PETACH-TIKVA, Israel, August 24 /PRNewswire-FirstCall/ -- Healthcare Technologies, Ltd. , today announced unaudited results for the second quarter and six months ended June 30, 2004.
Revenues for the first six months of 2004 were $5.79 million, compared to $6.99 million for the first six months of 2003. The decrease in revenues is both due to the fact that the company no longer consolidates Savyon’s financials, resulting in a decrease of $840 thousand, and due to a decrease of approximately $360 thousand in the demand for products by research institutes. The gross profit for the first half of the year was $2.16 million versus $2.39 million for the same period in 2003, representing an increase in the percentage of the gross profit from 34% to 37%. The net profit for such period was $144 thousands, versus a net loss of $(124) thousands, for the first half of 2003.
Revenues for the second quarter of 2004 were $2.8 million, as compared to $3.5 million for the corresponding quarter last year. Second quarter gross profit were $0.9 million, as compared to $1.2 million in the second quarter of 2003. The net loss for the second quarter was $84 thousands, compared to a net loss of $17 thousands, for the second quarter of last year.
Shareholders’ equity on June 30, 2004 was $2.51 million, compared to US$2.39 million on December 31, 2003. Current assets net of current liabilities at the end of the period were $3.3 million, compared to $2.8 million on December 31, 2003.
About Healthcare Technologies
Healthcare Technologies Ltd. through it subsidiaries Savyon Diagnostics Ltd., Gamidor Diagnostics (1984) Ltd. and Danyel Biotech Ltd., specializes in development, manufacturing and marketing of clinical diagnostic test kits and provides services and tools to diagnostic and biotech research professionals in laboratory and point of care sites worldwide.
Healthcare Technologies, Ltd. Condensed Consolidated Statement of Operations (U.S. Dollars in Thousands, Except Loss Per Share Information) Three Months Ended Six Months Year Ended Ended 06/30/04 06/30/03 06/30/04 06/30/03 12/31/03 Sales 2,833 3,513 5,788 6,992 12,412 Gross profit 895 1,181 2,158 2,390 4,772 Net profit (84) (17) 144 (124) 470 (Loss) Profit (loss) (0.01) (0.00) 0.02 (0.02) 0.06 per share Weighted Average number of Shares and share equivalents Outstanding (in Thousands) 7,649 7,644 7,649 7,644 7,649 Consolidated Balance Sheet, (U.S $ in thousands) June 30, June December 2004 30, 31, 2003 2003 Cash and cash equivalents 909 1,732 1,450 Total current assets 6,712 7,793 7,532 Total current liabilities 3,368 5,181 4,752 Shareholder’s equity 2,512 2,856 2,388
SAFE HARBOR: This press release contains certain forward looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward looking statement made by or on behalf of Healthcare Technologies Ltd. Readers are referred to the documents filed by the company with the Securities Exchange Commission, specifically the most recent report on Form 20F that identifies important risks which could cause actual results to differ from those contained in the forward looking statements.
CONTACT: Moshe Reuveni CEO +972-3-9277220
Healthcare Technologies Ltd.
CONTACT: CONTACT: Moshe Reuveni, CEO, +972-3-9277220
