SOURCE: CTD Holdings, Inc.

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March 12, 2014 07:00 ET

CTD Holdings Reports Record Revenues for 2013

ALACHUA, FL--(Marketwired - March 12, 2014) - CTD Holdings, Inc. (OTCQB: CTDH) reported record product sales of $1,693,335 for the fiscal year ended December 31, 2013, a 71% increase over 2012 product sales. This revenue growth was driven by sales of Trappsol products to existing and new customers. The Company reported net income of $205,000 for 2013, a 176% increase over 2012.

Fiscal 2013 Highlights:

  • Sales of the Company's orphan drug designated product Trappsol® Cyclo™ were $875,000 for the year, as compared to $263,000 for 2012, representing an increase of $612,000, or 233%.
  • Sales of Trappsol® HPB were $413,000 in 2013, compared to $410,000 in 2012.
  • Sales of other Trappsol® branded products were $384,000, an increase of 76% over 2012 sales.
  • Cash flows from operations for 2013 were $557,000, compared to $59,000 for 2012.
  • In July 2013, the Company refinanced all of its approximately $875,000 long-term debt reducing the effective interest rate by more than 2% to 3.99% and extending the terms of the loans.
  • Cash increased to $269,000 as of December 31, 2013, from $23,000 on the same date in 2012.
  • On February 19, 2014, the Company received a $500,000 equity investment and issued 10 million shares of common stock in a private placement.
  • In February 2014, two new members were added to the Board of Directors, N. Scott Fine and Markus W. Sieger. Board committees for Audit, Governance and Compensation were formed.

"In 2013 we achieved traction for sales of our branded products, took advantage of historically low interest rates to refinance debt, and invested in our market channels to increase sales," said Dr. Jeffrey Tate, President of CTD Holdings. "With the addition of two key international investors to our Board in February, we are poised for accelerated growth."

About the Company:

The CTD Holdings, Inc. Family of Companies manufactures and markets the trademarked Trappsol® and Aquaplex® cyclodextrins, cyclodextrin derivatives, and cyclodextrin complexes for research, nutrition, cosmetic and medical markets. NanoSonic Products, Inc. operates the world's only cGMP pulse drying facility for the production of ultra-pure cyclodextrin derivatives and pharmaceutical grade Aquaplex® cyclodextrin complexes. The companies offer a wide variety of cyclodextrin related manufacturing services to worldwide customers, including custom formulation, manufacturing, and commercial scale supply of pharmaceutical grade cyclodextrin complexes. Sphingo Biotechnology, Inc. is developing a designated orphan drug for the treatment of Niemann-Pick Type C disease, a fatal genetic disorder for young children. For additional information, visit the Company's websites: www.ctd-holdings.com and www.cyclodex.com

Safe Harbor Statement:

This press release contains "forward-looking statements" about the Company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the Company's future performance include the Company's ability to obtain additional capital to expand operations as planned, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing food and pharmaceutical grade products. These and other risk factors are described from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's reports on Forms 10-K and 10-Q. Unless required by law, the Company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.

   
   
CTD Holdings, Inc.  
CONSOLIDATED BALANCE SHEET  
ASSETS  
   2013   2012  
            
CURRENT ASSETS           
  Cash and cash equivalents  $268,516.00   $22,839.00  
  Accounts receivable, net   99,282    65,271  
  Inventory   241,005    205,155  
  Other current assets   10,056    10,945  
   Total current assets   618,859    304,210  
            
PROPERTY AND EQUIPMENT, NET   1,627,254    1,608,283  
            
OTHER ASSETS           
  Property held for sale   400,000    495,456  
  Deferred tax asset   120,000    200,000  
  Deferred costs, net of accumulated amortization of $14,802 and $15,716, respectively   23,354    10,288  
   Total other assets   543,354    705,744  
            
TOTAL ASSETS  $2,789,467.00   $2,618,237.00  
            
LIABILITIES AND STOCKHOLDERS' EQUITY  
            
CURRENT LIABILITIES           
  Accounts payable and accrued expenses  $142,607.00   $83,502.00  
  Line of credit   -    94,487  
  Current portion of long-term debt   56,318    140,797  
   Total current liabilities   198,925    318,786  
            
LONG-TERM LIABILITIES           
  Long-term debt, less current portion   795,457    750,776  
            
