ST. PAUL, Minn., May 14 /PRNewswire-FirstCall/ -- Hypertension Diagnostics, Inc. , today announced financial results for the third quarter of fiscal year 2007 ended March 31, 2007.
Revenue for the quarter totaled $469,151 compared to $571,988 in the prior year's third quarter ended March 31, 2006, an 18% decrease. The Company incurred a net loss of $76,948 for the current quarter or $(.00) per share compared with a net loss of $276,031 for the prior year's quarter or $(.01) per share. Included in the net loss of $76,948 for the quarter are total non-cash charges (expenses associated mainly with stock compensation, depreciation, stock options) of $108,713. The Company reported a cash balance of $1,431,380 on March 31, 2007.
For the nine month period ended March 31, 2007, total revenue was $1,440,359, compared to $1,494,010 for the same period one year ago, a 3.6% decrease. For the nine month period ended March 31, 2007, the Company incurred a net loss of $490,433, or $(.01) per share, compared with a net loss of $897,175, or $(.03) per share, for the same period one year ago.
"We are pleased with our efforts to decrease expenses which is bringing us close to break-even cash flow," said Mark N. 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 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 Nine Months Ended March 31 March 31 2007 2006 2007 2006 Revenue: Equipment sales $404,800 $457,328 $1,214,606 $1,142,986 Equipment rental 57,955 107,066 198,540 334,210 Service/contract income 6,396 7,594 27,213 16,814 469,151 571,988 1,440,359 1,494,010 Cost of Sales 13,899 26,471 47,474 88,964 Gross Profit 455,252 545,517 1,392,885 1,405,046 Selling, general and administrative expenses 546,672 831,318 1,933,632 2,332,666 Operating Loss (91,420) (285,801) (540,747) (927,620) Other Income (Expense): Interest income 14,472 9,770 42,215 30,445 Gain on sale of property and equipment - - 8,099 - Total Other Income 14,472 9,770 50,314 30,445 Net Loss $(76,948) $(276,031) $(490,433) $(897,175) Basic and Diluted Net Loss per Share $(.00) $(.01) $(.01) $(.03) Weighted Average Shares Outstanding 39,542,020 35,012,499 39,850,795 33,726,604 Balance Sheet Data March 31, 2007 June 30, 2006 (Unaudited) (Audited) Cash and cash equivalents $1,431,380 $1,722,913 Total current assets 1,900,556 2,257,390 Total assets 1,954,174 2,345,949 Total current liabilities 521,602 489,081 Accumulated deficit (26,468,752) (25,978,319) Total shareholders' equity 1,418,371 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/
