ST. PAUL, Minn., May 15 /PRNewswire-FirstCall/ -- Hypertension Diagnostics, Inc. today announced financial results for the third quarter of fiscal year 2006 ended March 31, 2006.
Revenue for the quarter totaled $571,988 compared to $215,234 in the prior year's third quarter ended March 31, 2005, which represents a 166% increase. The Company incurred a net loss of $276,031 for the quarter or $(.01) per share compared with a net loss of $356,454 for the prior year's quarter or $(.01) per share. Included in the net loss of $276,031 for the quarter are total non-cash charges (expenses associated mainly with stock compensation, depreciation, stock options) of $266,734. Included in the net loss of $356,454 for the prior year's quarter are non-cash charges of $86,523. The Company reported a cash balance of $1,815,308 on March 31, 2006. Total tests transmitted, a key metric for gauging customer usage, was 8,653 for the quarter, a 72% increase from the prior year's quarterly transmissions.
For the nine month period ended March 31, 2006, total revenue was $1,494,010, compared to $760,670 for the same period one year ago, a 96% increase. For the nine month period ended March 31, 2006, the Company incurred a net loss of $897,175, or $(.03) per share, compared with a net loss of $1,230,701, or $(.05) per share, for the same period one year ago. Included in the net loss of $897,175 for the nine months are total non-cash charges (expenses associated mainly with stock compensation, depreciation, stock options) of $584,225. Included in the net loss of $1,230,701 for the prior year's nine months are total non-cash charges of 401,839.
"The Company continues to see triple digit comparable quarterly total revenue growth. The results for the current quarter are especially encouraging as our core domestic business increased over 40% from the second quarter, indicating strong sequential domestic quarterly revenue growth," said Mark N. Schwartz, Chairman and CEO.
The Company has scheduled a conference call to discuss its quarterly financial results on Monday, May 15th, 2006, at 4:00 PM Central Time. To participate in the conference call, please call: 800-914-3396 and use conference code: 5661236#.
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 Nine Months Ended March 31 March 31 2006 2005 2006 2005 Revenue: Equipment sales $457,328 $25,145 $1,142,986 $157,865 Equipment rental 107,066 185,382 334,210 430,739 Service/contract income 7,594 4,707 16,814 172,066 571,988 215,234 1,494,010 760,670 Cost of Sales 26,471 27,772 88,964 127,060 Gross Profit 545,517 187,462 1,405,046 633,610 Expenses: Selling, general and administrative 831,318 553,541 2,332,666 1,886,431 Total Expenses 831,318 553,541 2,332,666 1,886,431 Operating Loss (285,801) (366,079) (927,620) (1,252,821) Other Income (Expense): Interest income 9,770 9,625 30,445 22,120 Net Loss $(276,031) $(356,454) $(897,175) $(1,230,701) Basic and Diluted Net Loss per Share $(.01) $(.01) $(.03) $(.05) Weighted Average Shares Outstanding 35,012,499 27,778,459 33,726,604 27,287,367 Balance Sheet Data March 31, 2006 June 30, 2005 (Unaudited) (Audited) Cash and cash equivalents $1,815,308 $1,525,865 Total current assets 2,321,957 1,962,747 Total assets 2,433,429 2,193,866 Total current liabilities 391,543 574,671 Accumulated deficit (25,602,752) (24,705,577) Total shareholders' equity 2,031,781 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/
