New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
Competitive Technologies Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 21, 2012 06:15AM

Competitive Technologies Inc (CTT) filed Quarterly Report for the period ended 2012-06-30. Citation Resources Inc has a market cap of $15.54 million; its shares were traded at around $0 .



Highlight of Business Operations:

We incurred a net loss of $942,000 or $0.06 loss per basic and diluted share for the three months ended June 30, 2012, compared to a net loss of $1,335,000 or $0.10 loss per basic and diluted share for the three months ended June 30, 2011. As explained in detail below, the net loss reflects a decrease of $248,000 in gross revenue, a decrease of $172,000 in gross profit from product sales and a decrease in other expenses of $521,000.

Selling expenses were $94,000 in three months ended June 30, 2012, compared to $96,000 in the three months ended June 30, 2011. The decrease of $2,000 was due to a decrease of $32,000 in commission expenses due to fewer sales of Calmare® devices offset by an increase of $56,000 in patent and translation fees related to working with the inventor of the Calmare® device, an increase of $6,000 in domestic patent legal expenses related to the joint venture with XION Corporation to develop the melanocortin technologies, and an increase of $1,000 in foreign patent legal expenses. Also in the three months ended June 30, 2011, the Company recognized a liability related to the sale of video compression patents of $33,000, which did not recur in 2012.

We incurred a net loss of $1,737,000 or $0.12 loss per basic and diluted share for the six months ended June 30, 2012, compared to a net loss of $1,305,000 or $0.09 loss per basic and diluted share for the six months ended June 30, 2011. As explained in detail below, the net loss reflects a decrease of $1,746,000 in gross revenue, a decrease of $963,000 in gross profit from product sales and a decrease in other expenses of $515,000.

Selling expenses were $181,000 in six months ended June 30, 2012, compared to $197,000 in the six months ended June 30, 2011. The decrease of $16,000 was due to a decrease of $66,000 in commission expenses due to fewer sales of Calmare® devices which was offset by an increase of $2,000 in patent legal expenses and an increase of $81,000 in patent, trademark and translation fees related to working with the inventor of the Calmare® device. Also in the six months ended June 30, 2011, the Company recognized a liability related to the sale of video compression patents of $33,000, which did not recur in 2012.

Personnel and consulting expenses were $834,000 in the six months ended June 30, 2012, as compared to $774,000 in the six months ended June 30, 2011, an increase of $60,000. Personnel related expenses were $333,000 in the quarter ended June 30, 2012 as compared to $463,000 quarter ended June 30, 2011, a reduction of $130,000 primarily due to the departure of two employees in January 2012, and that of a third employee in June 2012. There was no employee stock option expense in 2012 as all outstanding option expense was recorded in 2011. The reduction in personnel related expenses was offset by increased consulting fees ($190,000), primarily due to work related to U.S. and Federal government sales of our Calmare® device, the management services of our current CEO, and the work of the contracted Managing Director for International Business Development, as well as the ongoing work of the contracted insurance reimbursement specialists.

Read the The complete Report



Stocks Discussed: CTT,
Rate this post:




Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't




Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial