Navigation Links
Avitar Reports Third Quarter Financial Results for Fiscal 2007
Date:8/19/2007

CANTON, Mass., Aug. 14 /PRNewswire-FirstCall/ -- Avitar, Inc. (OTC Bulletin Board: AVTI) today announced financial results for the three and nine months ended June 30, 2007.

For the quarter ended June 30, 2007, Avitar reported revenues of $779,000 from continuing operations compared to $1,202,000 from continuing operations for the quarter ended June 30, 2006. The operating loss from continuing operations amounted to $597,000 versus $696,000. The net income was $301,000, or $0.01 per basic share and $0.00 per diluted share, for the quarter ended June 30, 2007 compared with net loss of $1,329,000, or $0.31 per share for the quarter ended June 30, 2006. The reduction in net loss for the quarter ended June 30, 2007 compared to the quarter ended June 30, 2006 resulted primarily from an increase in non-cash income from the change in the fair market value of derivative securities and warrants of $1,062,000, a decrease in operating expenses of $522,000 and lower interest and financing costs related to short-term and long-term borrowings of $462,000; offset in part by a reduction in sales of $423,000.

Revenues from continuing operations for the first nine months of fiscal 2007 were $2,440,000 compared to $3,162,000 from continuing operations for the nine months ended June 30, 2006. The operating loss from continuing operations amounted to $2,136,000 versus $2,293,000. The net loss was $1,542,000 or $0.08 per share, for the nine months ended June 30, 2007 compared with net loss of $3,256,000, or $0.78 per share, for the nine months ended June 30, 2006. The change in net loss for the nine months ended June 30, 2007 compared to the corresponding period of Fiscal 2006 resulted primarily from an increase in non-cash income from the change in the fair market value of derivative securities and warrants of $1,449,000, a decrease in operating expenses of $878,000 and lower interest and financing costs related to short-term and long-term borrowings of $204,000; offset in part by a reduction in sales of $722,000 and a decrease in income from discontinued operations of $96,000.

Peter P. Phildius, Chairman and CEO commented, "Our total revenue continues to be negatively impacted by the decline in Hydrasorb sales through our U.S. distributor. We hope to improve the performance of our foam business in the coming quarters."

Mr. Phildius continued, "The diagnostic business, however, is showing continued improvement as our value proposition of random testing with oral fluid gains traction. An example of this change is the law recently passed in Hawaii which provides for oral fluid random testing for employers. We continue to work on further enhancing our product offerings and to be optimistic about this large market opportunity."

ABOUT AVITAR

Avitar, Inc. develops, manufactures and markets innovative and proprietary products in the oral fluid diagnostic market, disease and clinical testing market, and customized polyurethane applications used in the wound dressing industry. Oral fluid diagnostics includes the estimated $1.5 billion drugs-of-abuse testing market, which encompasses the corporate workplace and criminal justice markets. Avitar's products include ORALscreen(TM), the world's first non-invasive, rapid, onsite oral fluid test for drugs-of-abuse. Additionally, Avitar manufactures and markets HYDRASORB(TM) an absorbent topical dressing for moderate to heavy exudating wounds. In the estimated $25 billion in vitro diagnostics market, Avitar is developing diagnostic strategies for disease and clinical testing. Some examples include influenza, diabetes and pregnancy. For more information, see Avitar's website at http://www.avitarinc.com.

Safe Harbor Statement. This release contains forward looking statements that are subject to risks and uncertainties including the development and marketing of new applications and other risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission. In view of such risks and uncertainties, the Company's actual results could differ materially from those anticipated in such forward looking statements.

Company Contact: Jay C. Leatherman, CFO

Avitar, Inc.

781-821-2440 x139

http://www.avitarinc.com

(Chart Follows)

Avitar, Inc.

