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CTD Holdings Reports Record Revenues for 2013

Companies mentioned in this article: CTD Holdings, Inc.

ALACHUA, FL--(Marketwired - March 12, 2014) - CTD Holdings, Inc. (OTCQB: CTDH) reported record product sales of $1,693,335 for the fiscal year ended December 31, 2013, a 71% increase over 2012 product sales. This revenue growth was driven by sales of Trappsol products to existing and new customers. The Company reported net income of $205,000 for 2013, a 176% increase over 2012.

Fiscal 2013 Highlights:

  • Sales of the Company's orphan drug designated product Trappsol® Cyclo™ were $875,000 for the year, as compared to $263,000 for 2012, representing an increase of $612,000, or 233%.
  • Sales of Trappsol® HPB were $413,000 in 2013, compared to $410,000 in 2012.
  • Sales of other Trappsol® branded products were $384,000, an increase of 76% over 2012 sales.
  • Cash flows from operations for 2013 were $557,000, compared to $59,000 for 2012.
  • In July 2013, the Company refinanced all of its approximately $875,000 long-term debt reducing the effective interest rate by more than 2% to 3.99% and extending the terms of the loans.
  • Cash increased to $269,000 as of December 31, 2013, from $23,000 on the same date in 2012.
  • On February 19, 2014, the Company received a $500,000 equity investment and issued 10 million shares of common stock in a private placement.
  • In February 2014, two new members were added to the Board of Directors, N. Scott Fine and Markus W. Sieger. Board committees for Audit, Governance and Compensation were formed.

"In 2013 we achieved traction for sales of our branded products, took advantage of historically low interest rates to refinance debt, and invested in our market channels to increase sales," said Dr. Jeffrey Tate, President of CTD Holdings. "With the addition of two key international investors to our Board in February, we are poised for accelerated growth."

About the Company:

The CTD Holdings, Inc. Family of Companies manufactures and markets the trademarked Trappsol® and Aquaplex® cyclodextrins, cyclodextrin derivatives, and cyclodextrin complexes for research, nutrition, cosmetic and medical markets. NanoSonic Products, Inc. operates the world's only cGMP pulse drying facility for the production of ultra-pure cyclodextrin derivatives and pharmaceutical grade Aquaplex® cyclodextrin complexes. The companies offer a wide variety of cyclodextrin related manufacturing services to worldwide customers, including custom formulation, manufacturing, and commercial scale supply of pharmaceutical grade cyclodextrin complexes. Sphingo Biotechnology, Inc. is developing a designated orphan drug for the treatment of Niemann-Pick Type C disease, a fatal genetic disorder for young children. For additional information, visit the Company's websites: www.ctd-holdings.com and www.cyclodex.com

Safe Harbor Statement:

This press release contains "forward-looking statements" about the Company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the Company's future performance include the Company's ability to obtain additional capital to expand operations as planned, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing food and pharmaceutical grade products. These and other risk factors are described from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's reports on Forms 10-K and 10-Q. Unless required by law, the Company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.

                                                                            
                                                                            
                             CTD Holdings, Inc.                             
                         CONSOLIDATED BALANCE SHEET                         
                                   ASSETS                                   
                                                  2013            2012      
                                             --------------  -------------- 
                                                                            
CURRENT ASSETS                                                              
  Cash and cash equivalents                  $   268,516.00  $    22,839.00 
  Accounts receivable, net                           99,282          65,271 
  Inventory                                         241,005         205,155 
  Other current assets                               10,056          10,945 
                                             --------------  -------------- 
    Total current assets                            618,859         304,210 
                                             --------------  -------------- 
                                                                            
PROPERTY AND EQUIPMENT, NET                       1,627,254       1,608,283 
                                                                            
OTHER ASSETS                                                                
  Property held for sale                            400,000         495,456 
  Deferred tax asset                                120,000         200,000 
  Deferred costs, net of accumulated                                        
   amortization of $14,802 and $15,716,                                     
   respectively                                      23,354          10,288 
                                             --------------  -------------- 
    Total other assets                              543,354         705,744 
                                                                            
                                             --------------  -------------- 
TOTAL ASSETS                                 $ 2,789,467.00  $ 2,618,237.00 
                                             ==============  ============== 
                                                                            
                    LIABILITIES AND STOCKHOLDERS' EQUITY                    
                                                                            
CURRENT LIABILITIES                                                         
  Accounts payable and accrued expenses      $   142,607.00  $    83,502.00 
  Line of credit                                          -          94,487 
  Current portion of long-term debt                  56,318         140,797 
                                             --------------  -------------- 
    Total current liabilities                       198,925         318,786 
                                             --------------  -------------- 
                                                                            
LONG-TERM LIABILITIES                                                       
  Long-term debt, less current portion              795,457         750,776 
                                                                            
STOCKHOLDERS' EQUITY                                                        
  Common stock, par value $.0001 per share,                                 
   100,000,000 shares authorized, 37,455,882                                
   and 36,889,535 shares issued and                                         
   outstanding, respectively                          3,745           3,688 
  Preferred stock, par value $.0001 per                                     
   share, 5,000,000 shares authorized;                                      
   Series A, 1 share issued and outstanding               -               - 
  Additional paid-in capital                      3,923,049       3,881,605 
  Accumulated deficit                         (2,131,709.00)  (2,336,618.00)
                                             --------------  -------------- 
    Total stockholders' equity                 1,795,085.00    1,548,675.00 
                                                                            
                                             --------------  -------------- 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 2,789,467.00  $ 2,618,237.00 
                                             ==============  ============== 
                                                                            
