CV Technologies Inc., the Edmonton-based maker of Cold-fX, said Thursday that it cut its fourth-quarter loss as its sales showed a modest increase.
The company said prior to the opening of stock markets that it lost $1.1 million, or one cent a share, compared to a restated loss of $3 million, or two cents a share, in the same quarter of last year.
CV Technologies 3-month TSX chart
CV Technologies said its fourth-quarter revenue rose to $8.4 million from $8.3 million year-over-year.
On April 11, the company said that it would be restating its financial results, and its stock was halted from April 20 until July 11 while it reworked its results.
The company said at the time that it underestimated product returns on Cold-fX — a cold and flu remedy derived from ginseng — when it entered the U.S. market in the fourth quarter of its 2006 financial year.
For its 2007 financial year, CV Technologies reported Thursday that it lost $9.8 million compared to restated earnings of $639,000 for the previous year.
The company said its full-year sales increased slightly to $42 million from
restated $41.4 million for the same period last year.
"While this has been a year with disappointing results from the entry efforts into the U.S. marketplace, the U.S. sales efforts have been stabilized and will move forward on a controlled basis with investment in the marketing efforts aligned with revenues generated," the firm said in a release.
The company added that it "has broadly kept its U.S. retail customer base for the fall cold and flu season."
Shares of CV Technologies rose 15 cents to reach 70 cents on the TSX. The stock has a one-year high of $3.48, and a one-year low of 51 cents.
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