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8-K - CURRENT REPORT - CBA Florida, Inc. | cbai_8k.htm |
Exhibit 99.1
Cord Blood America Reports 2017 Second Quarter Results
August 11, 2017 - Cord Blood America, Inc.
(www.cordblood-america.com) (OTC Bulletin Board: CBAI) ("CBAI" or
the "Company") today announced financial results for the second
quarter ended June 30, 2017.
Second Quarter Highlights Include:
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Total
revenue for the second quarter was $0.75 million, a decrease of
5.9% from total revenue of $0.79 million for the second quarter
2016.
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Recurring
storage revenue for the second quarter 2017 was $0.66 million, a
decrease of 4.4% from recurring storage revenue of $0.69 million
for the second quarter 2016.
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EBITDA
for the second quarter 2017 was $0.20 million, an increase of
151.9% from EBITDA of $0.08 million for the second quarter
2016.
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Results of Operations for the Three-Months Ended June 30,
2017
For the
three months ended June 30, 2017, total revenue was $0.75 million,
a decrease of $0.04 million or 5.9% from $0.79 million in second
quarter 2016. Of the $0.04 million
decrease, approximately $0.03 million was attributable to the
reduction in storage and processing revenue from a previously
terminated agreement with a third party. The discontinuation of
storage revenue from the third party accounted for the decline in
the Company’s recurring storage revenue in the
quarter.
Gross
Profit for the three months ended June 30, 2017 was $0.57 million,
a decrease of $0.02 million or 3.6% from $0.59 million in second
quarter 2016. Of the $0.02 million
decrease, approximately $0.03 million was attributable to the
reduction in storage and processing revenue from the third party,
offset by reductions made by the Company in cost of goods
sold.
Gross Margin for the three months ended June 30, 2017 was 76.4%
compared to 74.6% in second quarter 2016. Gross margin increased
due to reductions made by the Company in cost of goods
sold.
Net
Income for the three months ended June 30, 2017 was $0.15 million
compared to a loss of $0.03 million in second quarter
2016.
EBITDA for the three months ended June 30, 2017 was $0.20 million,
an increase of $0.12 million or 151.9% from $0.08 in second quarter
2016 despite the reduction in revenue as the Company has reduced
costs.
David
Sandberg, Chairman of the Board, commented, “On July
7th, the
Company made its final payment to Tonaquint which constituted
payment in full of the original $2.5 million principal obligation
and associated interest. The business is performing in line with
our previous guidance and has net cash of approximately $0.73 mm
while continuing to generate consistent cash flow. The board
continues to evaluate ways to optimize shareholder
value.”
Non-GAAP Measures
In addition to the GAAP financial measures set forth in this press
release, the Company has included the non-GAAP measurement EBITDA
which presents operating results on a basis adjusted for
depreciation, amortization, interest expense and taxes. The Company
uses this non-GAAP measure as a key performance measure for the
purpose of evaluating performance internally. The Company also
believes this non-GAAP measure provides our investors with useful
information regarding our operating results. This non-GAAP measure
is not intended to replace the presentation of our financial
results in accordance with GAAP. Use of the term EBITDA may differ
from similar measures reported by other companies.
About Cord Blood America, Inc.
Cord Blood America, Inc. is the parent company of CorCell
Companies, Inc. which, along with Cord Blood America, Inc.,
facilitates umbilical cord blood and cord tissue stem cell
processing and storage for expectant parents and their
children. Collected through a safe and non-invasive
process, cord blood stem cells offer a powerful and potentially
life-saving resource for treating a growing number of ailments,
including cancer, leukemia, blood, and immune disorders. To find
out more about Cord Blood America, Inc. and CorCell Companies,
Inc., visit our websites: http://www.cordblood-america.com/ for
investor information and http://www.corcell.com/ for customer
information.
Forward-Looking Statements
Some statements made in this press release are forward-looking
statements. We use words such as "anticipate," "believe,"
"expect,'' "future," "intend," "plan," and similar expressions to
identify forward-looking statements. These statements including
those related to the growth of the industry, new stem cell
treatments, and Cord Blood America's performance, are only
predictions and are subject to certain risks, uncertainties and
assumptions. Additional risks are identified and described in the
Company's public filings with the Securities and Exchange
Commission. Statements made herein are as of the date of this press
release and should not be relied upon as of any subsequent date.
The Company's past performance is not necessarily indicative of its
future performance. The Company does not undertake, and the Company
specifically disclaims any obligation to update any forward-looking
statements to reflect occurrences, developments, events, or
circumstances after the date of such statement.
Investor
Contact:
Anthony Snow
asnow@cordblood-america.com