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Covalon Announces Financial Results for its Third Fiscal Quarter

^{Published on 2010-08-23 05:11:16 - Market Wire}
 

 - Quarterly revenue reached $1,002,394; - Quarterly operating expenses decreased by approximately 40% or $486,624 from the same quarter in 2009; - The Company's cash position increased this quarter by $1,461,331 compared to a decrease in cash reserves of $1,250,451 for the corresponding period in fiscal 2009; - The Company was cash flow positive from operations for both the three and nine months ended June 30, 2010, due to upfront cash payments related to two agreements previously announced by the Company; - Covalon continues to have a strong balance sheet with no debt and $6,931,954 in cash, cash equivalents and short-term investments as of June 30, 2010; - Net loss for the third fiscal quarter of 2010 was $647,223, compared to a net loss of $1,201,228 reported for the corresponding period of fiscal 2009.