logo
Share SHARE
FONT-SIZE Plus   Neg

Competitive Tech Announces Financial Results For 2011

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Germanwings plane crash has spurred European airlines to implement stringent cockpit rules widely followed in the U.S., after it emerged a lone co-pilot forced the plane into its fatal descent, reports said on Thursday. Video-game retailer GameStop Corp. said Thursday after the markets closed that its fourth quarter profit rose 11% from last year, as better cost control helped offset a 5.6% decrease in sales. However, the company's quarterly earnings per share, excluding item, came in below analysts' expectations as did its quarterly sales. The Villages, a serene retirement hometown in Florida has been designated as the fastest-growing metro in the U.S. for the second consecutive year, as per Census estimates released on Thursday.
comments powered by Disqus
Follow RTT