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PBME News Pacific Biometrics Inc. Reports Fiscal 2007 First Quarter Results

SEATTLE--(BUSINESS WIRE)--Pacific Biometrics, Inc. (OTCBB:PBME; “PBI”), a leading provider of specialized central laboratory and contract research services, 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.

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.

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, 2006 and our quarterly report on Form 10-QSB for the quarter ended September 30, 2006).