LAS VEGAS, May 15, 2014 /PRNewswire/ -- Cord Blood
America, Inc. (www.cordblood-america.com) (OTC Bulletin Board:
CBAI) ("CBAI" or the "Company") today announced financial results
for the quarter ended March 31,
2014.
First Quarter 2014 Highlights:
- Recurring revenues increased approximately 11% for the three
months ended March 31, 2014 to
$740,124 and now represents over 58%
of total revenue.
- The Company announced effective January
1, 2014, it had received its AABB accreditation for cell
therapy activity associated with cord blood processing, storage and
distribution.
- Cash provided by operations totaled $222,434 in the first quarter. This represents a
136% increase compared to the first quarter of 2013.
- Cash increased 104% to $802,496
compared to $393,642 in the same
period a year ago.
Joseph Vicente, President of Cord
Blood America, Inc. commented "We continue to focus on driving
profitability in our core business while assessing an increasingly
competitive landscape for additional revenue opportunities
that will leverage our existing infrastructure. We
believe our ability to generate cash will provide us the
flexibility to react quickly to a very dynamic marketplace and
achieve long term growth. Over the past eight quarters, the
Company has reduced operating expenses, ended investment in its
unconsolidated affiliates and received no additional funding from
outside sources for working capital. The Company plans to continue
to operate on its cash flows from operations in which we generated
over $220,000 in the first quarter
and have increased our cash balance over the past eight quarters by
over 300% to over $800,000."
For the three months ended March 31,
2014, total revenue decreased 3% to $1.42 million from $1.45
million in the same period of 2013. Recurring revenues
increased approximately 11% while processing fees decreased
approximately 14% for the three months ended March 31, 2014 versus the prior comparative
period of 2013. Per segment, Cord had a decrease of its total
revenues of 2%, and Bio decreased its revenues 4% over the same
period ending March 31, 2014. Cord
remains focused on strategic organic growth which management
anticipates will provide sustainable operating cash flows, and,
positive operating and net income.
Administrative and selling expenses for the three months ended
March 31, 2014 were $1.32 million as compared to $1.11 million for the comparative period of
2013.These expenses are primarily related to marketing/advertising,
professional services, allocated facility related expenses and
wages for personnel. Professional services, primarily legal fees
related to the Company's complaint against Tonaquint and St.
George, were a major contributor for the increase in selling and
administrative expenses. The Company continues to evaluate
its expenses and their relationship to revenues for alignment.
For the period ending March 31,
2014, the company had $0.80
million in cash, an increase of 13% from the year-ended
December 31, 2013 of $0.71 million. During the three month period
ended March 31, 2014 there was no
increase in notes payable for purposes of working capital or
investment in affiliate companies.
Net cash provided by operating activities for the three month
period ending March 31, 2014 was
$0.22 million, versus $0.09 million provided from the prior comparative
period of 2013, an improvement of $0.13
million. Net cash used in investing activities decreased by
$0.01 million. The Company did not
have any financing activities during three month period ending
March 31, 2014, and cash flow from
operations continue to be sufficient to fund operations.
About Cord Blood America
Cord Blood America, Inc. is the parent company of CorCell
Companies, Inc. which, along with Cord Blood America, Inc.,
facilitates umbilical cord blood and cord tissue stem cell
processing and storage for expectant parents and their
children. Collected through a safe and non-invasive process,
cord blood stem cells offer a powerful and potentially life-saving
resource for treating a growing number of ailments, including
cancer, leukemia, blood, and immune disorders. To find out more
about Cord Blood America, Inc. and CorCell Companies, Inc., visit
our websites: http://www.cordblood-america.com/ for investor
information and http://www.corcell.com/ for customer
information.
Forward-Looking Statements
Some statements made in this press release are forward-looking
statements, which are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. We use
words such as "anticipate," "believe," "expect,'' "future,"
"intend," "plan," and similar expressions to identify
forward-looking statements. These statements including those
related to the growth of the industry, new stem cell treatments,
and Cord Blood America's performance, are only predictions and are
subject to certain risks, uncertainties and assumptions. Additional
risks are identified and described in the Company's public filings
with the Securities and Exchange Commission. Statements made herein
are as of the date of this press release and should not be relied
upon as of any subsequent date. The Company's past performance is
not necessarily indicative of its future performance. The Company
does not undertake, and the Company specifically disclaims any
obligation to update any forward-looking statements to reflect
occurrences, developments, events, or circumstances after the date
of such statement.
Investor
Contact:
|
Cameron
Donahue
|
|
Hayden IR
|
|
(651)
653-1854
|
|
cameron@haydenir.com
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Web Site: http://www.cordblood-america.com
SOURCE Cord Blood America, Inc.