ST. PAUL, MN--(Marketwire - May 06, 2009) - Hypertension Diagnostics, Inc. (OTCBB: HDII) today announced financial results for the third quarter of fiscal year 2009 (Q3 2009) ended March 31, 2009.
Revenue for Q3 2009 totaled $64,765 compared to $103,264 for the quarter ending March 31, 2008 (Q3 2008), which represents a 37.3% decrease. The Company’s net loss was $18,989 for Q3 2009 or $.00 per share, compared with a net loss of $348,825 for Q3 2008, or $(.01) per share. Included in the net loss for Q3 2009 are total non-cash benefits (mainly deferred compensation, depreciation, stock options) of $122,123. In Q3 2008, total non-cash charges were $146,784. The decline in the Company’s stock price during Q3 2009 resulted in a negative expense for the Q3 2009 deferred compensation expense of $147,000. This caused the company to report a smaller net loss than otherwise would have been reported without the negative deferred compensation expense in Q3 2009. The Company reported a cash balance on March 31, 2009 of $803,785.
For the nine month period ended March 31, 2009 (9 months FY 2009), total revenue was $338,484, compared to $395,278 for the nine month period ended March 31, 2008 (9 months FY 2008), a 14.4% decrease. For the 9 months FY 2009, the Company incurred a net loss of $88,549, including a non-cash benefit of $233,977, or $.00 per share, compared with a net loss of $639,585, including a non-cash charge of $210,890, or $(.02) per share (9 months FY 2008).
“We hope that the current quarter represents a bottoming out of sales and the severe economic environment will soon return to normal patterns of sales activity. The financial market turmoil has had a devastating impact on the ability of our prospective customers to obtain financing for the type of large capital equipment purchase that a sale of the CVProfilor DO-2020 represents,” said Mark Schwartz, Chairman and CEO. “We are cautiously optimistic about the opportunity in the international markets, where prevention of cardiovascular disease is becoming standard of care. The Company has been working with new international distributors in the European and Asian markets to compete in the emerging vascular screening market where we believe our products have a compelling clinical advantage over our competitors.”
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 2008 Annual Report on Form 10-KSB, and subsequent Quarterly Reports on Form 10-Q, 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 Nine Months Ended March 31 March 31 ---------------------- ---------------------- 2009 2008 2009 2008 ---------- ---------- ---------- ---------- Revenue: Equipment sales $ 28,000 $ 46,191 $ 206,837 $ 229,826 Equipment rental 17,627 32,029 67,443 113,814 Service/contract income 19,138 25,044 64,204 51,638 ---------- ---------- ---------- ---------- 64,765 103,264 338,484 395,278 Cost of Sales 200 19,772 7,707 34,213 ---------- ---------- ---------- ---------- Gross Profit 64,565 83,492 330,777 361,065 Selling, general and administrative expenses 85,500 442,372 431,119 1,039,394 ---------- ---------- ---------- ---------- Total Expense 85,500 442,372 431,119 1,039,394 ---------- ---------- ---------- ---------- Operating Income (Loss) (20,935) (358,880) (100,342) (678,329) Interest income 1,946 10,055 11,793 38,744 ---------- ---------- ---------- ---------- Net Income (Loss) $ (18,989) $ (348,825) $ (88,549) $ (639,585) ========== ========== ========== ========== Basic and Diluted Net Loss per Share $ .00 $ (.01) $ .00 $ (.02) Weighted Average Shares Outstanding - Basic 40,795,820 39,674,348 40,650,494 39,663,461 Weighted Average Shares Outstanding - Diluted 40,795,820 39,674,348 40,650,494 39,663,461 Balance Sheet Data March 31, June 30, 2009 2008 ----------- ----------- Cash and cash equivalents $ 803,785 $ 1,081,868 Total current assets 1,094,100 1,408,379 Total assets 1,106,361 1,427,786 Total current liabilities 280,246 585,280 Accumulated deficit (27,274,716) (27,186,167) Total shareholders’ equity 797,057 816,981
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: www.hdii.com
Contact:
Mark N. Schwartz
CEO
(651) 687-9999
