"In 2013 we achieved traction for sales of our branded products, took advantage of historically low interest rates to refinance debt, and invested in our market channels to increase sales," said Dr. Jeffrey Tate, President of CTD Holdings.
Alachua, FL (PRWEB) March 11, 2014
CTD Holdings, Inc. (OTCQB:CTDH) reported record product sales of $1,693,335 for the fiscal year ended December 31, 2013, a 71% increase over 2012 product sales. This revenue growth was driven by sales of Trappsol products to existing and new customers. The Company reported net income of $205,000 for 2013, a 176% increase over 2012.
Fiscal 2013 Highlights:
- Sales of the Company’s orphan drug designated product Trappsol(R) Cyclo(TM) were $875,000 for the year, as compared to $263,000 for 2012, representing an increase of $612,000, or 233%.
- Sales of Trappsol(R) HPB were $413,000 in 2013, compared to $410,000 in 2012.
- Sales of other Trappsol(R) branded products were $384,000, an increase of 76% over 2012 sales.
- Cash flows from operations for 2013 were $557,000, compared to $59,000 for 2012.
- In July 2013, the Company refinanced all of its approximately $875,000 long-term debt reducing the effective interest rate by more than 2% to 3.99% and extending the terms of the loans.
- Cash increased to $269,000 as of December 31, 2013, from $23,000 on the same date in 2012.
- On February 19, 2014, the Company received a $500,000 equity investment and issued 10 million shares of common stock in a private placement.
- In February 2014, two new members were added to the Board of Directors, N. Scott Fine and Markus W. Sieger. Board committees for Audit, Governance and Compensation were formed.
"In 2013 we achieved traction for sales of our branded products, took advantage of historically low interest rates to refinance debt, and invested in our market channels to increase sales," said Dr. Jeffrey Tate, President of CTD Holdings. "With the addition of two key international investors to our Board in February, we are poised for accelerated growth."
Consolidated financial statements at: http://i.invoc.us/Files/402/26FAEF/21ADB/01db09be20474ba1a504ae55084a5bc1/0/Press+Release+Financial+Statements_Compatibility.xls.
About the Company:
The CTD Holdings, Inc. Family of Companies manufactures and markets the trademarked Trappsol(R) and Aquaplex(R) cyclodextrins, cyclodextrin derivatives, and cyclodextrin complexes for research, nutrition, cosmetic and medical markets. NanoSonic Products, Inc. operates the world's only cGMP pulse drying facility for the production of ultra-pure cyclodextrin derivatives and pharmaceutical grade Aquaplex(R) cyclodextrin complexes. The companies offer a wide variety of cyclodextrin related manufacturing services to worldwide customers, including custom formulation, manufacturing, and commercial scale supply of pharmaceutical grade cyclodextrin complexes. For additional information, visit the Company's websites: http://www.ctd-holdings.com and http://www.cyclodex.com.
Safe Harbor Statement:
This press release contains "forward-looking statements" about the Company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the Company's future performance include the Company's ability to obtain additional capital to expand operations as planned, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing food and pharmaceutical grade products. These and other risk factors are described from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's reports on Forms 10-K and 10-Q. Unless required by law, the Company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.