ALACHUA, FL
-- (Marketwired)
-- 05/14/14
CTD Holdings, Inc., a manufacturer of cyclodextrins, (OTCQB: CTDH), reported product sales of $560,325 for the first quarter ended March 31, 2014. The Trappsol® Cyclo™ orphan drug product generated first-quarter sales of $418,000, a 97% increase from the same period a year ago. Cash increased to $873,000 during the first quarter due to strong sales and $500,000 raised in a private placement of equity.
First Quarter 2014 highlights include:
- Sales of the Company's orphan drug Trappsol® Cyclo™ increased 97% from the same period in 2013.
- Cash flows from operations rose 70% to $194,000, compared with $114,000 in the same period in 2013.
- The Company raised $500,000 in equity through the private placement of 10 million shares of common stock.
- The Company expanded its Board of Directors to six seats, and appointed N. Scott Fine, Markus W. Sieger and F. Patrick Ostronic to the board.
- The Company entered into a Securities Purchase and Collaboration Agreement with Novit LP under which the Company issued 4 million shares of common stock and raised $1 million in equity capital.
"The Company has positioned itself for continued growth in the first quarter. The strong sales in the Sphingo Biotechnology division validate our focus on the biotechnology sector for expansion," said Dr. Jeffrey Tate, President of CTD Holdings, Inc. "Our expanded Board is a dynamic team, directing the expansion of our core businesses. I look forward to continued growth as we move forward."
CTD HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
2014 2013
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 872,504 $ 268,516
Accounts receivable, net 60,198 99,282
Inventory 259,997 241,005
Other current assets 33,212 10,056
Total current assets 1,225,911 618,859
PROPERTY AND EQUIPMENT, NET 1,648,617 1,627,254
OTHER ASSETS
Property held for sale 400,000 400,000
Deferred tax asset 65,000 120,000
Deferred costs, net 22,488 23,354
Total other assets 487,488 543,354
TOTAL ASSETS $ 3,362,016 $ 2,789,467
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expense $ 149,464 $ 142,607
Line of credit 20,625 -
Current portion of long-term debt 56,318 56,318
Total current liabilities 226,407 198,925
LONG-TERM LIABILITIES
Long-term debt, less current portion 781,239 795,457
STOCKHOLDERS' EQUITY
Common stock, par value $.0001 per share,
100,000,000 shares authorized, 48,455,882 and
37,455,882 shares issued and outstanding,
respectively 4,845 3,745
Preferred stock, par value $.0001 per share,
5,000,000 shares authorized; Series A, zero
and one share issued and outstanding,
respectively - -
Additional paid-in capital 4,384,309 3,923,049
Accumulated deficit (2,034,784) (2,131,709)
Total stockholders' equity 2,354,370 1,795,085
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,362,016 $ 2,789,467
CTD HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
2014 2013
REVENUES
Product sales $ 560,325 $ 583,491
EXPENSES
Personnel 114,821 80,428
Cost of products sold (exclusive of amortization
and depreciation, shown separately below) 120,407 215,825
Repairs and maintenance 17,486 3,191
Professional fees 65,403 43,131
Office and other 44,058 26,150
Amortization and depreciation 37,819 35,391
Freight and shipping 2,093 2,866
402,087 406,982
OPERATING INCOME 158,238 176,509
OTHER INCOME (EXPENSES)
Investment and other income 2,173 715
Interest expense (8,486) (17,146)
(6,313) (16,431)
INCOME BEFORE INCOME TAXES 151,925 160,078
Income taxes 55,000 40,000
NET INCOME $ 96,925 $ 120,078
NET INCOME PER COMMON SHARE $ .00 $ .00
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING 42,466,993 36,889,535
CTD HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
Three Months Ended
March 31,
2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 96,925 $ 120,078
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 37,819 35,391
Deferred income taxes 55,000 40,000
Increase or decrease in:
Accounts receivable 39,084 (186,095)
Inventory (18,992) 4,429
Other current assets (23,156) 2,275
Accounts payable and accrued expenses 6,857 97,571
Total adjustments 96,612 6,429
NET CASH PROVIDED BY OPERATING ACTIVITIES 193,537 113,649
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment and building improvements (58,316) (833)
NET CASH USED IN INVESTING ACTIVITIES (58,316) (833)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on notes payable (14,218) (34,502)
Proceeds from line of credit 20,625 (3,491)
Proceeds from sale of common stock, net of
direct offering costs 462,360 -
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES 468,767 (37,993)
NET INCREASE IN CASH AND CASH EQUIVALENTS 603,988 74,823
CASH AND CASH EQUIVALENTS, beginning of period 268,516 22,839
CASH AND CASH EQUIVALENTS, end of period $ 872,504 $ 97,662
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest $ 8,486 $ 17,146
Cash paid for income taxes $ - $ -
About the Company:
The CTD Holdings, Inc. Family of Companies manufactures and markets the trademarked Trappsol® and Aquaplex® cyclodextrins, cyclodextrin derivatives, and cyclodextrin complexes for research, nutrition, cosmetic and medical markets. NanoSonic Products, Inc. operates the world's only cGMP pulse drying facility for the production of ultra-pure cyclodextrin derivatives and pharmaceutical grade Aquaplex® cyclodextrin complexes. The companies offer a wide variety of cyclodextrin related manufacturing services to worldwide customers, including custom formulation, manufacturing, and commercial scale supply of pharmaceutical grade cyclodextrin complexes. For additional information, visit the Company's websites: www.ctd-holdings.com and www.cyclodex.com
Safe Harbor Statement:
This press release contains "forward-looking statements" about the Company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the Company's future performance include the Company's ability to obtain additional capital to expand operations as planned, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing food and pharmaceutical grade products. These and other risk factors are described from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's reports on Forms 10-K and 10-Q. Unless required by law, the Company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.
Contact:
Sitrick And Company
Wendy Tanaka
(415) 369-8447
wtanaka@sitrick.com
Thomas Mulligan
(212) 573-6100, Ext. 395
tmulligan@sitrick.com
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