- Revenues Down from Same Quarter Last Year - 17 Percent Quarter-to-Quarter Revenue Gain Evidences Start of Turnaround
for Core Business
- DelSite Signs Additional Agreements
IRVING, Texas, Aug. 14 /PRNewswire-FirstCall/ -- Carrington Laboratories, Inc. (Nasdaq: CARN) reported revenue for the quarter ended June 30, 2007 of $5.6 million, compared to $6.5 million in the year ago period. The revenue in the quarter just ended, while 17 percent higher than the $4.8 million revenue reported for the first quarter of the current year, was shy of compensating for the expected 25 percent drop in Consumer Services division revenue from the year-ago quarter due mainly to the discontinuation of certain products and expiration of a key customer's materials supply agreement, as previously reported. Also as previously reported, a new, three-year supply agreement is now in place.
Medical Services revenue for the second quarter of 2007 remained essentially unchanged from the year-ago period, at $2.2 million. Grant income received for funding of research for the Company's wholly owned drug delivery subsidiary, DelSite Biotechnologies, Inc., increased by 13 percent for the quarter, to $398,000 from $352,000 a year ago.
Net loss for the second quarter of 2007, including $801,000 of net funding of DelSite, was $2.2 million, or 20 cents per basic and diluted share, remaining basically unchanged from the net loss reported for the year-ago quarter. Pro forma loss for the quarter, exclusive of DelSite net funding, was $1.4 million compared to a $1.2 million pro forma loss in the prior year period.
"The changes we initiated to bring growth and profitabilit
|SOURCE Carrington Laboratories, Inc.|
Copyright©2007 PR Newswire.