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Covalon Technology third-quarter loss tightens as operating expenses fall

Mon, 08/23/2010 - 5:45am
The Associated Press

Covalon Technologies Ltd. (TSXV:COV) says its third-quarter loss was cut in half, as the medical technology developer reduced costs by 40 per cent compared with the same period last year.

Covalon's net loss was $647,223 in the three months ended June 30, down from $1.2 million in the year-earlier quarter, the company reported Monday.

The Toronto-area company, which focuses on developing technology used for tissue repair, infection control and specialized coatings for medical and consumer products, didn't provide per-share information.

It said revenue reached $1 million during the quarter, but didn't include comparisons for prior quarters. A year ago, it reported third-quarter revenue was $427,376 and in May it reported 2010 second-quarter revenue was $828,525.

"I am satisfied that our quarterly results show financial improvement including revenue growth and increased cash position," Covalon chief executive said in an announcement.

"Just as important, I am extremely pleased with the improvements in the day-to-day operations of Covalon over the past quarter."

As of June 30, Covalon had no debt and nearly $7 million of cash, cash-equivalents and short-term assets.

Its quarterly operating expenses in the third quarter totalled $486,624. It reported previously that operating expenses in the third quarter of fiscal 2009 totalled $1.6 million and in the second quarter of fiscal 2010 totalled $685,401.

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