DGAP-News: Competitive Technologies Announces Financial Results for Quarter Ended March 31, 2011

Competitive Technologies, Inc.

20.05.2011 16:33
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Calmare Unit Sales Increase — First Quarterly Profit Since 2005

FAIRFIELD, Conn., 2011-05-20 16:33 CEST (GLOBE NEWSWIRE) —
Competitive Technologies, Inc. (OTCQX:CTTC) today announced the financial
results for the first quarter ended March 31, 2011. CTTC produced a marginal
profit of $29,000 compared to a loss of $739,000 for the prior year quarter.
This was the first quarterly profit the Company has posted since the quarter
ended July 31, 2005.

The Company reported sales of $1.9 million with a gross profit of $1.0 million.
The comparative period sales were $0.5 million with a gross profit of $0.4
million. Expenses for the current quarter were $1.0 million including increased
legal expenses associated with the arbitration case involving the previous CEO
who is challenging his termination for cause. The expenses for the prior period
were $1.2 million.

–We are receiving an increased number inquiries from doctors interested in the
Calmare(r) device, both in the US and internationally,– said Aris Despo, CTTC–s
Executive Vice President. –The interest is an outgrowth of our expanded
national and international product marketing program.–

–We continue to grow the revenue from Calmare(r) pain therapy device sales and
control costs which we believe will produce profits throughout the year,– said
Johnnie D. Johnson, CEO. –The number of Calmare(r) units sold in the March 31,
2011 quarter was 63 to international groups and 9 devices sold in the U.S.
market, compared to 41 international sales and 2 U.S. sales for the prior year
period. I compliment the entire CTTC team for their dedication and commitment.
Their strong performance has been instrumental in moving this company forward.–

About Competitive Technologies, Inc

Competitive Technologies is a global leader in developing and commercializing
innovative products and technologies. CTTC is multifaceted, providing
distribution, patent and technology transfer, sales and licensing services.
CTTC–s staff is focused on the needs of customers and matching those
requirements with commercially viable products or technology solutions.

CTTC is the licensed worldwide distributor of the non-invasive Calmare(r) pain
therapy medical device, which incorporates the biophysical –Scrambler Therapy?–
technology developed in Italy by CTTC–s client, Professor Giuseppe Marineo to
treat neuropathic pain, including cancer pain. The Calmare(r) device is currently
being manufactured for sale by CTTC–s partner, GEOMC Co., Ltd. of Seoul, Korea.
For more information on the device, visit www.calmarett.com. Visit CTTC–s
website: www.competitivetech.net . Competitive Technologies was established in
1968.

Statements made about our future expectations are forward-looking statements
and subject to risks and uncertainties as described in our most recent Annual
Report on Form 10-K for the year ended July 31, 2010, filed with the SEC on
October 27, 2010, and other filings with the SEC, and are subject to change at
any time. Our actual results could differ materially from these forward-looking
statements. We undertake no obligation to update publicly any forward-looking
statement.

COMPETITIVE TECHNOLOGIES, INC.CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(dollars in thousands, except per share amounts) (unaudited)

Three months ended Three months ended
March 31, 2011 April 30, 2010
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Revenue
Product sales $1,827 $518
Cost of product sales $ (857) $ (108)
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Gross profit from product sales $ 970 $ 410

Other revenue $ 56 $ 13
Total expenses 997 1,162
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Net income (loss) $ 29 $ (739)
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Net income (loss) per share
basic $ 0.00 $ (0.07)
Weighted average number of common
shares outstanding, basic (000) 13,826 11,057

Net income (loss) per share
diluted $ 0.00 $ (0.07)
Weighted average number of common
shares outstanding, diluted (000) 14,467 11,057

BALANCE SHEET DATA
(dollars in thousands) (unaudited)
At March 31, 2011 At December 31, 2010
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Cash and cash equivalents $ 331 $ 557
Restricted cash $ 750 $ 750
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Total Assets $ 4,991 $ 3,195
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Total liabilities $ 4,269 $ 2,544
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Shareholders– equity $ 722 $ 651
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CONTACT: Jean Wilczynski, IR Services, LLC
(860.434.2465/info@corpirservices.com)
News Source: NASDAQ OMX

20.05.2011 Dissemination of a Corporate News, transmitted by DGAP –
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The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Competitive Technologies, Inc.

United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US2045121074
WKN:

End of Announcement DGAP News-Service

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