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Retractable Technologies, Inc. Reports Lower Revenue For The First Quarter

Stocks in this article: RVP

Retractable Technologies, Inc. (NYSE AMEX: RVP), a leading maker of safety medical devices, reported an operating loss of $645 thousand for the three months ended March 31, 2012, compared to an operating loss of $100 thousand for the same period last year.

Comparison of Three Months Ended March 31, 2012 and March 31, 2011

Domestic sales accounted for 80.6% and 74.9% of the revenues for the three months ended March 31, 2012 and 2011, respectively. Domestic revenues decreased 18.0% principally due to lower volumes mitigated by slightly higher prices. Domestic unit sales decreased 24.2%. Domestic unit sales were 68.1% of total unit sales for the three months ended March 31, 2012. International unit sales and revenues decreased 35.2% and 41.0%, respectively due to lower sales in South America. Overall unit sales decreased 28.1%.

Gross profit decreased 13.7% primarily due to lower sales volumes. The average cost of manufactured product sold per unit decreased by 2.1%. Gross profit as a percentage of net sales was 38.2% in 2012 compared to 33.8% in 2011 due to lower unit cost of manufacture. Profit margins can fluctuate depending upon, among other things, the cost of manufactured product and the capitalized cost of product recorded in inventory, as well as product sales mix. Royalty expense decreased 23.1% due to lower gross sales revenues.

Operating expenses increased 2.8% or $95 thousand. The increase in Sales and marketing expense was the most significant. The increase of $134 thousand in Sales and marketing expense was due mainly to hiring additional sales staff. General and administrative expense decreased 1.7% due principally to lower accruals of bad debt expense mitigated by additional software support costs. Research and development costs were flat.

Our operating loss was $645 thousand compared to an operating loss for the same period last year of $100 thousand due primarily to lower sales revenues.

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