Corgenix Announces Record Revenues in Fiscal 2004
DENVER, Oct. 14 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation
(OTC:CONX) (BULLETIN BOARD: CONX) today announced financial results for the
fiscal year ended June 30, 2004.
Sales for the fiscal year ended June 30, 2004 increased 4.9% to $5,270,553, a
new record for the company, compared with $5,023,669 for the prior fiscal year. The Company reported a net loss of $124,915 or $(0.04) per share for the
current fiscal year compared to a net loss of $304,824 or $(0.08) per share for
the prior fiscal year.
Douglass Simpson, President of Corgenix, stated: "The achievement of record
sales for fiscal 2004 marks a significant rebound in our core business. In
addition, we achieved positive operating income of $43,325 versus an operating
loss of $227,913 for the previous year. Looking forward, we believe that the
fundamentals of our core business remain strong and are getting stronger. Our
solid position in our respective niche markets plus new and exciting strategic
partnering relationships, which address critical medical needs, that have been
entered into during the past fiscal year, bode well for the future." As stated in earlier press releases, the potential merger with Genesis
Bioventures, Inc. (AMEX:GBI) is proceeding, with the intent to complete the
proposed merger in early calendar 2005. In addition, a private financing
relating to the proposed merger is also in progress.
About Corgenix Medical Corporation Corgenix is a leader in the development and manufacture of anti-Phospholipid
test kits and other unique diagnostic products for cardiovascular disease and
thrombotic risk, being the first on the market with an FDA cleared assay for
anti-Cardiolipin (aCL). Corgenix is based in metropolitan Denver and its
primary area of focus is providing state-of-the-art products for the serologic
diagnosis and management of cardiovascular disease, vascular biology, liver
disease and autoimmune disorders. Corgenix diagnostic products are
commercialized for use in clinical laboratories throughout the world.
About Genesis Bioventures Genesis Bioventures, Inc. (GBI) is a biomedical development corporation
focusing on the development and marketing of novel diagnostics and
therapeutics. The Company's wholly owned subsidiary, Biomedical Diagnostics,
LLC, specializes in the development of cancer diagnostics. The first product
commercially available is the MSA as a screen for breast cancer risk. In
addition, the Company has equity interest in Prion Developmental Laboratories,
Inc., which specializes in the development of diagnostic tests to detect prion
disease in cattle, deer, sheep and elk as well as in human blood.
Statements in this press release that are not strictly historical facts are
"forward looking" statements (identified by the words "believe", "estimate",
"project", "expect" or similar expressions) within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or contribute to
such differences include, but are not limited to, continued acceptance of the
Company's products and services in the marketplace, competitive factors,
changes in the regulatory environment, and other risks detailed in the
Company's periodic report filings with the Securities and Exchange Commission.
The statements in this press release are made as of today, based upon
information currently known to management, and the company does not undertake
any obligation to publicly update or revise any forward-looking statements.
Condensed Statements of Operations
(in thousands, except per share amounts) Fiscal Year Ended
June 30, June 30,
2004 2003
(audited) (audited) Net sales $5,271 $5,024
Gross profit 3,397 3,327
Operating income (loss) 43 (228)
Net loss $(125) $(305)
Accretion of discount on redeemable common stock 87 87
Net loss attributable to common Shareholders $(127) $(391)
Basic and diluted (loss) per share $(0.04) $(0.08)
Diluted shares outstanding 5,305,425 5,236,309
SUMMARY BALANCE SHEET DATA
(in thousands) June 30, June 30,
2004 2003 Cash $469 $342
Working capital 739 344
Total assets 2,848 2,556
Total liabilities 1,824 1,914
Total stockholders' equity 588 293 Complete copies of the Corgenix Medical Corporation Forms 10-KSB and 10-QSB are
available at http://www.sec.gov/. Copies and additional information can be
obtained by contacting William Critchfield, Chief Financial Officer: phone
(303) 453-8903, or e-mail at . DATASOURCE: Corgenix Medical Corporation CONTACT: William Critchfield, Chief Financial Officer of Corgenix Medical Corporation, +1-303-453-8903,
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