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Product revenues for the nine months ended April 30, 2009 totaled $1,239,560 representing an increase of 40% from the $884,035 reported for the same nine month period last year. The Company attributes this to increased orders from North American customers and growth spurred by expansion into European and South American markets.
Product Cost (Material and Direct Labor) for the nine ended April 30, 2009 totaled $312,522 or 25% of product revenues, a net reduction of 3% from the previous year. The Company attributes this improvement to continued use of improved assembly standards under ISO-9000.
Gross Profit for the nine months ended April 30, 2009 amounted to $927,038 or 75%, a direct result of increased sales this fiscal year.
Selling, general and administrative expenses for the nine months ended April 30, 2009 amounted to $2,285,610, a 26% reduction or $810,095 from the same period last year.
Non-cash non-operating expenses for the nine-month period amounted to $721,685 which included induced conversion cost; amortization of deferred debenture discount and debenture costs.
As a result of the above, the Company reported a net loss from operations of ($1,786,985) or ($2.46) per share for the nine months ended April 30, 2009 compared to a loss of ($5,018,894) or ($4.81) per share for the nine months ended April 30, 2008, representing a decrease of over 60% or $3,231,909 from the 2008 period. This decrease in net loss is readily attributed to the Company's ability to reduce operating expenses while increasing net product revenues.
About Conolog Corporation
Conolog Corporation is a provider of digital signal processing and digital security solutions to electric utilities worldwide. The Company designs and assembles electromagnetic products to the military and provides engineering and design services to a variety of industries, government organizations and public utilities nationwide. The Company's INIVEN division is a provider of a line of digital signal processing systems, including transmitters, receivers and multiplexers.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products introduced by competitors, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
SOURCE: Conolog Corporation
CEOcast, Inc. Michael Wachs, 212-732-4300
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