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 $215 million Q2 loss
11. Merge files financial reports by market opening
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/2/2016)... , ... May 02, 2016 , ... ... its clients in mind, the fresh look and added functionality give the agricultural ... years have seen a dynamic shift in agriculture – from precision farming via ...
(Date:4/29/2016)... , ... April 30, 2016 , ... The MIT bioLogic ... design, the bioLogic team explored how bacterial properties can be applied to fabric and ... Natto bacteria, which move in response to humidity change. The team harvested Natto cells ...
(Date:4/29/2016)... , April 29, 2016 ... Transparency Market Research "Separation Systems for Commercial Biotechnology ... Trends, and Forecast 2015 - 2023", the separation ... US$ 10,665.5 Mn in 2014 and is projected ... 2015 to 2023 to reach US$ 19,227.8 Mn ...
(Date:4/29/2016)... ... April 29, 2016 , ... Intelligent Implant Systems announced today that the two-level ... sale in the United States. These components expand the capabilities of the system ... sales beginning in October of 2015, the company has seen significant sales growth in ...
Breaking Biology Technology:
(Date:3/31/2016)... March 31, 2016  Genomics firm Nabsys has completed ... Barrett Bready , M.D., who returned to the ... original technical leadership team, including Chief Technology Officer, ... Development, Steve Nurnberg and Vice President of Software and ... company. Dr. Bready served as CEO of ...
(Date:3/23/2016)... , March 23, 2016 ... Interesse erhöhter Sicherheit Gesichts- und Stimmerkennung mit ... Inc. (NASDAQ: MESG ), ein ... dass das Unternehmen mit SpeechPro zusammenarbeitet, um ... der Finanzdienstleistungsbranche, wird die Möglichkeit angeboten, im ...
(Date:3/22/2016)... and SANDY, Utah , March ... operates the highest sample volume laboratory in ... and UNIConnect, leaders in clinical sequencing informatics and molecular ... of a project to establish the informatics infrastructure for ... NSO has been contracted by the Ontario Ministry ...
Breaking Biology News(10 mins):