DENVER, Sept. 23 /PRNewswire-FirstCall/ — Corgenix Medical
Corporation (OTC Bulletin Board:
CONX), 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, 2010. Some of the
results highlighted by the report are as follows:
Adjusted EBITDA for the year was $815,981 vs. $403,741 for the
prior year. Net income for the year was $2,391 vs. a net loss of
$1,570,600 for the prior year. Operating income for the fiscal year
was $328,471 vs. an operating loss of $349,490 for the prior year.
Total revenues for the year increased $194,613 or 2.4% vs. the
prior year. Total operating expenses decreased $514,893 or 10.7%
vs. the prior year.
“Our fiscal year results demonstrate that we have reached a
critical turning point in the history of our company. The move to
profitability along with the opportunity to integrate and build on
our new relationship with the ELITech Group should provide further
avenues to grow our business,” said Douglass Simpson, President and
CEO of Corgenix. “As we complete the many tasks ahead, we will
manage our company as we have during the challenges of the past
several years, controlling costs and conserving cash, while making
prudent investments for future growth.”
“Looking at our pro-forma results it is easy to see the overall
improvement in our operations,” added Simpson. “By meeting our
three primary objectives — a return to positive revenue
growth, achieving positive net income and boosting EBITDA —
we are positioned to focus on a number of long-term growth
opportunities. As we move forward, we believe the value of our
business and the opportunities we have in the medical device
industry will become apparent to our sha
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