Printer Friendly

CURATIVE TECHNOLOGIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

   CURATIVE TECHNOLOGIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
    EAST SETAUKET, N.Y., Feb. 12 /PRNewswire/ -- Curative Technologies, Inc. (NASDAQ: CURE)(CTI) today announced results of operations for the fourth quarter and year ended Dec. 31, 1991.
    Total revenues for the fourth quarter of 1991 were $5,966,000, up 84.6 percent from $3,232,000 reported on the fourth quarter of 1990. This represents the 15th consecutive quarter that CTI has achieved revenue growth.  Net loss for the fourth quarter was $331,000, or $(0.03) per share, compared to a net loss of $948,000, or $(0.15) per share, in the year-ago fourth quarter.
    Revenues for the full year 1991 amounted to $19,527,000, exceeding revenues of $10,182,000 for the full year 1990 by 92 percent.  Net loss for the year ended 1991 was $1,591,000 of $(0.20) per share, compared to a net loss of $4,228,000, or $(0.67) per share, for the year ended 1990.
    Commenting on the quarter, Russell B. Whitman, chairman, president and chief executive officer,, stated, "Through the fourth quarter, as with all of 1991, Curative Technologies achieved strong financial growth.  During the fourth quarter we accelerated research and development spending related to CT102 (homologous platelet derived wound healing factor) clinical trials."  Whitman added, "We currently have 34 Wound Care Centers(R) in operation and contracts or letters of intent executed to open ten additional centers in early 1992."
    Curative Technologies, Inc. is a biopharmaceutial company engaged in the research, development, production and marketing of therapeutic products utilizing naturally occurring human growth factors.  The company's first product, Procuren(R), is a topical therapeutic which promotes wound healing and is produced from a patient's own blood. Procuren is sold through Wound Care Centers, which are cooperative ventures with selected hospitals.
                        CURATIVE TECHNOLOGIES, INC.
                      Selected Financial Information
                Condensed Consolidated Statement of Operations
            (Dollars in Thousands, Except Per Share Data - Unaudited)
    Periods ended                Three months              Year
     Dec. 31                    1991       1990       1991       1990
    Revenue                    $5,966     $3,232    $19,527    $10,182
    Costs and Expense:
     Cost of product sales      1,193        636      3,610      2,113
     R&D                        1,629        865      5,079      3,209
     Marketing, general
      and administrative        3,900      2,720     13,506      9,328
    Total costs and expenses    6,722      4,221     22,195     14,650
    Loss from operations         (756)      (989)    (2,668)    (4,468)
    Interest income               327         41        718        240
    Net loss before
     minority interest           (429)      (948)    (1,950)    (4,228)
    Minority interest in net
     loss of consolidated
     subsidiary                    98         --        359         --
    Net loss                    ($331)     ($948)   ($1,591)   ($4,228)
    Net loss per common share   ($.03)     ($.15)     ($.20)     ($.67)
    Weighted average common
     shares outstanding         9,846      6,345      8,085      6,341
                          CURATIVE TECHNOLOGIES, INC.
                      Condensed Consolidate Balance Sheet
                       (Dollars in Thousands - Unaudited)
    Assets                                   12/31/91        12/31/90
     Cash and cash equivalents                $18,919          $1,896
     Marketable securities                      5,963              --
     Other current assets                       5,307           3,062
     Property and equipment (net)               1,515           1,097
     Other assets                                 755           1,372
    Total                                     $32,459          $7,427
    Liabilities and Stockholders' Equity
     Current liabilities                       $5,972          $3,157
     Long-term debt                               151             435
     Other liabilities                          1,279           1,159
     Stockholders' equity                      25,057           2,676
    Total                                     $32,459          $7,427
    -0-                  2/12/92 R
    /CONTACT:  John C. Prior, chief financial officer of Curative Technologies, 516-689-7000/
    (CURE) CO:  Curative Technologies Inc. ST:  New York IN:  MTC SU:  ERN SH-SM -- NY020 -- 9453 02/12/92 17:29 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 12, 1992
Words:580
Previous Article:YORK INTERNATIONAL REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
Next Article:OLYMPIC FINANCIAL ELECTS BERLIN TO BOARD OF DIRECTORS
Topics:


Related Articles
CURATIVE TECHNOLOGIES CREATES NEW OPERATING DIVISION AND APPOINTS PRESIDENT OF NEW DIVISION
CURATIVE TECHNOLOGIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
CURATIVE TECHNOLOGIES ANNOUNCES FIRST QUARTER RESULTS
CURATIVE TECHNOLOGIES, INC. ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
CURATIVE TECHNOLOGIES, INC. ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
/C O R R E C T I O N -- CURATIVE TECHNOLOGIES/
CURATIVE TECHNOLOGIES, INC. ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
Curative Health Services Announces Fourth Quarter and Year End Results
Curative Health Services Reports Fourth Quarter and Year-End Results
Curative Health Services Reports Fourth Quarter 1999 Results.

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