Business
Covalon Announces Third Quarter Results
MISSISSAUGA, ON , Aug. 27, 2014 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Cova...
About this update from Covalon Technologies Ltd.
[{"type":"text","content":"\n\nMISSISSAUGA, ON, Aug. 27, 2014 /CNW/ - Covalon Technologies Ltd. (the \"Company\" or \"Covalon\") (TSXV: COV), an advanced medical technologies company, announces the following financial results for its third quarter of fiscal 2014:\n\nFor the three months ended June 30, 2014:\n\n\nRevenue of $1,291,378, a 13% decrease over the same period of the prior year \nNet loss for the quarter of $240,156 compared to net income of $238,826 during the same period of the prior year\nFor the nine months ended June 30, 2014:\n\n\nRevenue of $7,855,170, compared with $2,579,492 in the same nine month period of the prior year, a 205% increase \nNet income of $3,311,473 or $0.36 per share ($0.22 per share fully diluted), compared with a loss of $1,114,475 or $0.12 per share in the same nine month period of the prior year\nCovalon's President and CEO, Brian Pedlar, said:\n\n\"Covalon uses an OEM business model for licensing its products and technologies to large medical companies and a wholesale distribution model to sell its own-branded products in various international markets.  As a result, revenue from quarter to quarter can fluctuate and may not necessarily be indicative of the Company's overall performance or trend. \n\nWhile our financial performance fluctuated this particular quarter due to this OEM business model, the progress for the first nine months of this year is a major turnaround over last year.  Covalon has strong working capital as we continue to actively engage in negotiations on new licences and new distribution relationships that have the potential to add significant shareholder value.  \n\nThrough increased interest in our existing products and technologies as well as the introduction of exciting new products, I am very pleased with our progress to date.  I am looking forward to making future announcements of new licensing and distribution relationships that will benefit our customers, shareholders and staff.\"    \n\nCopies of Covalon's financial statements, MD&A and additional information on Covalon Technologies Ltd. can be obtained on SEDAR at www.sedar.com, as well as the Company's website at www.covalon.com.\n\nAbout Covalon Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented tec...