Highlights
Total operating expenses increased $2,225 or less than 1% vs. the prior year’s comparable quarter.
Operating loss for the quarter was $61,060 vs. $62,913 for the prior year’s comparable quarter.
EBITDA increased to $267,312 in the current quarter from $122,643 in the prior year’s
comparable quarter.
Douglass Simpson, president and chief executive officer of Corgenix, stated “This quarter’s results demonstrate that despite the difficult global economy, we are progressing toward reaching our profitability goal. Revenues for the quarter increased over the prior year and expenses are in check. As we move forward we will see significant reductions in interest charges which should significantly improve the bottom line.”
William Critchfield, senior vice president and chief financial officer of Corgenix, added “Over the past quarter, we have instituted a vendor/service provider cost reduction initiative which we believe will cut well over $500,000 annually in our cost of sales and operating expenses, without any head-count reductions. This cost cutting initiative should help us expedite the process of finally achieving profitability and cash-flow positive operations.”
The company continues to expect that fiscal year 2009 revenues will approximate revenues reported in the prior fiscal year.