Coretec announces Q4 and FY results

-- Fourth quarter revenues up 9% sequentially versus third quarter
-- Fourth quarter year-over-year revenues up 4%
-- Fourth quarter EBITDA of $1.7 million
-- Fourth quarter eps of $0.01

Coretec Inc. (TSX:CYY) reported its financial results for the fourth quarter and the year ended December 31, 2005.

Coretec reported revenues from continuing operations of $21.6 million in the quarter ended December 31, 2005, a 4% increase over the prior year period and an increase of 8% from the third quarter of 2005. Gross profit in the quarter was 21.4% of sales compared to 22.3% in the prior year period and 20.0% in the third quarter of 2005. Net income from continuing operations for the quarter was $0.2 million or $0.01 per share compared to a net loss of $0.6 million or $0.03 per share for the same period in 2004 and sequentially, an increase of $1.6 million from a net loss of $1.4 million or $0.08 per share in the third quarter of 2005. Earnings before interest, taxes, depreciation and amortization (EBITDA) before foreign exchange gains/losses was $1.7 million, a $1.0 million increase from the same period in 2004 and sequentially an increase of $1.4 million from the third quarter of 2005.