ORLANDO, Fla., April 1 /PRNewswire-FirstCall/ -- CTD Holdings Inc. (BULLETIN BOARD: CTDH) announced today that its 10K (annual report) for year-end December 31, 2003 is available on its web site, http://www.cyclodex.com/ and on the SEC site, http://www.edgar.gov/.
CTDH reported Net Income for the period ending December 31, 2003 of $294,978, an increase of 78% from the same period in 2002 when the company reported earnings of $165,580. As a result the company is reporting a 100% increase in earnings per share ($.06) for the period ending December 31, 2003 as compared to $.03 during the same period in 2002.
CTD Holdings’ total product sales for 2003 were approximately $395,000, a 24% decrease over 2002 sales of $522,000. This change can be attributed to the normal volatility of CTD sales. CTD Holdings’ gross profit margin of more than 88% remained consistently strong for 2003 compared to 84% for 2002.
“Based on our profitability in 2003 and 2002 and a good start on 2004, management requested an examination of the valuation being given to the company’s deferred tax asset; this asset is based on the accumulated losses the company has reported in the past. Our accountants, auditor and corporate counsel agreed that the valuation allowance should be decreased from 100% to 35%, resulting in an income tax benefit of $225,000. This adjustment clearly accounts for the bulk of the increase in EPS,” stated Rick Strattan, the President/CEO of CTD Holdings, Inc.
About CTD Holdings Inc.:
CTD Holdings Inc. was created to take advantage of the great diversity that Cyclodextrins (CD) bring to new product development. CD’s are improving the performance characteristics of products in so many industries that CTDH management decided early-on not to chase specific product development tactics, but rather to build expertise in all the areas necessary to develop commercial applications of CD’s.
For investor information contact Matt Maguire at 1 866 THE APPLE or (407) 884-0444
Safe Harbor Act Notice
This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the company’s products, increased levels of competition, product and technological changes, the company’s dependence upon financing and third-party suppliers, and other risks detailed from time to time in the company’s federal filings, annual report, offering memorandum or prospectus. Specifications are subject to change without notice.
CTD Holdings Inc.
CONTACT: Matt Maguire, +1-866-THE-APPLE or +1-407-884-0444, for CTDHoldings
Web site: http://www.cyclodex.com/