                                                                            
                                                                            
                             CTD HOLDINGS, INC.                             
                    CONSOLIDATED STATEMENT OF OPERATIONS                    
                                                                            
                                                       Year Ended           
                                                      December 31,          
                                             ------------------------------ 
                                                  2013            2012      
                                             --------------  -------------- 
REVENUES                                                                    
    Product sales                            $ 1,693,335.00  $   988,011.00 
    Drying services                                       -          56,930 
                                             --------------  -------------- 
                                                  1,693,335       1,044,941 
                                                                            
EXPENSES                                                                    
    Personnel                                       364,227         319,784 
  Cost of products sold (exclusive of                                       
   depreciation and amortization, shown                                     
   separately below)                                426,022         139,676 
    Repairs and maintenance                          40,723          17,286 
    Professional fees                               142,860         144,788 
    Office and other                                132,449          95,599 
    Amortization and depreciation                   148,041         142,642 
    Freight and shipping                              8,913          10,813 
    Loss (gain) on disposal of equipment             (2,000)         16,863 
    Impairment on assets held for sale               95,455               - 
                                             --------------  -------------- 
                                                  1,356,690         887,451 
INCOME FROM OPERATIONS                              336,645         157,490 
                                                                            
OTHER INCOME (EXPENSE)                                                      
    Investment and other income                       2,129           3,510 
    Interest expense                                 -53865          -61797 
      Total other income (expense)               (51,736.00)     (58,287.00)
                                                                            
INCOME BEFORE INCOME TAXES                          284,909          99,203 
                                                                            
PROVISION FOR INCOME TAXES                           80,000          25,000 
                                                                            
                                             --------------  -------------- 
NET INCOME                                   $   204,909.00          74,203 
                                             ==============  ============== 
                                                                            
NET INCOME PER COMMON SHARE                  $         0.01  $         0.01 
                                             ==============  ============== 
                                                                            
WEIGHTED AVERAGE NUMBER OF COMMON SHARES                                    
 OUTSTANDING                                     37,165,770      36,680,179 
                                             ==============  ============== 
                                                                            
                                                                            
                                                                            
                             CTD HOLDINGS, INC.                             
                    CONSOLIDATED STATEMENT OF CASH FLOWS                    
                                                                            
                                                       Year Ended           
                                                      December 31,          
                                             ------------------------------ 
                                                  2013            2012      
                                             --------------  -------------- 
CASH FLOWS FROM OPERATING ACTIVITIES                                        
  Net income                                 $      204,909  $       74,203 
                                             --------------  -------------- 
                                                                            
  Adjustments to reconcile net income to net                                
   cash provided by operating activities:                                   
                                                                            
Depreciation and amortization                       148,041         142,642 
    Loss (gain) on disposal of equipment          (2,000.00)         16,863 
    Impairment on assets held for sale               95,456               - 
    Stock compensation to employees                  40,000               - 
    Deferred income taxes                            80,000          25,000 
    Increase or decrease in:                                                
      Accounts receivable                        (34,011.00)     (18,906.00)
      Inventory                                  (35,850.00)     (63,138.00)
      Other current assets                              889         -10,125 
      Accounts payable and accrued expenses          59,106     (108,038.00)
                                             --------------  -------------- 
          Total adjustments                         351,631      (15,702.00)
                                                                            
                                             --------------  -------------- 
        NET CASH PROVIDED BY OPERATING                                      
         ACTIVITIES                                 556,540          58,501 
                                                                            
CASH FLOWS FROM INVESTING ACTIVITIES                                        
  Purchase of property and equipment            (156,922.00)    (166,172.00)
  Proceeds from sale of equipment                     2,000               - 
                                                                            
                                             --------------  -------------- 
        NET CASH USED IN INVESTING                                          
         ACTIVITIES                             (154,922.00)    (166,172.00)
                                                                            
CASH FLOWS FROM FINANCING ACTIVITIES                                        
      Proceeds from sale of stock                         -          50,000 
      Payments on long-term debt                 (39,798.00)     (44,803.00)
      Loan costs                                 (21,656.00)              - 
      Payments on lines of credit                (94,487.00)      (1,764.00)
                                                                            
                                             --------------  -------------- 
        NET CASH PROVIDED BY (USED IN)                                      
         FINANCING ACTIVITIES                   (155,941.00)          3,433 
                                                                            
                                             --------------  -------------- 
NET INCREASE (DECREASE) IN CASH AND CASH                                    
 EQUIVALENTS                                        245,677     (104,238.00)
                                                                            
CASH AND CASH EQUIVALENTS, beginning of                                     
 period                                              22,839         127,077 
                                                                            
                                             --------------  -------------- 
CASH AND CASH EQUIVALENTS, end of period     $      268,516  $       22,839 
                                             ==============  ============== 
                                                                            
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING                                
 AND FINANCING ACTIVITIES                                                   
  Acquisition of equipment with debt         $            -  $      195,821 
                                                                            
  Common stock awards capitalized as                                        
   equipment                                 $        1,500  $            - 
                                                                            
SUPPLEMENTAL DISCLOSURE OF CASH FLOW                                        
 INFORMATION                                                                
  Cash paid for interest                     $       53,865  $       61,797 
                                             ==============  ============== 
                                                                            
  Cash paid for income taxes                 $            -  $            - 
                                             ==============  ============== 

Contact:

Contact: Dr. Jeffrey Tate, CTD Holdings, Inc.: 386-418-8060; jeff@cyclodex.com