ST. PAUL, Minn., Sept. 27 /PRNewswire-FirstCall/ -- Hypertension Diagnostics, Inc. , today announced audited financial results for the fiscal year ended June 30, 2007.
Revenue for fiscal year 2007 totaled $1,878,840 compared to $1,789,546 in the prior year ended June 30, 2006, which represents a 5% increase. The Company incurred a net loss of $504,011 for fiscal year 2007, or $(.01) per share, compared with a net loss of $1,272,742 for fiscal year 2006, or $(.04) per share. Included in the net loss for fiscal year 2007 are total non-cash charges (expenses associated mainly with stock compensation, depreciation, stock options) of $290,989. The Company reported a cash balance on June 30, 2007 of $1,376,632.
Fourth quarter revenue of $438,481, for fiscal year 2007 compared to $295,536 for fiscal year 2006, represented a 48% increase. Revenue for the fourth quarter of fiscal year 2007 decreased by 6.5% compared with $469,151 for the third quarter of fiscal year 2007.
Forward-looking statements in this press release are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company wishes to caution readers not to place undue reliance on any forward-looking statements and to recognize that the statements are not a prediction of actual future results. Actual results could differ materially from those presented and anticipated in the forward-looking statements due to the risks and uncertainties set forth in the Company’s 2006 Annual Report on Form 10-KSB, and subsequent Quarterly Reports on Form 10-QSB, all of which were filed with the U.S. Securities and Exchange Commission, as well as others not now anticipated.
Hypertension Diagnostics, Inc. Summary Financial Data Statements of Operations Three Months Ended Twelve Months Ended June 30 June 30 2007 2006 2007 2006 Revenue: Equipment sales $ 379,100 $ 209,500 $ 1,593,706 $ 1,352,486 Equipment rental 56,707 84,769 255,247 418,979 Service/contract income 2,674 1,267 29,887 18,081 438,481 295,536 1,878,840 1,789,546 Cost of Sales 18,939 1,483 66,413 90,447 Gross Profit 419,542 294,053 1,812,427 1,699,099 Expenses: Selling, general and administrative 447,678 685,958 2,381,310 3,018,624 Total Expenses 447,678 685,958 2,381,310 3,018,624 Operating Loss (28,136) (391,905) (568,883) (1,319,525) Other Income: Interest income 14,558 16,338 56,773 46,783 Gain on sale of property and equipment - - 8,099 - Total Other Income 14,558 16,338 64,872 46,783 Net Loss $ (13,578) $ (375,567) $ (504,011) $(1,272,742) Basic and Diluted Net Loss per Share $ (.00) $ (.01) $ (.01) $ (.04) Weighted Average Shares Outstanding 39,620,262 39,714,469 39,793,320 35,219,474 Balance Sheet Data June 30, 2007 June 30, 2006 Cash and cash equivalents $ 1,376,632 $ 1,722,913 Total current assets 1,976,825 2,257,390 Total assets 2,020,385 2,345,949 Total current liabilities 582,124 489,081 Accumulated deficit (26,482,330) (25,978,319) Total shareholders’ equity 1,426,143 1,840,414
CVProfilor is a registered trademark of Hypertension Diagnostics, Inc.
Hypertension Diagnostics, HDI/PulseWave, PulseWave and CVProfile are trademarks of Hypertension Diagnostics, Inc. All rights reserved.
Website: http://www.hdii.com
Hypertension Diagnostics, Inc.
CONTACT: Mark N. Schwartz, CEO of Hypertension Diagnostics, Inc.,+1-651-687-9999
Web site: http://www.hdii.com/
