BOCA RATON, Fla.--(BUSINESS WIRE)--CTX Virtual Technologies, Inc. (Pink Sheets:CTXV) today announced certain preliminary financial results for its fiscal year ended December 31, 2012. Final results will be released upon completion of the 2012 audit.
Net revenue for 2012 is expected to be approximately $65 million, reflecting a 64% increase over the prior year amount of $39.9 million. The increase is expected to be driven by improved sales of existing products as well as the introduction of new products.
Selling, general and administrative expenses is expected to increase in absolute terms, but is expected to decline as a percentage of revenue from 11.7% in 2011 to 8.1% in 2012. Income from operations for 2012 is expected to be approximately $3.9 million, compared to a $560K loss from operations for the prior year.
The Company also announced that it has entered into a Statement of Work with a global auto parts manufacturer pursuant to which the Company is to design and develop a laser/IR based projection system for a commercial vehicle application. The first phase of the project is scheduled be completed by April, 2013.
Forward-Looking Statements -- The statements made in this release may contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to the results of our 2012 audit, our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights. In addition, there can be no assurance that the activities to be performed under the Statement of Work with the global auto parts manufacturer mentioned above will prove successful or that a meaningful transaction with such party will result therefrom.