Press Releases Detail:
AVITAR, INC. reports First Quarter Results for Fiscal Year 2000.
February 15, 2000
CANTON, MA, February 15, 2000 – Avitar, Inc. (NASDBB: AVIT.OB) reported financial results for its first fiscal quarter ended December 31, 1999.
Revenues for the quarter increased approximately 67% to $ 807,664 compared to $ 484,097 for the first fiscal quarter of 1999. Net loss for the quarter ended December 31, 1999 was $ 1,206,348, or $0.05 per share. For the same period of the previous fiscal year, the net loss was $ 467,505, or $0.03 per share.
"In fiscal 1999 we established an awareness for ORALscreen and oral fluid technology. We are now in the position to capture this developing market," said Peter P. Phildius, chief executive officer and chairman of Avitar.
Results for the three months ended December 31, 1999 reflect increased sales of the Company’s Oralscreen™ product and drug testing services, research and development expenses related to ORALscreen and investments in sales and marketing related to the substance abuse testing market.
Avitar, Inc. (NASDBB: AVIT.OB), headquartered in Canton, Massachusetts, develops, manufactures and markets innovative medical devices based on core technologies in oral fluid diagnostics and customized polyurethane applications. The company markets a unique portfolio of substance abuse testing products and services that includes the first point-of-contact rapid oral fluid screening device for drugs of abuse. Avitar also markets an oral fluid collection system for DNA testing, as well as a proprietary line of polyurethane-based high tech medical devices. For more information, see Avitar’s Web site at avitarinc.com .
This release forward looking statements that are subject to risks and uncertainties, including the development of new applications, that are detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
– Financial chart follows –
Avitar, Inc.
Summary of Financial Results
(in thousands, except per share amounts)
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For the Quarter Ended December 31, |
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1999
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1998
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Sales |
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$807
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$484
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Operating Expenses: |
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Cost of Sales |
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625
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468
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Selling, General and Administrative |
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992
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341
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Research and Development |
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326
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125
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Amortization of Goodwill |
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70
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-
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Total Operating Expenses |
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2,013
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934
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Operating Loss |
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(1,206)
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(450)
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Other Income(Expenses) |
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(4)
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(18)
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Net Loss |
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(1,210)
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(468)
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Basic and Diluted Income (Loss) Per Share |
$ (0.05)
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$ (0.03)
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Weighted Average Number of Shares and |
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Common Equivalent Shares Outstanding |
24,718,727
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17,481,720
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