retractable technologies inc (RVP) Key Developments
Retractable Technologies, Inc. Reports Earning and Operating Results for the First Quarter Ended March 31, 2015
May 15 15
Retractable Technologies, Inc. reported the earning results for the three months ended March 31, 2015. Domestic sales accounted for 94.4% of the revenues for the three months ended March 31, 2015 against 82.0% of the revenues for the three months ended March 31, 2014. Domestic revenues increased 17.9% principally due to higher volumes from existing customers. International revenues decreased 68.4%. Its operating loss was $895,000 compared to an operating loss for the same period last year of $2.0 million due primarily to higher gross profit and reduced expenses. Approximately $556,000 in cash flow in the three months ended March 31, 2015 was provided by operating activities.
The company also reported the operating results for the three months ended March 31, 2015. Domestic unit sales increased 13.4%. Domestic unit sales were 91.8% of total unit sales for the three months ended March 31, 2015. International unit sales decreased 60.8%. Its international orders may be subject to significant fluctuation over time. Overall unit sales decreased 1.8%.
Retractable Technologies, Inc. Declares Dividends to Series I and II Class B Preferred Stock Shareholders Payable on April 30, 2015
Apr 9 15
Retractable Technologies, Inc. announced that its board of directors has declared dividends to holders of its Series I Class B and Series II Class B convertible preferred stock in the amounts of $37,891.27 and $132,925.68, respectively. The dividend amount is $0.125 per share per quarter for Series I Class B shareholders and $0.25 per share per quarter for Series II Class B shareholders. Dividends have accrued at 10% per annum and cover amounts in arrears from June 30, 2014 through date of conversion or March 31, 2015, whichever is applicable. The dividends will be paid on April 30, 2015 to shareholders of record as of the close of business on April 20, 2015.
Retractable Technologies, Inc. Reports Earnings Results for the Three and Twelve Months Ended December 31, 2014
Apr 1 15
Retractable Technologies, Inc. reported earnings results for the three and twelve months ended December 31, 2014. For three months, the company’s results improved from a loss of $1.7 million (after preferred dividend requirements) to an income applicable to common shareholders of $473,000, also after preferred dividend requirements.
For twelve months, loss from operations was $2.2 million compared to an operating loss of $5.9 million in 2013, a 63.6% decrease. Cash flow from operations was a negative $3.9 million primarily due to increase in accounts receivable, decrease in current liabilities, and loss from operations, mitigated by a decrease in inventory and depreciation.
Retractable Technologies, Inc. Announces Resignation of Clarence Zierhut from Board of Directors
Feb 4 15
On February 2, 2015, Clarence Zierhut, an independent Director, resigned from the Board of Directors of Retractable Technologies, Inc.
Retractable Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 17 14
Retractable Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2014. For the third quarter, the company reported net income is the result of increased revenues attributable to higher volumes and higher average sales prices. This improvement in sales, along with cost-cutting measures taken earlier in the year, resulted in its achieving profitability this quarter. This third quarter improvement in cash flows over the previous two quarters is the result of improved gross profit and lower operating expenses attributable to cost cutting measures. Gain from operations of $421,000 compared to an operating loss for the same period last year of $825,000 due primarily to improved sales volumes.
For the nine months, the company reported gross profit decreased 1.0%. Approximately $3.9 million in cash flow in the nine months ended September 30, 2014 was used by operating activities. For the nine months ended September 30, 2014, net cash used by operating activities was $3.8 million, an increase of cash used by operations of $100,000. Operating loss was $2.9 million compared to an operating loss for the same period last year of $4.6 million due primarily to reduced expenses.