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  • OxySure Systems, Inc. (OXYS) Triples Revenue For Second Consecutive Quarter 0 comments
    Aug 13, 2013 10:54 AM | about stocks: OXYS

    Today before the opening bell, OxySure reported its financial and operating results for the second quarter ended June 30, 2013.

    Second Quarter 2013 Highlights:

    Total revenue increased by about 657% to $476,071

    General and administrative expense down by about 18% to $194,803

    Interest expense down by about 60% to $23,254

    Net loss declined by about 11.8%

    Working capital deficit improved by about $1,926,481

    Stockholder deficit improved by about $2,359,951

    Gross profit increased 758%; gross margins up to 68% from 60%

    Net loss per share for the quarter stayed flat at $.01

    "We sustained positive momentum in the second quarter, and we are pleased that our financial results continue to show rapidly improving fundamentals," said Julian T. Ross, Chairman of the Board and Chief Executive Officer of OxySure. "Our growth in the second quarter represents another record as the benefits of prior and current research and development and marketing initiatives have begun to materialize. We are growing stronger, and we intend to continue to build on our positive momentum, while continuing to invest in branding, distribution, R&D and sales to drive our business plan forward."

    For the three months ended June 30, 2013, revenues increased to $476,071, representing an increase of approximately $413,180 or 657% as compared to $62,891 for the three months ended June 30, 2012. The increase was driven by a $344,731 or 1,906% increase in product sales in the United States and $112,500 in revenues from licensing and service agreements. The Company added a significant new distributor in the AED sector in the Netherlands, Belgium, and Luxembourg during the second quarter of 2013, further expanding its presence in the international "AED companion market." Revenues from products for the military increased significantly as a result of a teaming agreement.

    Gross profit was $323,599 for the three months ended June 30, 2013, an increase of $285,864 or 758% from $37,735 in the same period last year, primarily due to significantly higher product and service sales. Gross margin was 68%, up from 60%.

    Selling, general and administrative expenses were $511,980 compared to $256,754 for three months 2012. The Company increased sales and marketing expenses from $18,134 to $133,730 as it expanded its sales and branding efforts. OxySure also recorded an increase in research and development expenses primarily attributable to an increase in research and development expense recognized in connection with products for military markets. These increases are partially offset by a decrease in other general and administrative expenses, which fell by 18% to $194,803 as compared to $237,445 for the prior period. The decrease in other general and administrative expense was primarily as a result of a decrease in depreciation and amortization expense, a decrease in employee stock option expense, and a decrease in professional fees.

    Interest expense fell 60% to $23,254 for the second quarter of 2013 from $57,462 during the second quarter of 2012.

    Net loss decreased to $192,609, or $0.008 per share, compared to $218,472 or $0.01 per share for the second quarter of 2012. The weighted average diluted shares outstanding were 23,167,439 and 19,807,432 for second quarters of 2013 and 2012, respectively.

    The total number of derivative securities outstanding reduced by approximately 2,038,455 or 31% from June 30, 2012 to June 30, 2013.

    Total assets increased to $1,366,524 at June 30, 2013 from 1,215,797 at December 31, 2012. The company continues to opportunistically evaluate various debt and equity options to finance its growth.

    Business updates

    OxySure continues to execute on its core growth strategy of:

    Expand its sales and distribution footprint in the U.S. and internationally

    Leverage distribution partnerships to enhance market penetration

    Diversify product offerings through additions of complimentary or additive products/services

    Promote market awareness and education through industry partnerships

    Key milestones achieved so far in 2013 include:

    Signed a distribution agreement with Dutch conglomerate Medizon B.V. to distribute products in the Netherlands, Belgium and Luxembourg

    Launched a new product, a double wall cabinet to house a combination AED/OxySure system

    Added new distributors in the United States to expand distribution footprint

    Conference Call

    OxySure's CEO Julian Ross is hosting a conference call this morning to discuss the company's growth strategy and recent developments.

    Date: Tuesday, August 13, 2013

    Time: 9:00 am ET

    US Dial-In: 1 (866) 352-2112

    International Dial-In: 1 (630) 691-2779

    Conference ID: 7064 119

    Webcast: web.meetme.net/r.aspx?p=2&a=UhiRhpIdemTNlm

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

    Stocks: OXYS
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