Printer Friendly

CURATIVE TECHNOLOGIES, INC. ANNOUNCES SECOND QUARTER RESULTS

 EAST SETAUKET, N.Y., July 29 /PRNewswire/ -- Curative Technologies, Inc. (NASDAQ: CURE) today announced its financial results for the second quarter ended June 30, 1993.
 Net revenues for the second quarter of 1993 were a record $8.8 million, up 70 percent from $5.1 million reported in the second quarter of 1992. Additionally, this represents a 9 percent growth over the first quarter of 1993. Net loss for the second quarter was $1,167,000, or 12 cents per share, compared to a net loss of $2,033,000 or 21 cents per share, for the second quarter of 1992.
 Net revenues for the six months of fiscal 1993 were $16.8 million, exceeding revenues of $11.4 million for the first half of 1992 by 47 percent. The net loss for the six months of fiscal 1993 was $2,476,000 or 25 cents per share, compared with a net loss of $2,318,000 or 23 cents per share, for the same period last year.
 "We are extremely pleased with the performance of the company during the second quarter of 1993," said Russell B. Whitman, chairman, president and CEO. "Our Wound Care Unit continues to make significant progress in new Wound Care Center(R) development, increased patient flow and revenue growth, and improved operating margins. We are also pleased with the progress in developing wound programs in the subacute care nursing home market. The Biopharmaceutical Unit is also progressing with patient enrollment in the pivotal clinical trials for CT-102 in wound healing in the U.S. and Europe. Furthermore, we are encouraged by the preclinical research results of CT-112, our proprietary peptide, particularly in the area of anti-inflammation."
 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. 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)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Revenue $8,761 $5,145 $16,762 $11,403
 Cost and expenses:
 Cost of product sales
 and services 4,611 3,254 8,873 5,956
 Research and development 1,974 1,595 3,809 2,946
 Selling, general and
 administrative 3,592 2,580 7,018 5,372
 Total costs and expenses 10,177 7,429 19,700 14,274
 Loss from operations (1,416) (2,284) (2,938) (2,871)
 Interest income 145 229 319 495
 Net loss before
 minority interest (1,271) (2,055) (2,619) (2,376)
 Minority interest in net loss
 of consolidated subsidiary 104 22 143 58
 Net loss (1,167) (2,033) (2,476) (2,318)
 Net loss per common share $(.12) $(.21) $(.25) $(.23)
 Weighted average common
 shares outstanding 9,902 9,889 9,902 9,883
 Condensed Consolidated Balance Sheet
 (Dollars in thousands)
 6/30/93 12/31/92
 Assets
 Cash and cash equivalents $ 74 $ 736
 Marketable securities 12,729 17,773
 Other current assets 9,435 6,983
 Property and equipment (net) 3,191 2,636
 Other assets 926 946
 Total $26,355 $29,074
 Liabilities and Stockholders' equity:
 Current liabilities $6,227 $6,364
 Long-term debt 184 202
 Other liabilities 952 1,069
 Stockholders' equity 18,992 21,439
 Total $26,355 $29,074
 -0- 7/29/93
 /CONTACT: John C. Prior, chief financial officer of Curative Technologies, 516-689-7000, or Anthony J. Russo, Ph.D., or Rhonda Chiger of Noonan/Russo Communications, 212-696-4455, for Curative Technologies/
 (CURE)


CO: Curative Technologies, Inc. ST: New York IN: MTC SU: ERN

PS-TS -- NY009 -- 7116 07/29/93 08:40 EDT
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:Jul 29, 1993
Words:641
Previous Article:LYNTON GROUP, INC., REPORTS INCREASED SALES AND EARNINGS FOR THE THREE MONTHS AND NINE MONTHS ENDED JUNE 30, 1993
Next Article:ADT PRICES EQUITY AND DEBT OFFERINGS
Topics:

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