Competitive Technologies Inc. Announces Earnings Results for Second Quarter and Six Months Ended June 30, 2014
For the year to date, the company reported net loss of $737,461, adjusted EBITDA of $6,931,952 compared to the net loss of $4,550,657, adjusted EBITDA of $2,808,337 for the same period a year ago. For the six months ended June 30, 2014, revenues increased to $20.8 million from $16.6 million for the six months ended June 30, 2013 primarily due to an increase in timber sales revenue of $4.9 million, offset by a decrease in timberland sales revenue of $0.8 million. Net loss decreased to approximately $0.7 million for the six months ended June 30, 2014 from approximately $4.6 million for the six months ended June 30, 2013 as a result of a $3.2 million increase in operating income and a $0.6 million decrease in the interest expense. For the six months ended June 30, 2014, Adjusted EBITDA was approximately $6.9 million, an approximately $4.1 million increase from the six months ended June 30, 2013, primarily due to a $3.9 million increase in net timber sales and a $1.0 million decrease in general and administrative expenses, offset by a $0.7 million decrease in net revenue from timberland sales and a $0.3 million increase in forestry management expenses.