WILMINGTON, Mass.--(BUSINESS WIRE)--
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.
About AdvanSource Biomaterials Corporation
AdvanSource Biomaterials Corporation manufactures advanced polymer
materials which provide critical characteristics in the design and
development of medical devices. The Company's biomaterials are used in
devices that are designed for treating a broad range of anatomical sites
and disease states. AdvanSource's business model leverages its
proprietary materials science technology and manufacturing expertise in
order to expand its product sales and royalty and license fee income.
More information about AdvanSource is available at its website: www.advbiomaterials.com.
Forward-Looking Statements
AdvanSource Biomaterials Corporation believes that this press release
contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are based on management's current expectations and are
subject to risks and uncertainties that could cause results to differ
materially from the forward-looking statements. For further information
on such risks and uncertainties, you are encouraged to review the
Company's filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K for the fiscal year ended March 31, 2015
and its Quarterly Report on Form 10-Q for the quarter ended June 30,
2015. The Company assumes no obligation to update any forward-looking
statements as a result of new information or future events or
developments, except as required by law.
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