Chad reports slight drop in revenues
CHATSWORTH, Calif. - Chad Therapeutics' revenues declined slightly for the second quarter fiscal year 2006 to $5,375,000 from $6,309,000 the previous year.
Chad reported that sales of oxygen conservers to domestic customers dropped 29% during the first six months of fiscal 2006 compared to the prior year due to continuing pressure on prices, as well as decreased sales to a major customer.
The company's net loss for second quarter fiscal 2006 was $210,000, compared to net earnings of $455,000 for the second quarter of fiscal 2005. For the six months ending Sept. 30, 2005, revenue declined from $12,408,000 for last year's period to $11,270,000 this year.
A possible silver lining: International conserver sales increased 181% during the first six months of fiscal 2006 compared to the prior year, the company reported. Also, sales of its home oxygen filling system increased 39% during that same period.
In addition, Chad reported plans to bring on board Ewing Bemiss & Co., a Richmond, Va.-based private firm with investment banking experience, to evaluate further opportunities in the sleep disorder market.