Next ASNB 10q coming soon. Will make another nice
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Posted On: 11/13/2015 12:18:13 PM
Next ASNB 10q coming soon. Will make another nice move if they can follow up on this. Market cap only $3.25 million
ADVANSOURCE BIOMATERIALS REPORTS FISCAL 2016 FIRST QUARTER RESULTS AND SECOND CONSECUTIVE QUARTERLY PROFIT
Wilmington, MA. August 20, 2015…AdvanSource Biomaterials Corporation (OTCQB: ASNB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced financial results for its fiscal 2016 first quarter ended June 30, 2015 resulting in second consecutive quarterly profit. Total revenues for the three months ended June 30, 2015 were $1,171,000, compared with $621,000 for the comparable prior year period, an increase of $550,000, or 89%.
Product sales of our biomaterials for the three months ended June 30, 2015 were $1,048,000, compared with $366,000 for the comparable prior year period, an increase of $682,000, or 186%. License, royalty and development fees for the three months ended June 30, 2015 were $123,000, compared with $255,000 for the comparable prior year period, a decrease of $132,000 or 51%.
Gross profit on total revenues for the three months ended June 30, 2015 was $849,000, or 73% of total revenues, compared with $393,000, or 63% of total revenues for the comparable prior year period.
Gross profit on product sales for the three months ended June 30, 2015 was $726,000, or 69% of product sales, compared with gross profit of $138,000, or 38% of product sales for the comparable prior year period.
Total operating expenses, composed of research, development, selling, general and administrative expenses, for the three months ended June 30, 2015 were $421,000, compared with $427,000 for the comparable prior year period, a decrease of $6,000 or 1%.
Net income for the three month period ended June 30, 2015 was $377,000, compared with a net loss of ($132,000) for the comparable prior year period.
As of June 30, 2015, we had cash and cash equivalents of $247,000 as compared with $75,000 as of March 31, 2015.
Michael F. Adams, President and CEO of AdvanSource, stated, “We are pleased with our financial performance during this recently completed quarter. We have stabilized our financial position and strengthened our cash position. We are grateful for the hard work of our employees, the continued acceptance of our products and technology by our customers and business partners, and the loyalty of our shareholders.”
Detailed financial information can be found in our Quarterly Report on Form 10-Q which was filed with the Securities Exchange Commission on August 14, 2015.
ADVANSOURCE BIOMATERIALS REPORTS FISCAL 2016 FIRST QUARTER RESULTS AND SECOND CONSECUTIVE QUARTERLY PROFIT
Wilmington, MA. August 20, 2015…AdvanSource Biomaterials Corporation (OTCQB: ASNB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced financial results for its fiscal 2016 first quarter ended June 30, 2015 resulting in second consecutive quarterly profit. Total revenues for the three months ended June 30, 2015 were $1,171,000, compared with $621,000 for the comparable prior year period, an increase of $550,000, or 89%.
Product sales of our biomaterials for the three months ended June 30, 2015 were $1,048,000, compared with $366,000 for the comparable prior year period, an increase of $682,000, or 186%. License, royalty and development fees for the three months ended June 30, 2015 were $123,000, compared with $255,000 for the comparable prior year period, a decrease of $132,000 or 51%.
Gross profit on total revenues for the three months ended June 30, 2015 was $849,000, or 73% of total revenues, compared with $393,000, or 63% of total revenues for the comparable prior year period.
Gross profit on product sales for the three months ended June 30, 2015 was $726,000, or 69% of product sales, compared with gross profit of $138,000, or 38% of product sales for the comparable prior year period.
Total operating expenses, composed of research, development, selling, general and administrative expenses, for the three months ended June 30, 2015 were $421,000, compared with $427,000 for the comparable prior year period, a decrease of $6,000 or 1%.
Net income for the three month period ended June 30, 2015 was $377,000, compared with a net loss of ($132,000) for the comparable prior year period.
As of June 30, 2015, we had cash and cash equivalents of $247,000 as compared with $75,000 as of March 31, 2015.
Michael F. Adams, President and CEO of AdvanSource, stated, “We are pleased with our financial performance during this recently completed quarter. We have stabilized our financial position and strengthened our cash position. We are grateful for the hard work of our employees, the continued acceptance of our products and technology by our customers and business partners, and the loyalty of our shareholders.”
Detailed financial information can be found in our Quarterly Report on Form 10-Q which was filed with the Securities Exchange Commission on August 14, 2015.
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