Printer Friendly

CURATIVE TECHNOLOGIES, INC. ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

 EAST SETAUKET, N.Y., Feb. 11 /PRNewswire/ -- Curative Technologies, Inc. (NASDAQ: CURE) ("CTI") today announced results of operations for the fourth quarter and year ended Dec. 31, 1992.
 Total revenues for the fourth quarter of 1992 were $7.9 million, up 33 percent from $6 million reported in the fourth quarter of 1991. This represents quarterly record revenues for CTI. Net loss for the fourth quarter was $582,000, or $(0.06) per share, compared to a net loss of $331,000, or $(0.03) per share, in the year ago fourth quarter.
 Revenues for the full year 1992 amounted to $26.8 million, exceeding revenues of $19.6 million for the full year 1991 by 37 percent. Net loss for the year ended 1992 was $3.7 million or $(0.37) per share, compared to a net loss of $1.6 million, or $(0.20) per share, for the year ended 1991.
 "We are exceedingly pleased with the performance of our Wound Care Center(R) Division, which continues to forge a close working relationship with our hospital partners benefiting the hospitals, its patients, and allowing our Wound Care Center Division to continue to operate as a profitable entity," said Russell B. Whitman, chairman, president and CEO. "The 37 percent revenue growth achieved in 1992 includes a significant diversification of our revenue mix between products and services versus prior year, and positions us well for continued strong growth in 1993. In addition, Curative Wound Management Systems is making significant progress in the development of new programmatic approaches to wound care in out-patient facilities independent of hospitals and in sub-acute care in-patient facilities which should provide an additional platform for future growth."
 Mr. Whitman added, "Our investment in research and development totalled $6.6 million in 1992, an increase of $1.6 million over 1991 reflecting progress in both clinical and pre-clinical programs. We are very pleased to report that pivotal clinical trials for CT102 are underway in ten centers in the United States and either underway or beginning in over ten centers in six countries in Europe. In addition, we have just completed a double blind, placebo controlled, phase two, venous stasis ulcer trial using CT102 and expect to initiate expanded trials in the U.S. and Europe focusing on CT102 in venous stasis ulcers later this year. Finally, we are pleased with the progress being made in the pre-clinical development of our proprietary peptide, CT112 in both wound healing and cardiovascular applications."
 Curative Technologies, Inc. is a technology driven healthcare company that has established itself as a leader in wound healing by providing a range of specialty products and services to healthcare providers through a nationwide network of Wound Care Centers(R). The company is also engaged in the research, development, production and marketing of therapeutic products utilizing naturally occurring human growth factors.
 CURATIVE TECHNOLOGIES, INC. AND SUBSIDIARIES
 Selected Financial Information
 Condensed Consolidated Statement of Operations
 (Dollars in thousands, except per share data)
 Period Ended Three Months Year
 December 31, 1992 1991 1992 1991
 Revenue $ 7,943 $ 5,966 $ 26,830 $ 19,527
 Cost and expenses:
 Cost of product sales 1,604 1,193 5,608 3,610
 Research and
 development 1,827 1,629 6,667 5,079
 Marketing, general
 & administrative 5,337 3,900 19,368 13,506
 Total costs and
 expenses 8,768 6,722 31,643 22,195
 Loss from operations (825) (756) (4,813) (2,668)
 Interest income 186 327 998 718
 Net loss before
 minority interest (639) (429) (3,815) (1,950)
 Minority interest in net
 loss of consolidated
 subsidiary 57 98 166 359
 Net loss $ (582) $(331) $(3,649) $(1,591)
 Net loss per common share (.06) (.03) (.37) (.20)
 Weighted average common
 shares outstanding 9,894 9,846 9,889 8,085
 CURATIVE TECHNOLOGIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheet
 (Dollars in thousands)
 Period Ended December 31, 1992 1991
 Asset:
 Cash and cash equivalents $ 736 $18,919
 Marketable securities 17,773 5,963
 Other current assets 7,101 5,307
 Property and equipment (net) 2,636 1,515
 Other assets 822 755
 Total $29,068 $32,459
 Liabilities and Stockholders'
 Equity:
 Current liabilities $ 6,364 $ 5,779
 Long-term debt 202 343
 Other liabilities 1,069 1,280
 Stockholders' equity 21,433 25,057
 Total $29,068 $32,459
 -0- 2/11/93
 /CONTACT: John C. Prior, chief financial officer of Curative Technologies, 516-689-7000, or Anthony J. Russo, Ph.D., or Alexander A. Fudukidis, both of Noonan/Russo Communications, 212-979-9180, for Curative Technologies/
 (CURE)


CO: Curative Technologies ST: New York IN: HEA SU: ERN

TM-LD -- NY007 -- 5509 02/11/93 08:16 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 11, 1993
Words:772
Previous Article:KACTUS BLUE TO DISTRIBUTE POLAR FLEECE HATS
Next Article:CONDE NAST TRAVELER VALENTINE'S WEEKEND
Topics:


Related Articles
CURATIVE TECHNOLOGIES, INC. ANNOUNCES SECOND QUARTER RESULTS
CURATIVE TECHNOLOGIES, INC. ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
Curative Health Services Reports Fourth Quarter Results and Stock Repurchase Program.
Curative Health Services Reports First Quarter 1999 Results.
Curative Health Services Reports Second Quarter 1999 Results.
Curative Health Services Reports Third Quarter 1999 Results.
Curative Health Services Reports Fourth Quarter 1999 Results.
Curative Health Services Reports First Quarter 2000 Results.
Curative Health Services Reports Third Quarter 2000 Results.
Curative Reports Fourth Quarter Results And DOJ Initiates Settlement Discussions.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters