Pacific Biometrics, Inc. (PBI) (OTCBB: PBME), a leading provider of specialized central laboratory and contract research services, released its financial results for the first quarter of fiscal 2008, ended September 30, 2007. Revenues for the first quarter decreased 20% to $2,081,662 from $2,604,884 for the comparable period last year. The company recorded a net operating loss for the first quarter of fiscal 2008 of $55,453 compared with a net operating loss of $95,686 for the same period last year. The improvement in operating loss in the current quarter was primarily due to the substantial decrease of share-based compensation expense compared to that in the first quarter of fiscal 2007. Total net loss for the first fiscal quarter was $148,565, or $0.01 per share, compared with a total net loss of $203,028, or $0.01 per share, for the same period during fiscal 2007. Cash flow provided by operations for the first quarter was $135,288 compared with $633,378 for the same period last year.
