HemaCare Corporation (OTC BB: HEMA) today reported first quarter 2006 results, with the highest level of first quarter revenue in the Company’s history and its tenth consecutive profitable quarter. Revenue for the quarter increased $1,104,000, or 15.6%, to $8,187,000 compared with $7,083,000 reported for the same period in 2005. Before the first quarter adoption of Statement of Financial Accounting Standards No 123R (“SFAS 123R”), pro forma net income was $394,000, compared to $276,000 reported for the same quarter of 2005, representing a $118,000 increase, or 42.8%. On a reported basis, the Company’s net income decreased 69.2% to $85,000, or $0.01 earnings per share basic and diluted, compared to $276,000, or $0.03 earnings per share basic and diluted, reported in the first quarter of 2005. This decrease is the result of non-cash share-based compensation expense of $309,000 relating to the adoption of SFAS 123R. It is expected that this expense will represent approximately 75% of the total shared-based compensation expense for all of 2006.
