Message #11 From:
NewsBot Date: November 15, 2005 02:30:00 AM
PBME News Pacific Biometrics, Inc. Revenue Increases 322% for First Quarter Fiscal 2006
SEATTLE--(BUSINESS WIRE)--Nov. 15, 2005--Pacific Biometrics, Inc. (OTCBB: PBME) announces financial results for the first quarter of fiscal 2006. Revenues for the quarter increased 322% to approximately $1,834,000 from $435,000 during the quarter ended September 30, 2004. Net loss for the quarter ended September 30, 2005 was approximately $282,000, or $0.02 per fully diluted share, compared with a net loss of $830,000, or $0.07 per fully diluted share, for the quarter ended September 30, 2004. The significant increase in revenue and decrease in net loss for the first quarter of fiscal 2006 was primarily attributable to a substantial increase in clinical testing services and open work orders.
Ron Helm, Chief Executive Officer of Pacific Biometrics, commented "We initiated a new business development program during the first quarter of fiscal 2005, which has resulted in the significantly improved financial performance we are currently observing. Not only have we increased revenue by over three times quarter-to-quarter, but over the twelve months ended September 30, 2005 our revenue increased 58% to approximately $4.6 million from $2.9 million for the comparable twelve-month period ended September 30, 2004. I am very proud of our personnel in business development. Their tremendous efforts have resulted in significantly increased activity with new and existing clients for our clinical testing services."
Mr. Helm continued, "With the implementation of our new laboratory information system in its final stages, not only should we soon be able to improve and expand upon services to our clients, but hopefully we will observe productivity gains and improvements in our underlying costs of providing the services. Even though we realized a net loss of approximately $282,000, we had an operating profit of approximately $50,000 (compared to an operating loss of $679,995 for the quarter ended September 30, 2004) and the significant portion of our net loss was attributable to the non-cash expense of approximately $239,000 we incurred related to secured convertible debt."
Helm concluded, "PBI continues to focus on providing quality specialty laboratory services in its core areas, including cardiovascular disease, diabetes, metabolic syndrome, osteoporosis, and arthritis. We believe the demand for our expertise in clinical development studies for our clients will continue to be a significant driver for future growth."
For additional information, see Pacific Biometrics' annual report filed with the SEC on Form 10-KSB for the fiscal year ended June 30, 2005 and quarterly report filed with the SEC on Form 10-QSB for the quarter ended September 30, 2005.
About Pacific Biometrics, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The company provides expert services in the areas of cardiovascular disease, diabetes, osteoporosis, arthritis, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, and through its non-profit affiliate Pacific Biometrics Research Foundation, is one of only three U.S.-based members of the Centers for Disease Control (CDC) Cholesterol Reference Method Laboratory Network. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies.
Pacific Biometrics also owns several patented and patent-pending technologies, including monitoring devices for glucose and changes in bone turnover, an advanced, proprietary, isothermal DNA amplification technology, and a gene-based cell viability technology to distinguish live from dead cells in a broad range of diagnostic applications.
For more information about Pacific Biometrics, visit the company's web site at www.pacbio.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including to but not limited to our strategic planning and business development plans, our future growth, and the viability and acceptance of our products and services in the market. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, our ability to bid on and win laboratory services contracts, the success of our marketing and business development efforts, competition in the industry, and our ability to manage growth, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-KSB for the year ended June 30, 2005 and our Form 10-QSB for the quarter ended September 30, 2005).
