PURE Bioscience, creator of the patented silver dihydrogen citrate (SDC) antimicrobial, reported financial results for the second fiscal quarter ended April 30, 2014.
Revenues for the third fiscal quarter of 2014 were $261,000, compared with revenues of $258,000 for the third fiscal quarter of 2013. Total operating costs and expenses, excluding share-based compensation, other share-based expenses, and restructuring costs, for the third fiscal quarter of 2014 and 2013, were $1.7 million, and $1.7 million, respectively.
The net loss for the third fiscal quarter of 2014 was $(2.1) million, or $(0.07) per share, compared with a net loss of $(1.5) million, or $(0.14) per share, in the third fiscal quarter of 2013.
Revenues for the nine months ended April 30, 2014 were $417,000, compared with revenues of $631,000 for the nine months ended April 30, 2013. Total operating costs and expenses, excluding share-based compensation, other share-based expense, and restructuring costs, were $4.4 million, and $5.2 million, respectively, a reduction of 15%.
The net loss for the nine months ended April 30, 2014 was $(8.4) million, or $(0.34) per share, compared with a net loss of $(5.5) million, or $(0.53) per share, in the nine months ended April 30, 2013. The adjusted net loss for the nine months ended April 30, 2014, as adjusted for significant items, was $(3.8) million compared with prior year adjusted net loss of $(4.9) million, a decrease of approximately a $1.1 million, or 22%.
"This quarter operating results are in line with our expectations of completing the manufacturing technology transfer and initiating out-sourced production and distribution to our QSR market test and other customers," stated Peter C. Wulff, Chief Financial Officer and Chief Operating Officer. "We believe we are well positioned with our new operating structure to meet expected market demand."
