Coretec announces Q3 results

Coretec Inc. reported its financial results for the third quarter ended September 30, 2005. The Company recorded sales from continuing operations of $19.9 million in the quarter, an 8% decrease versus sales of $21.7 million in the third quarter of 2004, although a 1% increase sequentially from the second quarter of 2005.
 
Gross profit for the quarter was $4.0 million or 20% of sales compared to $5.4 million or 25% of sales in the third quarter of 2004. Sequentially, gross profit decreased $0.3 million from gross profit of $4.3 million or 22% of sales in the second quarter of 2005. The Company recorded a loss per share in the quarter of $0.08 compared to earnings per share of $0.03 in the third quarter of 2004 and sequentially, compared to a loss of $0.07 per share in the second quarter of 2005. In the third quarter of 2005 the Company recorded a charge of $0.5 million or $0.02 per share representing the costs associated with staff reductions. Included in the Q3 2005 loss was a gain from discontinued operations of $0.16 million or $0.01 per share.