Commonwealth Biotechnologies, Inc. Posts Consecutive Profitable Quarters; Closes 2003 with Positive Cash Flow; Company Announces New Contract Signings.Business Editors/Health/Medical Writers BIOWIRE2K RICHMOND, Va.--(BUSINESS WIRE)--Feb. 4, 2004 Commonwealth Biotechnologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap Market: CBTE), a life sciences contract research organization and biotechnology company today released its unaudited financial reports for the 4th quarter and for its fiscal year ending December 31, 2003. The Company's 10-KSB is expected to be released on or about March 30, 2004. The Company continues to tightly control its expenses and showed a modest profit for the fourth quarter of 2003, which is the second consecutive quarter of profitability. For the fourth quarter, the Company reported revenues of $1.34 million, which compares to revenues of $ 960,000 for the same period in 2002. For the fourth quarter, the Company reported net income of about $13,000, which represents a positive swing of approximately $ 400,000, compared to the same period in 2003, when the Company posted a loss of approximately $ 393,000. For the 2003 year, the Company expects to record a loss of approximately $ 81,000 on $ 5.1 million in gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. , compared to a loss in 2002 of $ 625,726 on $ 4.4 million in gross sales. Of equal importance, the Company realized positive cash flows from operations of approximately $240,000. "CBI CBI abbr. cumulative book index CBI Confederation of British Industry CBI n abbr (= Confederation of British Industry) → C.E.O.E. continues to sign new contracts in our core business areas of bio-defense, clinical trial lab support, and comprehensive platform technology services," said explained Dr. Robert B. Harris, 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. of CBI. "We have numerous pending high dollar contracts with federal agencies and private companies and continue to compete quite effectively for new bio-defense and private sector contracts. In January, the Company signed contracts valued at $ 425,000, all of which the Company expects will be realized this year. " "CBI continues to perform well in a difficult environment for the biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. sector," added Dr. Richard J. Freer, Chairman and COO of CBI. "The Company is lean and productivity has never been higher. Further, several new business initiatives planned for 2004 are expected to enhance CBI's client and revenue base. CBI's patent portfolio is also increasing, with new US and Japanese patents and a Notice of Allowance for binding peptides of endotoxin Endotoxin A biologically active substance produced by bacteria and consisting of lipopolysaccharide, a complex macromolecule containing a polysaccharide covalently linked to a unique lipid structure, termed lipid A. . We continue to seek development partners for our patented technologies. We are looking forward to 2004." About CBI Founded in 1992, CBI is located at 601 Biotech Drive, Richmond, VA 23235 (1-800-735-9224). CBI has provided comprehensive research and development services to more than 2,700 private, government, and academic customers in the global biotechnology industry. For more information, visit CBI on the web at www.cbi-biotech.com. Any statements contained in this release that relate to future plans, events or performance 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 risks and uncertainties as identified in the Company's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. No statement herein should be considered an offer of any securities. Readers are cautioned not to place undo To restore the last editing operation that has taken place. For example, if a segment of text has been deleted or changed, performing an undo will restore the original text. Programs may have several levels of undo, including being able to reconstruct the original data for all edits reliance on these forward-looking statements, which speak only as the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Specifically, there can be no guarantee that CBI will continue to see positive trends in financial performance. In addition, there can be no guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. that CBI will compete effectively for additional contracts or obtain additional patent issuances. A number of factors, including customer demand, industry trends, armed conflict, and terrorist activities, could alter these trends referenced herein. The Company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
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