Pacific Biometrics - Q1 2007 Fiscal Results
Pacific Biometrics, Inc released its financial results for the first quarter of fiscal 2007, ended September 30, 2006. Revenues for the first quarter increased 42% to $2,604,884 from $1,834,442 for the comparable period last year. Operating income for the first quarter of 2007 was reduced by a significant stock-based compensation expense of $545,558 relating to restricted shares and stock options granted during the quarter, and resulted in a net operating loss of $95,686 compared with net operating income of $50,155 for the same period last year. Total net loss for the first fiscal quarter was $203,028, or $0.01 per share, compared with a total net loss of $180,166, or $0.01 per share, for the same period during fiscal 2006. Net cash flow from operations has improved significantly to a positive $633,377 for the first fiscal quarter, compared to a negative $307,282 for the same period last year. Cash and cash equivalents balance has also improved to $5,944,456 for the first fiscal quarter, compared to $652,342 for the same period last year.
“We have reported an excellent start to fiscal 2007 with record first quarter revenues,” commented Ron Helm, Pacific Biometrics’ President and Chief Executive Officer. “We are experiencing increased demand for our specialty laboratory services and greater volume in the size and number of clinical trials we are working on. In addition to our core client base, we are receiving business from new entities that we have never worked with before. This reflects our successful increase in new business development efforts, and recognition as a leading provider of high-quality laboratory services in the areas of cardiovascular disease, diabetes, and bone and joint disease.”
Mr. Helm concluded, “Although we reported a net loss of $0.01 per share for the quarter, the Company generated positive EBITDA, as well as gross profit of $1.3 million. The net loss was attributable to a significant charge relating to restricted shares and stock options. Excluding this stock-based compensation expense, we would have reported a profit of $342,530, or $0.02 per share. That said, operationally our Company continues to perform well. Cash flow from operations and cash balances have improved as a result. We look forward to fiscal 2007, as our primary business strategy will be to continue to focus on providing high quality specialty central laboratory services, while going forward in growing our business through increased business development efforts.”
For additional information, see Pacific Biometrics’ Annual Report filed with the SEC on Form 10-KSB for the fiscal year ended June 30, 2006 and the quarterly report filed with the SEC on Form 10-QSB for the fiscal quarter ended September 30, 2006.