/ CORRECTION - CTX Virtual Technologies, Inc. Reports $48.9 Million Net Sales for First Quarter 2013
August 05 2013 - 2:31PM
Marketwired
In the news release, "CTX Virtual Technologies, Inc. Reports $48.9
Million Net Sales for First Quarter 2013," issued earlier today by
CTX Virtual Technologies, Inc. (OTC Pink: CTXV), we are advised by
the company that the financial figures in the first and third
paragraphs have all been updated. Also, the wording throughout the
press release has been revised. Complete corrected text follows.
CTX Virtual Technologies, Inc. Reports $48.9
Million Net Sales for First Quarter 2013
BOCA RATON, FL -- August 5, 2013 -- 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 $48,928,268 compared to net sales
for the same period of $936,845. 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 $29,921,707.
Selected financial information for the first quarter ending
March 31, 2013 is as follows:
Gross profit for the quarter ended March 31, 2013, was
$6,080,904 as compared to $155,657 for the quarter ended March 31,
2012, with reported income from operations of $4,253,795 as
compared to a loss from operations of $645,113 for the same period.
We also reported a net income of $3,165,866 or $0.12 per share on a
fully diluted basis for the quarter ended March 31, 2013 as
compared to a net loss of $14,461,414 or $0.71 per share after the
accrual for change in fair value of warrant liabilities and
deconsolidation of a subsidiary for the same period in 2012.
"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 proprietary 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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