Avitar Reports Third Quarter Financial Results for Fiscal 2007
2007年8月15日 - 7:01AM
PRニュース・ワイアー (英語)
CANTON, Mass., Aug. 14 /PRNewswire-FirstCall/ -- Avitar, Inc.
(OTC:AVTI) (BULLETIN BOARD: AVTI) today announced financial results
for the three and nine months ended June 30, 2007. For the quarter
ended June 30, 2007, Avitar reported revenues of $779,000 from
continuing operations compared to $1,202,000 from continuing
operations for the quarter ended June 30, 2006. The operating loss
from continuing operations amounted to $597,000 versus $696,000.
The net income was $301,000, or $0.01 per basic share and $0.00 per
diluted share, for the quarter ended June 30, 2007 compared with
net loss of $1,329,000, or $0.31 per share for the quarter ended
June 30, 2006. The reduction in net loss for the quarter ended June
30, 2007 compared to the quarter ended June 30, 2006 resulted
primarily from an increase in non-cash income from the change in
the fair market value of derivative securities and warrants of
$1,062,000, a decrease in operating expenses of $522,000 and lower
interest and financing costs related to short-term and long-term
borrowings of $462,000; offset in part by a reduction in sales of
$423,000. Revenues from continuing operations for the first nine
months of fiscal 2007 were $2,440,000 compared to $3,162,000 from
continuing operations for the nine months ended June 30, 2006. The
operating loss from continuing operations amounted to $2,136,000
versus $2,293,000. The net loss was $1,542,000 or $0.08 per share,
for the nine months ended June 30, 2007 compared with net loss of
$3,256,000, or $0.78 per share, for the nine months ended June 30,
2006. The change in net loss for the nine months ended June 30,
2007 compared to the corresponding period of Fiscal 2006 resulted
primarily from an increase in non-cash income from the change in
the fair market value of derivative securities and warrants of
$1,449,000, a decrease in operating expenses of $878,000 and lower
interest and financing costs related to short-term and long-term
borrowings of $204,000; offset in part by a reduction in sales of
$722,000 and a decrease in income from discontinued operations of
$96,000. Peter P. Phildius, Chairman and CEO commented, "Our total
revenue continues to be negatively impacted by the decline in
Hydrasorb sales through our U.S. distributor. We hope to improve
the performance of our foam business in the coming quarters." Mr.
Phildius continued, "The diagnostic business, however, is showing
continued improvement as our value proposition of random testing
with oral fluid gains traction. An example of this change is the
law recently passed in Hawaii which provides for oral fluid random
testing for employers. We continue to work on further enhancing our
product offerings and to be optimistic about this large market
opportunity." ABOUT AVITAR Avitar, Inc. develops, manufactures and
markets innovative and proprietary products in the oral fluid
diagnostic market, disease and clinical testing market, and
customized polyurethane applications used in the wound dressing
industry. Oral fluid diagnostics includes the estimated $1.5
billion drugs-of-abuse testing market, which encompasses the
corporate workplace and criminal justice markets. Avitar's products
include ORALscreen(TM), the world's first non-invasive, rapid,
onsite oral fluid test for drugs-of-abuse. Additionally, Avitar
manufactures and markets HYDRASORB(TM) an absorbent topical
dressing for moderate to heavy exudating wounds. In the estimated
$25 billion in vitro diagnostics market, Avitar is developing
diagnostic strategies for disease and clinical testing. Some
examples include influenza, diabetes and pregnancy. For more
information, see Avitar's website at http://www.avitarinc.com/.
Safe Harbor Statement. This release contains forward looking
statements that are subject to risks and uncertainties including
the development and marketing of new applications and other risks
that are detailed from time to time in the Company's filings with
the Securities and Exchange Commission. In view of such risks and
uncertainties, the Company's actual results could differ materially
from those anticipated in such forward looking statements. Company
Contact: Jay C. Leatherman, CFO Avitar, Inc. 781-821-2440 x139
http://www.avitarinc.com/ (Chart Follows) Avitar, Inc. Summary of
Financial Results (in thousands, except per share amounts) Quarter
Ended June 30, Nine Months Ended June 30, 2007 2006 2007 2006 Sales
$779 $1,202 $2,440 $3,162 Operating Expenses: Cost of Sales 562 875
1,803 2,245 Selling, General and Administrative 742 913 2,528 2,861
Research and Development 72 110 245 349 Total Operating Expenses
1,376 1,898 4,576 5,455 Operating Loss (597) (696) (2,136) (2,293)
Other Income (Expenses) 918 (607) 651 (1,003) Income (Loss) From
Continuing Operations 321 (1,303) (1,485) (3,296) Discontinued
Operations: Loss form the Operations of BJR (20) (26) (57) (80)
Income from the Disposal of USDTL - - - 120 Income (Loss) from
Discontinued Operations (20) (26) (57) 40 Net Income (Loss) $301
$(1,329) $(1,542) $(3,256) Basic Income (Loss) Per Share From
Continuing Operations $0.01 $(0.30) $(0.08) $(0.79) Basic Income
(Loss) Per Share From Discontinued Operations - (0.01) - 0.01 Basic
Income (Loss) Per Share $0.01 $(0.31) $(0.08) $(0.78) Diluted
Income (Loss) Per Share From Continuing Operations $- $(0.30)
$(0.08) $(0.79) Diluted Income (Loss) Per Share From Discontinued
Operations - (0.01) - 0.01 Diluted Income (Loss) Per Share $-
$(0.31) $(0.08) $(0.78) Basic Weighted Average Number of Shares and
Common Equivalent Shares Outstanding 28,025,823 4,480,981
19,726,267 4,301,369 Diluted Weighted Average Number of Shares and
Common Equivalent Shares Outstanding 100,000,000 4,480,981
19,726,267 4,301,369 Selected Balance Sheet Items: 06/30/2007 Cash
80 Total Assets 1,684 Total Liabilities 7,709 Redeemable
Convertible and Convertible Preferred Stock 3,208 Stockholders'
Deficit (9,233) DATASOURCE: Avitar, Inc. CONTACT: Jay C.
Leatherman, CFO of Avitar, Inc., +1-781-821-2440 x139 Web site:
http://www.avitarinc.com/
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