Consolidated Balance Sheets
As of As of
3/31/98 12/31/97
ASSETS
Current assets:
Cash and cash equivalents $ 2,591,900 $ 623,572
Accounts receivable, net of
allowance for doubtful
accounts of $1,841 477,786 223,856
Inventory 535,013 586,033
Other 69,904 36,089
Total current assets 3,674,603 1,469,550
Property and equipment, net 179,710 194,654
Deferred offering costs 0 248,372
Other assets, net 57,126 67,271
$ 3,911,439 $1,979,847
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 290,215 $ 603,153
Payroll-related liabilities 127,850 149,726
Royalties payable 183,278 193,150
Other current liabilities 84,242 88,941
Total current liabilities 685,585 1,034,970
Short-term loan refinanced subsequent to
balance sheet date 0 500,000
Total liabilities 685,585 1,534,970
Stockholders' equity:
Preferred stock, $.04 par value.
Authorized 2,500,000 shares,
538,788 units and no shares
issued and outstanding at
March 31, 1998, and Dec. 31, 1997,
respectively 21,551 0
Common stock, $.004 par value.
Authorized 12,500,000 shares,
5,045,414 and 5,245,414 shares
issued and outstanding at
March 31, 1998, and Dec. 31, 1997,
respectively 20,182 20,982
Additional paid in capital 17,329,681 14,037,243
Accumulated deficit (14,145,560) (13,613,348)
Total stockholders' equity 3,225,854 444,877
$ 3,911,439 $ 1,979,847
See accompanying notes to financial statements in the EDGAR File.
CELL ROBOTICS INTERNATIONAL, INC. AND SUBSIDIARY
Consolidated Statements of Operations
March 31, 1998 March 31, 1997
Product sales $ 414,275 $ 256,518
Research and development grants 41,819 0
Total revenues 456,094 256,518
Product cost of goods sold (222,439) (172,450)
SBIR direct expenses (41,819) 0
Total cost of goods sold (264,258) (172,450)
Gross profit 191,836 84,068
Operating expenses:
General and administrative 209,081 182,766
Marketing and sales 153,896 165,007
Research and development 142,430 246,452
Total operating expenses 505,407 594,225
Loss from operations (313,571) (510,157)
Other income (deductions):
Interest income 18,927 15,954
Interest expense (68) (436)
Other 0 7,200
Total other income 18,859 22,718
Net loss $ (294,712) $ (487,439)
Net loss per common share,
basic and diluted $ (0.06) $ (0.10)
Weighted average common shares
outstanding, basic and diluted 5,125,414 5,004,747
See accompanying notes to financial statements in the EDGAR File.
CONTACT: Newport Capital Consultants, Inc. Gary Bryant, 760/360-2326 or Craig Rogers Craig Rogers is a Gaelic football player from Laois in Ireland. He can play in both attack and defence and in 2003 was captain of the Laois team that won the All-Ireland Minor Football Championship title for the first time since 1997. , 719/590-1793 |
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