STOCKHOLDERS' EQUITY           
  Common stock, par value $.0001 per share, 100,000,000 shares authorized, 37,455,882 and 36,889,535 shares issued and outstanding, respectively   3,745    3,688  
  Preferred stock, par value $.0001 per share, 5,000,000 shares authorized; Series A, 1 share issued and outstanding   -    -  
  Additional paid-in capital   3,923,049    3,881,605  
  Accumulated deficit   (2,131,709.00 )  (2,336,618.00 )
   Total stockholders' equity   1,795,085.00    1,548,675.00  
            
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $2,789,467.00   $2,618,237.00  
            
                 
                 
CTD HOLDINGS, INC.  
CONSOLIDATED STATEMENT OF OPERATIONS  
   
   Year Ended  
   December 31,  
   2013   2012  
REVENUES           
   Product sales  $1,693,335.00   $988,011.00  
   Drying services   -    56,930  
    1,693,335    1,044,941  
            
EXPENSES           
   Personnel   364,227    319,784  
  Cost of products sold (exclusive of depreciation and amortization, shown separately below)   426,022    139,676  
   Repairs and maintenance   40,723    17,286  
   Professional fees   142,860    144,788  
   Office and other   132,449    95,599  
   Amortization and depreciation   148,041    142,642  
   Freight and shipping   8,913    10,813  
   Loss (gain) on disposal of equipment   (2,000 )  16,863  
   Impairment on assets held for sale   95,455    -  
    1,356,690    887,451  
INCOME FROM OPERATIONS   336,645    157,490  
            
OTHER INCOME (EXPENSE)           
   Investment and other income   2,129    3,510  
   Interest expense   -53865    -61797  
    Total other income (expense)   (51,736.00 )  (58,287.00 )
            
INCOME BEFORE INCOME TAXES   284,909    99,203  
            
PROVISION FOR INCOME TAXES   80,000    25,000  
            
NET INCOME  $204,909.00    74,203  
            
NET INCOME PER COMMON SHARE  $0.01   $0.01  
            
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING   37,165,770    36,680,179  
   
   
   
CTD HOLDINGS, INC.  
CONSOLIDATED STATEMENT OF CASH FLOWS  
   
   Year Ended  
December 31,  
   2013   2012  
CASH FLOWS FROM OPERATING ACTIVITIES           
  Net income  $204,909   $74,203  
              
  Adjustments to reconcile net income to net cash provided by operating activities:           
            
Depreciation and amortization   148,041    142,642  
   Loss (gain) on disposal of equipment   (2,000.00 )  16,863  
   Impairment on assets held for sale   95,456    -  
   Stock compensation to employees   40,000    -  
   Deferred income taxes   80,000    25,000  
   Increase or decrease in:           
    Accounts receivable   (34,011.00 )  (18,906.00 )
    Inventory   (35,850.00 )  (63,138.00 )
    Other current assets   889    -10,125  
    Accounts payable and accrued expenses   59,106    (108,038.00 )
      Total adjustments   351,631    (15,702.00 )
            
     NET CASH PROVIDED BY OPERATING ACTIVITIES   556,540    58,501  
            
CASH FLOWS FROM INVESTING ACTIVITIES           
  Purchase of property and equipment   (156,922.00 )  (166,172.00 )
  Proceeds from sale of equipment   2,000    -  
            
     NET CASH USED IN INVESTING ACTIVITIES   (154,922.00 )  (166,172.00 )
            
CASH FLOWS FROM FINANCING ACTIVITIES           
    Proceeds from sale of stock   -    50,000  
    Payments on long-term debt   (39,798.00 )  (44,803.00 )
    Loan costs   (21,656.00 )  -  
    Payments on lines of credit   (94,487.00 )  (1,764.00 )
            
     NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES   (155,941.00 )  3,433  
            
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   245,677    (104,238.00 )
            
CASH AND CASH EQUIVALENTS, beginning of period   22,839    127,077  
            
CASH AND CASH EQUIVALENTS, end of period  $268,516   $22,839  
            
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES           
  Acquisition of equipment with debt  $-   $195,821  
            
  Common stock awards capitalized as equipment  $1,500   $-  
            
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION           
  Cash paid for interest  $53,865   $61,797  
            
  Cash paid for income taxes  $-   $-  

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