erba diagnostics inc (ERB) Key Developments
ERBA Diagnostics, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Jun 26 15
ERBA Diagnostics, Inc. announced unaudited consolidated earnings results for the first quarter Ended March 31, 2015. For the quarter, net revenue was $4,853,076 against $6,371,112 a year ago. Loss from operation was $673,705 against income from operation of $249,246 a year ago. Loss before provision for income taxes was $991,615 against income before provision for income taxes of $193,775 a year ago. Net loss was $1,018,967 or $0.02 per basic and diluted share against net income of $164,246 or $0.00 per basic and diluted share a year ago. Revenues in the first quarter of 2015 decreased compared to the same period of 2014 due to decreased sales in many of major international markets. In addition, the strengthening of the U.S. dollar relative to foreign currencies adversely impacted net revenue for the first quarter of 2015 as compared to the same period of 2014. The decreases in gross margin and net income during the first quarter of 2015 compared to the same period of 2014 were primarily the result of decreased revenues during the 2015 period.
ERBA Diagnostics Not In Compliance With NYSE's Company Guide
May 22 15
On May 21, 2015, ERBA Diagnostics, Inc. received a letter from NYSE MKT LLC stating that the Exchange has determined that the Company is not in compliance with Sections 134 and 1101 of the Exchange’s Company Guide due to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 with the Securities and Exchange Commission (the “SEC”). The letter also states that the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 is a material violation of its listing agreement with the Exchange and, therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and, unless prompt corrective action is taken, remove the Company’s securities from the Exchange. In the letter, the Exchange has acknowledged that the Company filed its Annual Report on Form 10-K for the year ended December 31, 2014 with the SEC on May 15, 2015, which was consistent with timeline and actions that the Company had articulated in its plan of compliance (the “Plan”) that the Company had provided to the Exchange on May 1, 2015. In the letter, the Exchange has informed the Company that, because the additional deficiencies resulting from the Company’s failure to timely file its Quarterly Report on Form 10-Q are of a similar nature of the prior deficiencies resulting from the Company’s prior failure to timely file its Annual Report on Form 10-K, the Company may (but is not required to) submit a supplement to its Plan (the “Supplement to Plan”) addressing how it intends to regain compliance with Sections 134 and 1101 of the Company Guide by August 19, 2015 (the “Plan Period”). If the Company does not make progress consistent with the Plan or any Supplement to Plan during the Plan Period, or if the Company does not cure its deficiencies prior to the expiration of the Plan Period, then the Exchange staff will initiate delisting proceedings as appropriate. The Company is working diligently to regain compliance with the Company Guide by August 19, 2015.
ERBA Diagnostics, Inc. Announces Earnings Results for the Year Ended December 31, 2014
May 18 15
ERBA Diagnostics, Inc. announced earnings results for the year ended December 31, 2014. For the year, the company reported net income of $450,000, compared to net income of $676,000 for the year ended December 31, 2013. Net revenues decreased by $1,863,000 to $26,392,000 in 2014 from $28,255,000 in 2013. This 7% decrease was primarily attributed to a decrease in net revenues of $2,231,000 from domestic operations during 2014, compared to 2013, due to a number of factors including the move of the facility location which caused disruption in production/operation and changes in the sales organization as well as reduced headcount from attrition and reorganization initiatives. Operating income was $873,000 in 2014 compared to an operating income of $1,037,000 in 2013, a decrease of $164,000, or 16%. The decrease in operating income in 2014 as compared to 2013 resulted primarily from the reduction in gross profit, which was partially offset by the reductions in selling and research and development expenses due to cost containment efforts designed to align with the lower revenues and to fund the facility move which is reflected in the higher general and administrative expenses.
ERBA Diagnostics, Inc. announced delayed 10-Q filing
May 15 15
On 05/15/2015, ERBA Diagnostics, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
ERBA Diagnostics, Inc. Announces Executive Appointments
May 6 15
ERBA Diagnostics, Inc. has appointed Ernesina Scala as Chief Financial Officer effective May 1, 2015 and Chandra Krishnan as Senior Vice President Global Sales, Marketing and Business Development of ERBA Diagnostics, effective as of April 20, 2015. Ms. Scala has over 20 years' experience in finance and accounting. Prior to joining the Company, from 2002 until 2014, Ms. Scala was employed at Tyco International Ltd. and held various senior finance and accounting positions, most recently as Senior Director of Finance and Chief Financial Officer Latin America. Mr. Krishnan has over 20 years' experience in the IVD Industry. Previously, Mr. Krishnan was Head of Marketing and Corporate Strategy for Qiagen Gmbh in Germany, and has held various leadership positions at Abbott
Laboratories - Diagnostics and Molecular divisions.