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8-K - CURRENT REPORT - CBA Florida, Inc. | cbai_8k.htm |
Exhibit
99.1
Cord Blood America Reports 2016
Third Quarter Financial
Results
November 14, 2016 - Cord Blood America, Inc.
(www.cordblood-america.com) (OTC Bulletin Board: CBAI) ("CBAI" or
the "Company") today announced financial results for the third
quarter ended September 30, 2016.
Third Quarter Highlights Include:
●
Total revenue for
the third quarter 2016 was $0.77 million, a decrease of 45.8% from
total revenue of $1.43 million for the third quarter
2015.
●
Recurring storage
revenue for the third quarter 2016 was $0.68 million, an increase
of 2.0% from recurring storage revenue of $0.66 million for the
third quarter 2015.
●
EBITDA for the
third quarter 2016 was $0.19 million, a decrease of 40.0% from
EBITDA of $0.32 million for the third quarter 2015.
David Sandberg, Chairman of the Board commented, “We expect
to report on findings (from our previously announced strategic
process) in the first quarter of 2017. Potential outcomes are being
evaluated and include a potential sale, merger, acquisition, or
Cord Blood America continuing as a standalone
company.”
Results of Operations for the Three-Months Ended September 30,
2016
For the
three months ended September 30, 2016, total revenue decreased to
$0.77 million from $1.43 million, a decrease of 45.8% over the same
period of 2015. The decrease in
revenue is due primarily to the previously disclosed
discontinuation of orders for tissue procurement services which
accounted for $0.51 million in revenues for the three months ended
September 30, 2015.
Cost of
services as a percentage of revenue decreased to 22.3% for the
three month period ending September 30, 2016 compared to 38.2% for
the same prior period of 2015. Gross profit decreased by
approximately $0.28 million or 31.9% to approximately $0.60 million
for the three month period ending September 30, 2016 from
the comparable three month period of 2015.
The
Company’s net income was $0.14 million for the three month
period ending September 30, 2016, compared to a net income of $0.23
million for the period ended September 30, 2015.
EBITDA decreased to $0.19 million for the three month period ending
September 30, 2016 from $0.32 million for the same period of
2015.
Non-GAAP Measures
In addition to the GAAP financial measures set forth in this press
release, the Company has included the non-GAAP measurement EBITDA
which presents operating results on a basis adjusted for
depreciation, amortization, interest expense and taxes. The Company
uses this non-GAAP measure as a key performance measure for the
purpose of evaluating performance internally. The Company also
believes this non-GAAP measure provides our investors with useful
information regarding our operating results. This non-GAAP measure
is not intended to replace the presentation of our financial
results in accordance with GAAP. Use of the term EBITDA may differ
from similar measures reported by other companies.
About Cord Blood America, Inc.
Cord Blood America, Inc. is the parent company of CorCell
Companies, Inc. which, along with Cord Blood America, Inc.,
facilitates umbilical cord blood and cord tissue stem cell
processing and storage for expectant parents and their
children. Collected through a safe and non-invasive
process, cord blood stem cells offer a powerful and potentially
life-saving resource for treating a growing number of ailments,
including cancer, leukemia, blood, and immune disorders. To find
out more about Cord Blood America, Inc. and CorCell Companies,
Inc., visit our websites: http://www.cordblood-america.com/ for
investor information and http://www.corcell.com/ for customer
information.
Forward-Looking Statements
Some statements made in this press release are forward-looking
statements. We use words such as "anticipate," "believe,"
"expect,'' "future," "intend," "plan," and similar expressions to
identify forward-looking statements. These statements including
those related to the growth of the industry, new stem cell
treatments, and Cord Blood America's performance, are only
predictions and are subject to certain risks, uncertainties and
assumptions. Additional risks are identified and described in the
Company's public filings with the Securities and Exchange
Commission. Statements made herein are as of the date of this press
release and should not be relied upon as of any subsequent date.
The Company's past performance is not necessarily indicative of its
future performance. The Company does not undertake, and the Company
specifically disclaims any obligation to update any forward-looking
statements to reflect occurrences, developments, events, or
circumstances after the date of such statement.
Investor
Contact:
Anthony Snow
asnow@cordblood-america.com