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: Mark N. Schwartz CEO (651) 687-9999
Hypertension Diagnositc (CE) (USOTC:HDII)
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