Corgenix Medical Corp. announced earnings results for the first quarter ended September 30, 2009. For the quarter, the company reported sales of $2,044,967, compared with $2,001,896 for the quarter ended September 30, 2008, an increase of 2.2%. The first quarter of fiscal 2010 produced operating income of $83,803 compared with an operating loss of $94,133 for the first quarter of fiscal 2009. The net loss for the quarter significantly improved to $6,752 or less than $0.01 per share, compared to a net loss of $340,659, or $0.01 per share, in the year earlier quarter. The primary causes of the reduced net loss for the current quarter were a $43,071 increase in sales, a $168,908 reduction in operating expenses, and a $183,915 reduction in interest expense in the current quarter versus the same quarter in the prior fiscal year.

Corgenix Medical Corp., Q1 2010 Earnings Call, Nov 12 2009

Corgenix Medical Corp. has announced that the company has been successful in securing a $1,750,000 credit facility providing initial funding of $1,109,000 in an asset based financing from Summit Financial Resources L.P. This financing allowed for the retirement of the company's factoring line of credit with Benefactor Funding Corp., and will be used for working capital purposes. The agreement with Summit initially has a term of three years. Under the agreement, the company has the ability to borrow up to $1.75 million in cash secured by accounts receivable, inventory and other assets.