Competitive Technologies Inc. (CTTC.PK) announced its financial results for the year ended December 31, 2011. The net loss for the year ending December 31, 2011 was $3.6 million, compared to the five month transition period net loss of $2.4 million.
The expenses for the year ending December, 31, 2011 totaled $5.6 million including one-time expenses associated with the Calmare rollout plus the corporate restructuring and turnaround expenses. Included in this $5.6 million amount is $1.5 million related to the litigation and settlement of issues related to a former CEO. Additional staff reductions during 2012 have further reduced the current expense level by over $0.5 million.
Corporate revenues for the year ending December 31, 2011 were $3.4 million of which $3.3 million was from Calmare sales providing a $1.9 million gross profit contribution to cover other expenses.
For the five month transition period ending December 31, 2010, revenue was $0.2 million with 87% from Calmare sales and in the previous fiscal year ending July 31, 2010, revenue was $2.0 million and Calmare sales were $1.9 million.
The Annual Meeting of Shareholders will be held on May 24, 2012 at 10 AM (Eastern) at the Norwalk Inn and Conference Center in Norwalk, Connecticut, the company said.
by RTT Staff Writer
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