ST. PAUL, Minn., Nov. 14 /PRNewswire-FirstCall/ -- Hypertension Diagnostics, Inc. today announced financial results for the first quarter of fiscal year 2006 ended September 30, 2005 (“Q1 2006"). Revenue for Q1 2006 totaled $380,916 compared to $253,421 in the prior year’s first quarter ended September 30, 2004 (“Q1 2005"), which represents a 50% increase from Q1 2005. The Company incurred a net loss of $337,217 for Q1 2006 or $(0.01) per share compared with a net loss of $434,479 for Q1 2005 or $(0.02) per share. Included in the net loss of $337,217 for Q1 2006 are total non-cash charges (expenses associated with stock compensation, depreciation, stock options) of $167,609. Included in the net loss of $434,479 for Q1 2005 are total non-cash charges of $242,977. The Company reported a cash balance on September 30, 2005 of $1,169,653.
Comparatively, Q1 2006 revenue of $380,916 versus $253,421 for Q1 2005 showed the Company’s continued progress in its core business, as it transitioned out of a pharmaceutical company service agreement, which amounted to $95,000 in Q1 2005. Excluding the pharmaceutical company revenue, the increase in revenue from Q1 2005 to Q1 2006 would be 140%.
“Results for the first quarter of fiscal year 2006 demonstrate the success of our revised revenue model, and we are optimistic about our ability to achieve our fiscal 2006 financial plan,” said Mark Schwartz, Chairman and CEO.
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 2005 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 September 30 2005 2004 Revenue: Equipment sales $251,922 $35,850 Equipment rental 121,530 118,148 Service/contract income 7,464 99,423 380,916 253,421 Cost of Sales 32,500 47,202 Gross Profit 348,416 206,219 Expenses: Selling, general and administrative 697,109 647,642 Total Expenses 697,109 647,642 Operating Loss (348,693) (441,423) Other Income (Expense): Interest income 11,476 6,944 Net Loss $(337,217) $(434,479) Basic and Diluted Net Loss per share $(.01) $(.02) Weighted Average Shares Outstanding 32,930,909 27,001,928 Balance Sheet Data September 30, 2005 June 30, 2005 Cash and cash equivalents $1,169,653 $1,525,865 Total current assets 1,656,920 1,962,747 Total assets 1,844,783 2,193,866 Total current liabilities 564,656 574,671 Accumulated deficit (25,042,794) (24,705,577) Total shareholders’ equity 1,266,320 1,603,537 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,+1-651-687-9999
Web site: http://www.hdii.com/
