Healthcare Technologies, Ltd. (NASDAQ: HCTL), today announced unaudited results for the first quarter ended March 31, 2006.
Revenues for the first quarter ended March 31, 2006 were $3.6 million, as compared to $3.1 million for the corresponding quarter last year, an increase of 16%. The first quarter gross profit was $1.4 million, as compared to $1.1 million in the first quarter of 2005. The net profit for the quarter was $352 thousand compared with a net profit of $163 thousand, for the first quarter of last year. The increase in sales and profits is due to new business transactions in the Genetic and Chemistry segments and some recovery in the Biotech research industry.
Shareholders' equity on March 31, 2006 was $7.0 million, compared to US$ 6.7 million on December 31, 2005. Cash and cash equivalents were $0.5 million. Current assets net of current liabilities as of March 31, 2006 were $2.7 million compared to $2.3 million on December 31, 2005.
About Healthcare Technologies
Healthcare Technologies Ltd. through it subsidiaries and affiliate Gamidor Diagnostics (1984) Ltd., Danyel Biotech Ltd. and Savyon Diagnostics Ltd., specializes in development, manufacturing and marketing of clinical diagnostic test kits and provides services and tools to diagnostic and biotech research professionals in laboratory and point of care sites worldwide.
CONTACT:
Eran Rotem, CFO
+972-3-9277232/3
Healthcare Technologies, Ltd.
Condensed Consolidated Statement of Operations
(U.S. Dollars in Thousands, Except Per Share Information)
Three Months Ended Year Ended
31/3/06 31/3/05 31/12/05
Sales $3,591 $3,102 $12,053
Gross profit $1,384 $1,114 $4,369
Net profit $352 $163 $276
Profit per share $0.05 $0.02 $0.04
Weighted average number of Shares
and share equivalents Outstanding
(in Thousands) 7,703 7,703 7,703
Consolidated Balance Sheet
(U.S $ in thousands)
Three Months Ended Year Ended
March 31, 2006 December 31,2005
Cash and cash equivalents $509 $699
Total current assets $6,957 $6,848
Total current liabilities $4,285 $4,500
Shareholder's equity $7,089 $6,816
SAFE HARBOR: This press release contains certain forward looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward looking statement made by or on behalf of Healthcare Technologies Ltd. Readers are referred to the documents filed by the company with the Securities Exchange Commission, specifically the most recent report on Form 20F that identifies important risks which could cause actual results to differ from those contained in the forward looking statements.