SEATTLE--(BUSINESS WIRE)--Pacific Biometrics, Inc. (OTCBB:PBME)(“PBI”), a leading provider of specialized central laboratory and contract research services, released its fiscal 2007 financial results for the third quarter ended March 31, 2007. Revenues for the third quarter decreased 44% to $1,755,363 from $3,109,504 for the comparable period last year. Operating income for the third quarter declined to a net operating loss of $286,676 compared to a net operating income of $755,204 for the same period last year. Total net loss for the third quarter was $427,184, or $0.02 per fully diluted share, compared with a net loss of $277,714, or $0.02 per fully diluted share, for the same period during fiscal 2006. Revenues for the nine months ended March 31, 2007 were $6,579,093, compared to $8,057,194 for the same period last year. Operating income for the nine months ended March 31, 2007 declined to a net operating loss of $446,949, compared to a net operating income of $1,605,477 for the same period last year. Total net loss for the nine months ended March 31, 2007 was $1,029,604, or $0.06 per fully diluted share, compared with a net income of $239,089, or $0.01 per fully diluted share, for the same period during fiscal 2006. Net decrease in cash and cash equivalents for the nine months ended March 31, 2007 was $845,245, compared to a net increase of $3,500,041 for the same period last year (the net increase last year was primarily attributable to our private placement of common stock in the quarter ended March 31, 2006, where we realized net cash proceeds of $3,476,675). The cash and cash equivalents balance declined to $4,652,492 at the end of the period, compared to $4,938,584 for the same period last year, a decrease of $286,092.
