Retractable Technologies restates books, Q3 numbers

Retractable Technologies (NYSE:RVP) released new numbers from its 3rd quarter, as well as restating its cash on hand and other balance sheet info today.

The new earnings info came after the company said it discovered an error in the amount of raw materials detailed in its subsidiary ledger.

The error was in relation to an understatement in raw materials inventories of $596,000, as well as cost of goods sold being overstated by the same amount, according to an SEC filing.

The company reported that domestic sales accounted for 64.9% of their revenues for the 3 months ended September 30, compared to 75.9% during the same period 2014.

In a separate SEC filing, Retractable Technologies reported domestic revenues dropped 25.6%, and domestic unit sales were down 22.4%.

Overall unit sales for the company were down 5.2% for the quarter, Retractable Technologies reported. Gross profit also decreased 16.3%.

The company reported net loss of $199,000 for the quarter, a significant slide from $421,000 in profits Retractable Technologies reported for the same period in 2014.

The company did not report revenue numbers or earnings per share.

Retractable Technologies also reported its balance sheet, reporting 45.4% of its total assets as cash, and a working capital of $23.8 million as of September 30.

The company acknowledged that the numbers were boosted by the receipt of $7.7 million from Becton Dickinson & Co. (NYSE:BDX) over a patent infringement.

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