Corgenix fiscal 2011 net sales decrease to $7,941,576

Sep 23 2011

Corgenix Medical Corporation (OTC BB: CONX.OB), a worldwide developer and marketer of diagnostic test kits, today filed its fiscal year Form 10-K and reported financial results. The report disclosed that the company's operating results have advanced for the fiscal year ended June 30, 2011. Some of the key results in the report are as follows:

“There were several other key accomplishments in Fiscal 2011 positioning us for accelerated growth in revenues and profitability”

• Net sales for the year were $7,941,576 vs. $8,258,170 for the prior year.
• Operating income, exclusive of the one-time costs associated with the exit of Corgenix-U.K., for the fiscal year was $350,098 vs. operating income of $328,471 for the prior year.
• Net income, exclusive of the one-time costs associated with the exit of Corgenix-U.K., for the year was $92,997 vs. net income of $2,391 for the prior year.
• Total operating expenses, exclusive of the one-time costs associated with the exit of Corgenix-U.K., decreased $319,191 or 8.2% to $3,579,094 vs. $3,898,285 for the prior year.

On September 16, 2011, the company also reported that it received $500,000 from Wescor, a wholly owned subsidiary of the ELITech Group, pursuant to the third tranche under the Common Stock Purchase Agreement.

"The fiscal year results were generally in line with our expectations due to the transitional nature of the year," commented Doug Simpson, Corgenix President and CEO. "On the revenue side we anticipated a drop-off in international sales as most of that business shifted from retail to wholesale due to the new ELITech relationship, and we made up most of that shortfall in the other revenue segments."

"There were several other key accomplishments in Fiscal 2011 positioning us for accelerated growth in revenues and profitability," Simpson said. "We significantly improved our distribution network, restructured our debt, reduced operating expenses, and expanded our contract manufacturing and contract R&D sectors, all of which should result in much stronger financials going forward."

Corgenix management believes that fiscal 2012 will be a record year, with sales approaching or exceeding $10 million, along with a positive bottom line, increased EBITDA and internally generated cash flow.

Source Corgenix Medical Corporation