SOURCE: CTX Virtual Technologies, Inc.

December 19, 2013 06:00 ET

CTX Virtual Technologies, Inc. Reports Third Quarter and Nine Month 2013 Results

BOCA RATON, FL--(Marketwired - Dec 19, 2013) - CTX Virtual Technologies, Inc. (OTC Pink: CTXV) a technology company that manufactures and distributes mobile communication, electronic devices, virtual imaging, touch screen, tablets and mobile data input accessories today reported its results for the third quarter and nine months ending September 30, 2013. Unless otherwise indicated, the discussion of the Company's results are focused on its continuing U.S. and Asian operations and comparisons are to same period restated in the prior year.

Revenues from continuing operations for the nine months ending September 30, 2013 increased 94.6% to $132,256,219 with income from operations of $6,904,000 compared with revenues of $67,937,891 and income from operations of $7,392,285 for the same period of 2012. For the third quarter ending September 30, 2013 revenues decreased 0.01% to $40,934,785 with income from operations of 1,156,944 compared to $41,207,111 with income from operation of $4,965,495 for the same period 2012. Adjusted for depreciation/amortization and other non-cash items YTD EBITDA increased 10% to $9,940,666 compared to $9,047,739 for the same period in 2012.

Clifford Rhee, CEO, stated, "Our nine month results from continuing operations demonstrates the strength of our new domestic and the continued growth of our core international operations, which has posted solid year-over-year revenue growth." Rhee also stated, "we continue our goal of building shareholder value in the months to come by strengthening our relationships with existing and new IP customers as evidenced by the increase in revenues and continued increase in IP backorders. We are focusing on continuing our growth in all domestic and international areas to improve our net margins and the Company's bottom line." To see the full report of our nine month financial statement please go to OTC Markets and enter our trading symbol.

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.

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