Coretec announces Q4 & FY results

Coretec Inc. (TSX: CYY) reported its financial results for the fourth quarter and the year ended December 31, 2006.

Coretec reported revenues from continuing operations of $23.2 million in the quarter ended December 31, 2006, a 7.2% increase over the prior year period and an increase of 7.9% as compared to the third quarter of 2006. Gross profit in the quarter was 22.7% of sales compared to 21.4% in the prior year period and 23.4% in the third quarter of 2006.

Net income from continuing operations for the quarter was $0.6 million or $0.03 per share as compared to a net profit of $0.2 million or $0.01 per share for the same period in 2005 and sequentially, an increase of $0.2 million from a net profit of $0.4 million or $0.02 per share in the third quarter of 2006. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $1.9 million, a $0.2 million increase as compared to the same period in 2005 and sequentially an increase of $0.1 million from the third quarter of 2006.