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
Ringling Bros. and Barnum & Bailey Circus, called as the Greatest Show on Earth, is coming to and end after 146 years of live entertainment. The decision reflects higher operating costs, and bigger than expected decline in ticket sales, mainly after the transition of the elephants off the circus. An investigation by Samsung Electronics Co Ltd. has found out that battery caused the fire issues with the abandoned Galaxy Note 7 smartphones, Reuters reported Monday, citing people familiar with the matter. The South Korean conglomerate has concluded the investigation into the explosions that resulted in the massive recall of Galaxy Note 7. Airbus Group SE plans to test a prototype for a self-piloted flying car by the end of 2017, Reuters reported, citing the aerospace group's chief executive officer Tom Enders. In order to alleviate urban congestion and to address the rising concern of rush-hour traffic, Airbus is looking skywards to develop three ambitious projects.
comments powered by Disqus
Follow RTT