Corgenix Reports Record Revenue for First Quarter of Fiscal 2007.DENVER -- Corgenix Medical Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CONX), a worldwide developer and marketer of diagnostic test kits, reported sales of $1,694,112 for the first fiscal quarter ended September 30, 2006 compared with $1,634,953 for the quarter ended September 30, 2005, an increase of 3.6%. The first quarter of fiscal 2007 produced an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $267,970 compared with operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $213,762 for the first quarter of fiscal 2006. The net loss for the quarter was $843,203, or $0.08 per share, compared with a net loss of $124,108, or $0.01 per share, in the year earlier quarter. The current net loss is primarily due to significant non-operating and non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. attributable to the recent convertible debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay , which resulted in $497,124 (or $0.04per share) in non-cash charges to interest expense, and $135,206 (or $0.01 per share) in amortization of deferred financing costs, both relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the beneficial conversion features of the notes payable from the financing. In addition, the Company relocated its headquarters to a state-of-the-art facility in July 2006 and curtailed production for most of that month during the relocation process. During the first quarter 2007, Corgenix was again named one of Colorado's 50 fastest growing technology companies in Colorado, in a list compiled by Deloitte & Touche. "During the quarter, the Company continued to benefit from strong sales demand for its main products," said Douglass Simpson, 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 Corgenix. "Given the fact that we halted production at the beginning of the quarter due to the relocation of our facility, we are quite pleased with our results. Our new facility provides us with increased production capabilities and efficiencies that will enable us to continue to expand our product offerings. Further, as our product offerings expand into key strategic markets, our sales have increased both domestically and internationally." Mr. Simpson concluded, "Also during the first quarter, we formulated new wellness and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. divisions, both of which, we expect, will offer excellent growth potential. The management team believes that we are on target for another strong year driven by new product expansion, the continued acceleration of our sales, and our new facilities that will support our growth." About Corgenix Medical Corporation Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases vascular diseases, n.pl diseases of the peripheral circulatory system. and bone and joint disorders. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience advancing products through the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. process. More information is available at www.corgenix.com. Statements in this press release that are not strictly historical facts are "forward looking" statements (identified by the words "believe", "estimate", "project", "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the company does not undertake any obligation to publicly update or revise any forward-looking statements. [TABLE OMITTED] [TABLE OMITTED] |
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