Corgenix Reports Second Quarter Fiscal 2007 Financial Results.BROOMFIELD, Colo. -- Corgenix Medical Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CONX), a worldwide developer and marketer of diagnostic test kits, reported sales of $1,684,811 for the second fiscal quarter ended December 31, 2006, compared with $1,580,883 for the quarter ended December 31, 2005, an increase of 6.6%. For the six months ended December 31, 2006, Corgenix reported sales of $3,378,923, compared with $3,215,836 for the six-month period the year prior. The second 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 $435,039 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 $83,919 for the second quarter of fiscal 2006. The net loss for the quarter was $908,121, or $0.08 per share, compared with a net loss of $260,527, or $0.03 per share, in the year-earlier quarter. The current quarter's net loss is due in part to significant non-operating and non-cash charges 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 in addition to an increase in 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. . The six months ended December 31, 2006, produced an operating loss of $703,009, compared with operating income of $297,681 for the six-month period the year prior. The net loss for the six months ended December 31, 2006, was $1,751,324, or $0.15 per share, compared with a net loss of $384,635, or $0.04 per share, for the comparable period in fiscal 2005. The net loss incurred during the first half of fiscal 2007 included a substantial increase in operating expenses, much of which were non-recurring expenditures due to the Company's headquarter head·quar·ter v. head·quar·tered, head·quar·ter·ing, head·quar·ters Usage Problem v.tr. To provide with headquarters: relocation in July, in addition to the aforementioned significant non-operating and non-cash charges attributable to the recent convertible debt financing. "The Company continued to increase its momentum, producing yet another quarter of increased revenue," 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. "We also remained focused on product expansion and the strengthening of our IP portfolio with the addition of the latest AtherOx[TM] patent, which was issued shortly after the end of the quarter." "With solid and consistent core-product growth, as well as having the AspirinWorks([R]) assay, a key product in the later stages of the clearance process at 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. , we are looking forward to enhanced near-term and, most notably, long-term financial results for Corgenix," Mr. Simpson concluded. Second Quarter 2007 Conference Call Details Corgenix invites all those interested in hearing management's discussion of second quarter results, on Wednesday, February 14, 2007, at 4:00 PM EST EST electroshock therapy. EST abbr. electroshock therapy (2:00 PM MST See micro systems technology. ), to join the call by dialing 877-407-8033. International participants may access the call by dialing 201-689-8033. A replay will be available for one week following the call by dialing 877-660-6853 for domestic participants and 201-612-7415 for international participants and entering account number 286 and conference ID number 230312 when prompted. Participants may also access a live webcast of the conference call through the investor relations Investor relations The process by which the corporation communicates with its investors. section of Corgenix's website, www.corgenix.com. The webcast will be available until May 14, 2007. About Corgenix Medical Corporation Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases 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 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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