CTX Virtual Technologies, Inc. Reports $48.9 Million Net Sales for First Quarter 2013
August 05 2013 - 6:00AM
Marketwired
CTX Virtual Technologies, Inc. (OTC Pink: CTXV) a technology
company that manufactures and distributes mobile telecommunication,
virtual imaging, touch screen and tablet manufacturing along with
mobile data input accessories today announced financial results for
the first quarter ending March 31, 2013, with net sales of $48,928
compared to net sales for the same period of $937 or an increase of
522%. On a pro forma basis, if the new operating companies
acquisitions had occurred prior to the beginning of the period, the
net sales for the same period 2012 would have been $29,921 or an
increase of 64%
Selected financial information for the first quarter ending
March 31, 2013 is as follows:
Gross profit for the quarter ended March 31, 2013, was $6,081 as
compared to $155 for the quarter ended March 31, 2012, with
reported income from operations of $4,254 as compared to a loss
from operations of $645 for the same period. We also reported a net
income of $3,166 or $0.12 per share on a fully diluted basis as
compared to a net loss of $14,461 or $0.71 per share.
"The increase in revenue and income comparing the three months
ended March 31, 2013 to 2012 was driven by the acquisition of the
three new variable interest entities. We believe that the additions
of the new operating subsidiaries have resulted in significant
penetration into a new customer base as well as a number of new
distribution channels which we hope will result into additional
business for our 3D electronic perception product lines," said
Cliff Rhee, CTX president and chief executive officer.
Forward-Looking Statement Disclaimer
The statements made in this release may contain forward-looking
information that involves risks and uncertainties. All statements,
other than statements of historical facts, should be considered as
forward-looking statements. Such statements are based on knowledge
of the environment in which the Company currently operates, but
because of risks and uncertainties, actual results may differ
materially from the expectations expressed in the forward-looking
statements. Important factors that may cause actual results to
differ from anticipated results include, but are not limited to the
results of our 2012 audit, our ability to obtain orders and fill
orders on a timely basis, our ability to obtain funding as and when
needed, market acceptance of new products incorporating our
technologies, the success of our product design and research and
development efforts, intense competition, risks of doing business
in China and other foreign markets, our ability to manage growth
and our ability to successfully protect and enforce our
intellectual property rights. In addition, there can be no
assurance that the activities to be performed under the Statement
of Work with the global auto parts manufacturer mentioned above
will prove successful or that a meaningful transaction with such
party will result therefrom.
For more information: Ed Carter ed.carter@ctxtechnologies.com
702-561-1790
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