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.
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by RTT Staff Writer
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