Competitive Technologies, Inc.
), a pain mitigation biotechnology company, recently reported its
third-quarter 2013 net loss of 4 cents per share, in line with
the Zacks Consensus Estimate. The number also remained unchanged
year over year. However, total net loss of $0.60 million fell
0.9% from the prior-year quarter.
The increase in net loss resulted from decline in the top line,
partially offset by lower expenses.
Behind the Headlines
Total revenue of Competitive Technologies declined approximately
2% to $0.33 million in the quarter under review. The fall in the
top line was primarily due to lower revenues derived from the
Calmare pain therapy medical devices' sale and shipment (down 7%
year over year) as well as to lower Other income (down 12.8% year
Total expenses of Competitive Technologies improved 2.5% from the
prior-year quarter to $0.81 million. The improvement was mainly
driven by significant reduction in selling as well as personal
and consulting expenses. However, rise in general and
administrative expenses, along with higher interest expenditure
partially neutralized the improvement. Interest expenses rose to
$0.07 million due to increase in the usage of debt financing.
Gross profit of Competitive Technologies through product sales
declined 19.3% year over year to $0.17 million in the quarter,
primarily due to decrease in product sales.
Competitive Technologies exited the third quarter with total
assets of $4.7 million, down 1.3% from nearly $4.8 million as of
Dec 31, 2012.
The total cash balance of Competitive Technologies as of Sep 30
was approximately $0.90 million, improving 21.1% from 2012-end.
Total liabilities of Competitive Technologies as of Sep 30 were
$10.4 million, increasing 18.5% from the 2012-end level.
Net cash outflows from operating activities surged 46.2% from the
2012-end level and amounted to $1.3 million in the first nine
months of 2013.
Performances of Other Business Services
SouFun Holdings Ltd.
) reported third-quarter 2013 operating net earnings of $1.13 per
share, outpacing the Zacks Consensus Estimate by 31% and the
year-ago earnings by 66%.
) reported third-quarter 2013 operating net loss of 14 cents per
share, narrower than the Zacks Consensus Estimate of a loss of 23
cents. However, the results deteriorated from operating net loss
of 6 cents per share incurred in the year-ago quarter.
WNS (Holdings) Ltd.
) reported operating net earnings of 33 cents per share for
fiscal second-quarter 2014 ending Sep 30, 2013. Results surpassed
the Zacks Consensus Estimate of 28 cents and improved 37.5% year
Competitive Technologies presently carries a Zacks Rank #3
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