Summary of Financial Results

(in thousands, except per share amounts)

Quarter Ended June 30, Nine Months Ended June 30,

2007 2006 2007 2006

Sales $779 $1,202 $2,440 $3,162

Operating Expenses:

Cost of Sales 562 875 1,803 2,245

Selling,

General and

Administrative 742 913 2,528 2,861

Research and

Development 72 110 245 349

Total Operating

Expenses 1,376 1,898 4,576 5,455

Operating Loss (597) (696) (2,136) (2,293)

Other Income (Expenses) 918 (607) 651 (1,003)

Income (Loss) From

Continuing

Operations 321 (1,303) (1,485) (3,296)

Discontinued

Operations:

Loss form the

Operations of

BJR (20) (26) (57) (80)

Income from the

Disposal of

USDTL - - - 120

Income (Loss)

from Discontinued

Operations (20) (26) (57) 40

Net Income (Loss) $301 $(1,329) $(1,542) $(3,256)

Basic Income (Loss)

Per Share From

Continuing

Operations $0.01 $(0.30) $(0.08) $(0.79)

Basic Income (Loss)

Per Share From

Discontinued

Operations - (0.01) - 0.01

Basic Income (Loss)

Per Share $0.01 $(0.31) $(0.08) $(0.78)

Diluted Income

(Loss) Per Share From

Continuing

Operations $- $(0.30) $(0.08) $(0.79)

Diluted Income

(Loss) Per Share From

Discontinued

Operations - (0.01) - 0.01

Diluted Income

(Loss) Per Share $- $(0.31) $(0.08) $(0.78)

Basic Weighted

Average Number of

Shares and Common

Equivalent Shares

Outstanding 28,025,823 4,480,981 19,726,267 4,301,369

Diluted Weighted

Average Number of

Shares and Common

Equivalent Shares

Outstanding 100,000,000 4,480,981 19,726,267 4,301,369

Selected Balance

Sheet Items: 06/30/2007

Cash 80

Total Assets 1,684

Total

Liabilities 7,709

Redeemable

Convertible and

Convertible

Preferred Stock 3,208

Stockholders'

Deficit (9,233)


'/>"/>
SOURCE Avitar, Inc.

Copyright©2007 PR Newswire.

Related biology technology :

1. TomoTherapy reports 86% revenue jump, $131M net loss in Q1
2. Sonic Foundry reports GAAP loss as Q2 revenues rise
3. Fiserv reports $113.5 million in Q1 profit
4. Third Wave reports net loss of $18.9M for 2006
5. Musicnotes reports 45 percent growth in 2006
6. Sonic Foundry reports net loss, higher revenue
7. Sonic Foundry reports first cash-positive quarter
8. Merge Healthcare reports $10.8M net loss in Q3
9. Third Wave reports $5.2M third quarter loss
10. Merge Healthcare appoints new CEO, reports $215 million Q2 loss
11. Merge files financial reports by market opening
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/23/2017)... ... May 23, 2017 , ... ... technology applications, has announced a facility expansion to accommodate its rapid growth. , ... of new workspace and renovation of the existing areas. The expansion includes, a ...
(Date:5/23/2017)... ... , ... Bacterial biofilms, surface adherent communities of bacteria that are encased in ... poisoning and catheter infections to gum disease and the rejection of medical implants. ... per year, there is currently a paucity of means for preventing their formation or ...
(Date:5/23/2017)... ... May 23, 2017 , ... ... re-engineer their control technology again and again. METTLER TOLEDO has released two new ... The videos illustrate how integration of the ACT350 into Siemens and Allen Bradley ...
(Date:5/22/2017)... ... May 22, 2017 , ... Baltimore biotech firm, PathSensors, ... Biohealth community in developing and issuing recommendations to grow Maryland's biohealth industry and ... by 2023. , The recommendations are contained in a report ...
Breaking Biology Technology:
(Date:4/11/2017)... 11, 2017 Crossmatch®, a globally-recognized leader ... today announced that it has been awarded a ... Activity (IARPA) to develop next-generation Presentation Attack Detection ... "Innovation has been a driving force within Crossmatch ... allow us to innovate and develop new technologies ...
(Date:4/11/2017)... -- NXT-ID, Inc. (NASDAQ:   NXTD ) ("NXT-ID" ... of independent Directors Mr. Robin D. Richards and ... furthering the company,s corporate governance and expertise. ... Gino Pereira , Chief Executive Officer ... guidance and benefiting from their considerable expertise as we move ...
(Date:4/5/2017)... NEW YORK , April 5, 2017 ... security, is announcing that the server component of the ... is known for providing the end-to-end security architecture that ... customers. HYPR has already secured over 15 ... system makers including manufacturers of connected home product suites ...
Breaking Biology News(10 mins):