BOCA RATON, FL — (Marketwired) — 08/05/13 — In the news release, “CTX Virtual Technologies, Inc. Reports $48.9 Million Net Sales for First Quarter 2013,” issued earlier today by CTX Virtual Technologies, Inc. (OTC Pink: CTXV), we are advised by the company that the financial figures in the first and third paragraphs have all been updated. Also, the wording throughout the press release has been revised. Complete corrected text follows.
BOCA RATON, FL — August 5, 2013 — CTX Virtual Technologies, Inc. (OTC Pink: CTXV), a technology company that manufactures and distributes mobile telecommunication, virtual imaging, touch screen and tablet manufacturing along with mobile data input accessories, today announced financial results for the first quarter ending March 31, 2013, with net sales of $48,928,268 compared to net sales for the same period of $936,845. On a pro forma basis, if the new operating companies acquisitions had occurred prior to the beginning of the period, the net sales for the same period 2012 would have been $29,921,707.
Selected financial information for the first quarter ending March 31, 2013 is as follows:
Gross profit for the quarter ended March 31, 2013, was $6,080,904 as compared to $155,657 for the quarter ended March 31, 2012, with reported income from operations of $4,253,795 as compared to a loss from operations of $645,113 for the same period. We also reported a net income of $3,165,866 or $0.12 per share on a fully diluted basis for the quarter ended March 31, 2013 as compared to a net loss of $14,461,414 or $0.71 per share after the accrual for change in fair value of warrant liabilities and deconsolidation of a subsidiary for the same period in 2012.
“The increase in revenue and income comparing the three months ended March 31, 2013 to 2012 was driven by the acquisition of the three new variable interest entities. We believe that the additions of the new operating subsidiaries have resulted in significant penetration into a new customer base as well as a number of new distribution channels which we hope will result into additional business for our proprietary product lines,” said Cliff Rhee, CTX president and chief executive officer.
The statements made in this release may contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to the results of our 2012 audit, our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights. In addition, there can be no assurance that the activities to be performed under the Statement of Work with the global auto parts manufacturer mentioned above will prove successful or that a meaningful transaction with such party will result therefrom.
For more information:
Ed Carter
702-561-1790
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