ST. PAUL, Minn., Feb. 14 /PRNewswire-FirstCall/ -- Hypertension Diagnostics, Inc. , today announced financial results for the second quarter of fiscal year 2007 ended December 31, 2006.
Revenue for the quarter totaled $548,723 compared to $541,106 in the prior year’s second quarter ended December 31, 2005. However, in the prior year’s second quarter, the Company’s sales benefited from a $135,000 sale to an international distributor which did not recur in this year’s second quarter. Excluding the international sales results in the prior year, the $548,723 of sales in the current quarter are up 26% from the adjusted results in the prior year’s quarter. The Company incurred a net loss of $225,404 for the current quarter or $(.01) per share compared with a net loss of $283,927 for the prior year’s quarter or $(.01) per share. Included in the net loss of $225,404 for the quarter are total non-cash charges (expenses associated mainly with stock compensation, depreciation, stock options) of $166,072. The Company reported a cash balance of $1,441,378 on December 31, 2006.
For the six month period ended December 31, 2006, total revenue was $971,208, compared to $922,022 for the same period one year ago, a 5.3% increase. For the six month period ended December 31, 2006, the Company incurred a net loss of $413,485, or $(.01) per share, compared with a net loss of $621,144, or $(.02) per share, for the same period one year ago.
“We are extremely pleased with the financial results for the quarter, which are among the strongest quarterly results that the Company has seen in recent years,” said Mark N. Schwartz, Chairman and CEO. “The prior year’s quarter had the benefit of an international shipment and four full time sales reps, while the current quarter consisted totally of domestic sales and the Company only had three full time sales reps, two of whom have been with the Company less than six months. We believe these results provide evidence of the fact that the Company can identify and develop new markets quickly, an important component to our future growth,” commented Schwartz.
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 (Unaudited) Three Months Ended Six Months Ended December 31 December 31 2006 2005 2006 2006 Revenue: Equipment sales $476,505 $433,736 $809,806 $685,658 Equipment rental 65,407 105,614 140,585 227,144 Service/contract income 6,811 1,756 20,817 9,220 548,723 541,106 971,208 922,022 Cost of Sales 13,330 29,993 33,575 62,493 Gross Profit 535,393 511,113 937,633 859,529 Selling, general and administrative expenses 774,954 804,239 1,386,960 1,501,348 Operating Loss (239,561) (293,126) (449,327) (641,819) Other Income (Expense): Interest income 14,157 9,199 27,743 20,675 Gain on sale of property and equipment - - 8,099 - Total Other Income 14,157 9,199 35,842 20,675 Net Loss $(225,404) $(283,927) $(413,485) $(621,144) Basic and Diluted Net Loss per Share $(.01) $(.01) $(.01) $(.02) Weighted Average Shares Outstanding 39,846,547 33,264,362 40,001,826 33,097,633 Balance Sheet Data December 31, 2006 June 30, 2006 (Unaudited) (Audited) Cash and cash equivalents $1,441,378 $1,722,913 Total current assets 1,935,229 2,257,390 Total assets 1,999,436 2,345,949 Total current liabilities 522,040 489,081 Accumulated deficit (26,391,804) (25,978,319) Total shareholders’ equity 1,465,444 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/
