ST. PAUL, Minn., Feb. 14 /PRNewswire-FirstCall/ -- Hypertension Diagnostics, Inc. , today announced financial results for the second quarter of fiscal year 2006 ended December 31, 2005. The Company was cash flow positive for the quarter, generating cash from operations without the benefit of financing activities. The Company reported a cash balance of $1,211,717 on December 31, 2005, compared to a reported cash balance of $1,169,653 as of September 30, 2005.
Revenue for the quarter totaled $541,106 compared to $292,015 in the prior year’s second quarter ended December 31, 2004, which represents an 85% increase. The Company incurred a net loss of $283,927 for the quarter or $(.01) per share compared with a net loss of $439,768 for the prior year’s quarter or $(.02) per share. Total tests transmitted, a key metric for gauging customer usage, was 7,660 for the quarter, a 63% increase from the prior year’s quarterly transmissions.
For the six month period ended December 31, 2005, total revenue was $922,022, compared to $545,436 for the same period one year ago, a 69% increase. For the six month period ended December 31, 2005, the Company incurred a net loss of $621,144, or $(.02) per share, compared with a net loss of $874,247, or $(.03) per share, for the same period one year ago.
“This was a pivotal quarter for the Company,” commented CEO Mark Schwartz. “We are beginning to see the results of our team’s hard work and the market’s acceptance of our technology,” added Mr. Schwartz.
The Company has scheduled a conference call to discuss its quarterly financial results on Tuesday, February 14th, at 4:00 PM Central Time. Please contact the Company at 888-687-9999 x106 for conference call information.
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 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 (Unaudited) Three Months Ended Six Months Ended December 31 December 31 2005 2004 2005 2004 Revenue: Equipment sales $433,736 $96,870 $685,658 $132,720 Equipment rental 105,614 127,209 227,144 245,357 Service/contract income 1,756 67,936 9,220 167,359 541,106 292,015 922,022 545,436 Cost of Sales 29,993 52,086 62,493 99,288 Gross Profit 511,113 239,929 859,529 446,148 Expenses: Selling, general and administrative 804,239 685,248 1,501,348 1,332,890 Total Expenses 804,239 685,248 1,501,348 1,332,890 Operating Loss (293,126) (445,319) (641,819) (886,742) Other Income (Expense): Interest income 9,199 5,551 20,675 12,495 Net Loss $(283,927) $(439,768) $(621,144) $(874,247) Basic and Diluted Net Loss per Share $(.01) $(.02) $(.02) $(.03) Weighted Average Shares Outstanding 33,264,362 27,092,385 33,097,633 27,047,157 Balance Sheet Data December 31, June 30, 2005 2005 (Unaudited) (Audited) Cash and cash equivalents $1,211,717 $1,525,865 Total current assets 1,623,942 1,962,747 Total assets 1,771,595 2,193,866 Total current liabilities 661,602 574,671 Accumulated deficit (25,326,721) (24,705,577) Total shareholders’ equity 1,098,037 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, Inc.,+1-651-687-9999
Web site: http://www.hdii.com/
