-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FG9TvBVUB4e4Qs3HFMIdHqbVrSwqQmyn3TlR/mBT8XQjKq5sYl/XBupGM0Gn7yKt Tkjn+MeY5PJxRDfrb3kNmQ== 0001157523-04-011488.txt : 20041215 0001157523-04-011488.hdr.sgml : 20041215 20041215111846 ACCESSION NUMBER: 0001157523-04-011488 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041213 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041215 DATE AS OF CHANGE: 20041215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPETITIVE TECHNOLOGIES INC CENTRAL INDEX KEY: 0000102198 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 362664428 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08696 FILM NUMBER: 041203661 BUSINESS ADDRESS: STREET 1: 1960 BRONSON ROAD STREET 2: BUILDING 1 CITY: FAIRFIELD STATE: CT ZIP: 06824 BUSINESS PHONE: 2032556044 MAIL ADDRESS: STREET 1: 1960 BRONSON ROAD STREET 2: BUILDING 1 CITY: FAIRFIELD STATE: CT ZIP: 06824 FORMER COMPANY: FORMER CONFORMED NAME: UNIVERSITY PATENTS INC DATE OF NAME CHANGE: 19920703 8-K 1 a4784768.txt COMPETITIVE TECHNOLOGIES 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 December 13, 2004 Date of Report (Date of earliest event reported) __________________ COMPETITIVE TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 1-8696 36-2664428 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1960 Bronson Road, Fairfield, Connecticut 06824 (Address of principal executive offices) (Zip Code) (203) 255-6044 (Registrant's telephone number, including area code) __________________ Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 2.02. Results of Operations and Financial Condition. On December 13, 2004, Competitive Technologies, Inc. ("CTT") announced its results for the first quarter of fiscal 2005 (three months ended October 31, 2004). A copy of CTT's press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Current Report on Form 8-K and the attached exhibit is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Item 9.01. Financial Statements and Exhibits (c) Exhibits. Exhibit No. Description - ----------- ----------------------------------------------------------- Exhibit 99.1 Press release dated December 13, 2004. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COMPETITIVE TECHNOLOGIES, INC. Date: December 15, 2004 By: /s/ John B. Nano ---------------- Name: John B. Nano Title: President and Chief Executive Officer EXHIBIT INDEX Exhibit No. Description - ----------- ----------------------------------------------------------- Exhibit 99.1 + Press release dated December 13, 2004. + Furnished herewith EX-99.1 2 a4784768ex991.txt PRESS RELEASE Exhibit 99.1 COMPETITIVE TECHNOLOGIES REPORTS INCREASED PROFITS FOR FIRST QUARTER FISCAL 2005 FAIRFIELD, Conn.--(December 13, 2004)--Competitive Technologies, Inc. (AMEX:CTT) today announced profitable results for its fiscal first quarter for the three months ended October 31, 2004. Revenues for first quarter of fiscal 2005 increased to $2.4 million compared with $1.4 million for first quarter of fiscal 2004. CTT's net income for first quarter of fiscal 2005 was $1.0 million, $0.14 per share, compared with the net income for first quarter of fiscal 2004 of $0.3 million, $0.06 per share. "Our first quarter results reflect the continued profitability we achieved in 2004 as well as a strong revenue stream," said John B. Nano, CTT's President and CEO. "Revenues are up for first quarter fiscal 2005 versus 2004, including a substantial increase in royalties collected for past and current homocysteine assays and the stock dividend from MelanoTan Corporation. Our aggressive licensing program for the patented homocysteine assay will further strengthen our recurring revenue as we proceed through fiscal 2005. Our financial strength, driven by profits, continues to increase and shareholders' interest is now at $6.2 million." "CTT continues to leverage near term opportunities while executing our longer term strategy for sustained growth," stated Mr. Nano. "We are proactively marketing our portfolio of innovative technologies including the homocysteine assay, video compression and decoding technology, the sexual dysfunction therapeutic, the sunless tanning technology, the nanotechnology bone biomaterial, silicon carbide wafer testing, encryption technology, an anti-cancer compound and the Therapik(R) medical device. With the most experienced management team in the company's history we are exploiting our technology licensing market opportunities to build profitable recurring revenue streams that will drive shareholder value." About Competitive Technologies, Inc. Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, digital, nano, and physical sciences developed by universities, companies and inventors. The global market for technology transfer services is estimated at $150 billion annually. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: http://www.competitivetech.net Statements about our future expectations, including development and regulatory plans, and all other statements in this document other than historical facts are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. These statements involve risks and uncertainties inherent in our business, including those set forth in Item 7 under the caption "Risk Factors," in our most recent Annual Report on Form 10-K filed with the SEC on October 29, 2004, and other factors that may be described in our other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement. Direct inquiries to: Johnnie D. Johnson, Strategic IR, Inc. E-mail: jdjohnson@strategic-ir.com Tel. (212) 754-6565; Fax (212) 754-4333 E-mail: ctt@competitivetech.net COMPETITIVE TECHNOLOGIES, INC. AND SUBSIDIARIES FIRST QUARTER FISCAL 2005 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share amounts) (unaudited) Quarter Ended October 31, 2004 2003 ---- ---- Revenues $ 2,431 $ 1,363 Expenses 1,442 1,018 Provision for income tax 21 0 --------- --------- Net income $ 968 $ 345 ========= ========= Net income per share Basic $ 0.15 $ 0.06 ========= ========= Assuming dilution $ 0.14 $ 0.06 ========= ========= Weighted average number of common shares outstanding: Basic (000) 6,400 6,201 Assuming dilution (000) 6,701 6,201 Other Financial Data At October 31, At July 31, 2004 2004 ---- ---- Cash and cash equivalents $ 6,663 $ 4,310 ========= ========= Total assets $ 9,599 $ 6,681 ========= ========= Total liabilities $ 3,392 $ 1,742 ========= ========= Shareholders' interest $ 6,207 $ 4,939 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----