ST. PAUL, MN--(Marketwire - September 18, 2009) - Hypertension Diagnostics, Inc. (
OTCBB:
HDII),
today announced audited financial results for the fiscal year ended June
30, 2009.
Revenue for fiscal year 2009 totaled $503,175 compared to $554,454 in the
prior year ended June 30, 2008, which represents a 9.2% decrease. The
Company incurred a net loss of $248,440 for fiscal year 2009 or $(.01) per
share, compared with a net loss of $703,837 for fiscal year 2008, or $(.02)
per share. Included in the net loss for fiscal year 2009 are total
non-cash benefits (mainly deferred stock compensation, depreciation, stock
options) of $125,102. Included in the net loss for fiscal year 2008 are
total non-cash charges of $187,078. The benefit for the twelve month
period ended June 30, 2009 is a result of the decrease in the Company's
stock price, which caused the non-cash deferred compensation expense to
become a non-cash benefit. The Company reported a cash balance on June 30,
2009 of $697,918.
Fourth quarter revenue of $164,691, for fiscal year 2009 compared to
$159,176 for fiscal year 2008, represented a 3.5% increase. Revenue for
the fourth quarter of fiscal year 2009 increased by 154.3% compared with
$64,765 for the third quarter of fiscal year 2009.
"We are pleased with the rebound in our fourth quarter sales, most of which
occurred in the month of June and which appears to be gaining momentum
based on preliminary results for our first quarter of 2010," said Mark
Schwartz, Chairman and CEO. "Our fourth quarter sales results provide some
encouragement that our market is recovering. We continue to add new
distributors in the U.S. and in international markets."
As previously reported the Company has been selected to have its research
product used in 16 international sites for a study funded by the National
Institutes of Health (NIH) to determine whether the measurement of arterial
elasticity can assist in the prevention of cardiovascular disease in HIV
patients. Most of the revenue from this sale will impact the Company's
first and second quarter fiscal year 2010 results. "Even without the
revenue from the NIH funded trial, the preliminary sales results for the
first quarter of 2010 are encouraging," concluded Mr. Schwartz.
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
2009 Annual Report on Form 10-K, 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 Twelve Months Ended
June 30 June 30
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenue:
Equipment sales $ 125,850 $ 112,479 $ 332,687 $ 342,305
Equipment rental 19,420 36,972 86,863 150,786
Service/contract income 19,421 9,725 83,625 61,363
---------- ---------- ---------- ----------
164,691 159,176 503,175 554,454
Cost of Sales 3,284 10,116 10,991 44,329
---------- ---------- ---------- ----------
Gross Profit 161,407 149,060 492,184 510,125
Total Expenses 322,649 220,480 753,768 1,259,874
---------- ---------- ---------- ----------
Operating Loss (161,242) (71,420) (261,584) (749,749)
Other Income:
Interest income 1,351 7,168 13,144 45,912
---------- ---------- ---------- ----------
Total Other Income 1,351 7,168 13,144 45,912
---------- ---------- ---------- ----------
Net (Loss) Income $ (159,891) $ (64,252) $ (248,440) $ (703,837)
========== ========== ========== ==========
Basic and Diluted Net Loss
per Share $ (.00) $ (.00) $ (.01) $ (.02)
Weighted Average Shares
Outstanding 40,939,193 39,771,500 40,722,471 39,690,323
Balance Sheet Data
June 30, 2009 June 30, 2008
------------- -------------
Cash and cash equivalents $ 697,918 $ 1,081,868
Total current assets 1,022,528 1,408,379
Total assets 1,032,787 1,427,786
Total current liabilities 340,384 585,280
Accumulated deficit (27,434,607) (27,186,167)
Total shareholders' equity 660,041 816,981
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 Information: Contact:
Mark N. Schwartz
CEO
(651) 687-9999