PETACH TIKVA, Israel, November 28 /PRNewswire-FirstCall/ -- Healthcare Technologies, Ltd. , today announced unaudited results for nine months and the third quarter ended September 30, 2005.
Revenues for the first nine months of 2005 were $9.1 million, compared to $8.6 million for the first nine months of 2004. The increase is mainly due to the sales in the field of research companies and institutions. The gross profit for the first nine months was $3.2 million versus $3.1 million for the same period in 2004. The net profit for the period was $254 thousand, or $0.03 per share, versus a net profit of $10 thousand, or $0.00 per share for the same period last year.
Revenues for the third quarter of 2005 were $3.2 million, as compared to $2.8 million for the corresponding quarter last year. The third quarter gross profit was $1.04 million, as compared to $0.98 million in the third quarter of 2004. The net profit for the quarter was $52 thousand or $0.01 per share, compared to a net loss of $(134) thousand, or $(0.02) per share for the third quarter of last year.
Shareholders’ equity on September 30, 2005 was $6.5 million, compared to $1.9 million on December 31, 2004. The $4.7 million increase in Shareholders equity is mostly due to the sale of the company’s shares in Procognia as previously announced. Cash and equivalents were $0.6 million compared to $0.9 million on December 31, 2004.
About Healthcare Technologies
Healthcare Technologies Ltd. through it subsidiaries and affiliate Gamidor Diagnostics (1984) Ltd., Danyel Biotech Ltd. and Savyon Diagnostics 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 Profit Loss Per Share Information) Three Months Nine Months Year Ended Ended Ended 09/30/05 09/30/04 09/30/05 09/30/04 12/31/04 Sales $3,227 $2,857 $9,118 $8,645 $12,130 Gross $1,040 $975 $3,154 $3,133 $4,205 profit Net profit $52 $(134) $254 $10 $(350) (Loss) Profit (Loss) per share $0.01 $(0.02) $0.03 $0.00 $(0.05) Weighted average number of Shares and share equivalents Outstanding (in Thousands) 7,703 7,649 7,703 7,649 7,667 Consolidated Balance Sheet , (U.S $ in thousands) September September December 30, 2005 30, 2004 31, 2004 Cash and cash $558 $809 $951 equivalents Total current assets $6,414 $6,797 $7,145 Total current $4,163 $3,499 $3,388 liabilities Shareholder’s equity $6,528 $2,565 $1,921
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: Eran Rotem CFO +972-3-9277232/3
Healthcare Technologies Ltd.
CONTACT: CONTACT: Eran Rotem CFO, +972-3-9277232/3
