Corgenix Medical Corporation (Corgenix Medical) has reported net sales of $2 million for the second quarter of fiscal 2009, compared with the net sales of $2.3 million in the year ago quarter. It has also reported a net loss of $0.26 million, or $0.01 per share, for the second quarter of fiscal 2009, compared with the net loss of $60,000, or $0.00 per share, in the year ago quarter.
Revenues for the second quarter decreased $404,012 or 16.8% vs. the prior year’s comparable quarter; of this, $179,365 was a reduction in contract manufacturing revenue primarily due to reduced sales to one key customer as previously reported.
Total operating expenses increased $88,345 or 7.9% vs. the prior year’s comparable quarter.
Operating loss for the second quarter was $56,223 vs. an operating income of $224,224 for the prior year’s comparable quarter.
‘The decline in our revenues continues to demonstrate the weakness in our contract manufacturing sector as previously reported,’ said Douglass Simpson, president and chief executive officer of Corgenix. ‘Excluding contract manufacturing revenue, our six month revenues declined approximately 3.5% over the same period in the prior year which we believe is largely related to the slowdown of the overall economy. We are continuing to aggressively seek opportunities to grow our business in contract manufacturing as well as our core products including the AspirinWorks Test.’
The company noted that the financial performance for the quarter was weak, with weakness in core product revenue and increased net negative cash flow. The company projects that fiscal year 2009 revenues will about that of the prior fiscal year.