WESTON, Fla., Aug. 16, 2011 /PRNewswire/ -- American Scientific
Resources, Inc. ("American Scientific Resources" – OTCQB: ASFX)
today announced that sales in the second quarter 2011 ending
June 30, increased 61.5 percent
compared to the similar quarter one year ago.
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The company reported net sales of $222,129 for the quarter ending June 30, 2011, compared to net sales of
$137,528 for the same quarter a year
ago. Additionally, the company's gross profit for the quarter
increased 484.1% to 79,556 compared to a loss of 20,711 in the same
quarter one year ago. Since the company is in its
transitional period to what it believes will be significant growth,
the net loss applicable to common shareholders increased 392.4% to
$4,009,697 compared to a net loss of
$814,298 for the similar quarter one
year ago, or a loss of $.30 per share
compared to a loss of $0.09 per share
quarter over quarter. The significantly higher net loss was
primarily due to (i) the expensing of stock options issued to
directors, employees and professional advisors, (ii) the charge
resulting from triggered anti-dilution provisions within
certain convertible debt agreements, (iii) fair value changes
within derivative instruments, (iv) higher interest expenses, (v)
higher other operating, sales and administrative expenses, offset
by higher gross profits on sales of our products.
For the six month period ending June 30,
2011, the company reported sales of $323,375 a 3.3% increase over net sales for the
six months one year ago of $313,151.
The net loss for the six month period was $6,142,744 or $0.50
per share compared to $2,293,774 or
$0.24 per share.
"While we hope to continue to improve our bottom line, we are
very encouraged by the growing acceptance of the Kidz-Med
products," said Dr. Christopher F.
Tirotta, CEO and Chairman of American Scientific Resources.
"Our sales for both the VeraTemp (consumer) and VeraTemp+
(institutional) non-contact thermometers are growing as we expand
our distribution into retail stores throughout the US.
Additionally we are adding international distributors for the
products as well and we believe the results of this expansion will
be reflected in future quarters." Dr. Tirotta noted that the
company's new Disintegrator Plus needle and lancet destruction
device will begin to be introduced aggressively this fall and early
in 2012, and "sales from those efforts should begin to be reflected
in future quarters as well."
About American Scientific Resources, Inc.
American Scientific Resources, Inc. is a purpose-driven consumer
product manufacturer specializing in the clinical, home healthcare,
infant and juvenile products industries. The Company sources
and designs innovative health and safety products, developing
advanced technology and intellectual property. The Company's
products, which include infrared thermometers and safe disposal
systems for home use of sharps and needles associated with certain
health care issues, are distributed through established
relationships in-house and through an ever growing network of
leading global healthcare distributors and retailers. Brands
under the American Scientific Resources umbrella include Kidz-Med,
Disintegrator Plus and VeraTemp.
For more information, visit the corporate website at
www.americansci.com, www.kidzmed.com and
www.disintegratorplus.com.
Forward Looking Statements
The information contained herein includes forward-looking
statements. These statements relate to future events or to
our future financial performance, and involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance, or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements. You should not place undue
reliance on forward-looking statements since they involve known and
unknown risks, uncertainties and other factors which are, in some
cases, beyond our control and which could, and likely will,
materially affect actual results, levels of activity, performance
or achievements. Any forward-looking statement reflects our
current views with respect to future events and is subject to these
and other risks, uncertainties and assumptions relating to our
operations, results of operations, growth strategy and liquidity.
We assume no obligation to publicly update or revise these
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
these forward-looking statements, even if new information becomes
available in the future. The safe harbor for forward-looking
statements contained in the Securities Litigation Reform Act of
1995 protects companies from liability for their forward-looking
statements if they comply with the requirements of the Act.
Contact:
Beverly Jedynak
President
Martin E. Janis & Company,
Inc.
312-943-1123
bjedynak@janispr.com
Investor contact:
Investor Relations
American Scientific Resources
IR@americansci.com
561-948-4863
SOURCE American Scientific Resources, Inc.