Second quarter highlights: CHICAGO, May 15 /PRNewswire-FirstCall/
-- The Female Health Company (OTC:FHCO) (BULLETIN BOARD: FHCO) ,
which manufactures and markets the FC Female Condom(R), today
reported record net revenues and net income during the second
quarter of FY2007. For the three months ended March 31, 2007, net
revenues increased 44% to approximately $5.3 million, compared with
approximately $3.7 million in the three months ended March 31,
2006. Net income attributable to common shareholders increased more
than eight-fold to $317,348, or $0.01 per diluted share, in the
second quarter of FY2007, versus $36,418, or $0.00 per share, in
the prior-year period. Unit sales also established a new quarterly
record. Gross profit rose 49% to $2,034,097, compared with
$1,367,979 in the second quarter of FY2006. Operating income
increased 382% to $321,331 in the three months ended March 31,
2007, compared with $66,654 in the corresponding period of the
previous fiscal year. The Company expects significant
quarter-to-quarter variations in its operating results, due to the
timing of large order receipts, production scheduling, and shipping
of products. "We are very pleased to report record revenues and
earnings for our second quarter of Fiscal 2007," noted O.B.
Parrish, Chief Executive Officer of The Female Health Company. "The
44% increase in second quarter revenues reflects continued growth
in orders for the FC1 female condom, along with significant and
growing demand for our FC2 second-generation female condom. We have
recently committed to doubling the production capacity of our FC2
manufacturing facility in Malaysia by the end of calendar 2007.
This will bring our annualized production capacity in Malaysia to
approximately 30 million units. With our partner in India,
Hindustan Latex Limited, we expect to start-up the first FC2
production line in that nation of over 1 billion people by mid-year
calendar 2007." For the six months ended March 31, 2007, revenues
increased 34% to approximately $9.5 million, compared with
approximately $7.1 million in the first half of FY2006.
Year-to-date net income attributable to common shareholders of
$90,424, or $0.00 per diluted share, was slightly below the net
income attributable to common shareholders of $96,370 or $0.00 per
diluted share that was recorded in the corresponding period of the
previous fiscal year. Gross profit increased 19% to $3.3 million in
the first half of FY2007, compared with $2.8 million in the six
months ended March 31, 2006. Operating income declined to $102,925,
versus $156,663 in the first half of FY2006. As previously
announced, the Female Health Company will host an investor
conference call at 11:00 a.m. Eastern time, May 15, 2007.
Shareholders and other interested parties may participate in the
conference call by dialing 888-694-4728 (international/local
participants dial 973-582-2745) and referencing the conference code
8763804, a few minutes before 11:00 a.m. EDT on May 15, 2007. A
replay call will be available through May 22, 2007 by dialing
877-519-4471 (international callers dial 973-341-3080) and
referencing the conference code is 8763804. About The Female Health
Company, Inc. -- The Female Health Company, based in Chicago,
Illinois, manufactures and markets the FC Female Condom(R), which
is primarily distributed by public health organizations and donor
groups in over 90 developing countries around the world.
World-wide, the Female Condom is available in various programs in
108 countries. The Company owns certain worldwide rights to the FC
Female Condom(R), including patents that have been issued in the
United States, United Kingdom, Japan, France, Italy, Germany,
Spain, the European Patent Convention, the People's Republic of
China, Canada, South Korea and Australia. FC Female Condom(R) is
the only available FDA-approved product controlled by a woman that
offers dual protection against sexually transmitted diseases,
including HIV/AIDS, and unintended pregnancy. "Safe Harbor"
statement under the Private Securities Litigation Reform Action of
1995: The statements in this release which are not historical fact
are forward-looking statements based upon the Company's current
plans and strategies, and reflect the Company's current assessment
of the risks and uncertainties related to its business, including
such things as product demand and market acceptance; the economic
and business environment and the impact of government pressures;
currency risks; capacity; efficiency and supply constraints; and
other risks detailed in the Company's press releases, shareholder
communications and Securities and Exchange Commission filings.
Actual events affecting the Company and the impact of such events
on the Company's operations may vary from those currently
anticipated. For more information about the Female Health Company
visit the Company's web site at http://www.femalehealth.com/ and
http://www.femalecondom.org/. If you would like to be added to an
e-mail alert list, please send an e-mail to The Female Health
Company Unaudited Condensed Consolidated Balance Sheet March 31,
March 31, 2007 2006 Cash $1,672,441 $1,736,555 Restricted cash
83,450 195,942 Accounts receivable, net 4,114,611 2,416,004
Inventory 1,481,067 962,349 Prepaid and other current assets
570,769 261,927 Total current assets 7,922,338 5,572,777 Other
non-current assets 191,928 186,745 Net property, plant &
equipment 1,102,639 322,841 Total assets $9,216,905 $6,082,363
Accounts payable $1,082,789 $564,355 Accrued expenses 1,465,248
644,815 Preferred dividends payable 9,606 5,587 Total current
liabilities 2,557,643 1,214,757 Deferred gain on sale of facilities
1,093,298 1,065,058 Total liabilities 3,650,941 2,279,815 Total
stockholders' equity 5,565,964 3,802,548 Total liabilities and
equity $9,216,905 $6,082,363 The Female Health Company Unaudited
Condensed Consolidated Income Statements Three Months Ended March
31, 2007 2006 Net revenues $5,323,593 $3,692,871 Gross profit
2,034,097 1,367,979 Advertising and promotion 33,926 58,677
Selling, general and administrative 1,619,803 1,220,605 Research
and development 59,037 22,043 Total operating expenses 1,712,766
1,301,325 Operating income 321,331 66,654 Interest, net and other
income 35,777 9,524 Net income 357,108 76,178 Preferred dividends
39,760 39,760 Net income attributable to common stockholders
$317,348 $36,418 Net income per basic common share outstanding
$0.01 $0.00 Basic weighted average common shares outstanding
23,973,955 23,745,268 Net income per diluted common share
outstanding $0.01 $0.00 Diluted weighted average common shares
outstanding 27,702,950 26,882,256 The Female Health Company
Unaudited Condensed Consolidated Income Statements Six Months Ended
March 31, 2007 2006 Net revenues $9,522,473 $7,100,933 Gross profit
3,312,495 2,795,150 Advertising and promotion 92,964 108,782
Selling, general and administrative 2,992,865 2,476,216 Research
and development 123,741 53,489 Total operating expenses 3,209,570
2,638,487 Operating income 102,925 156,663 Interest, net and other
income 49,330 14,846 Foreign currency transactions (gain) loss
18,572 5,264 Net income 170,827 176,773 Preferred dividends 80,403
80,403 Net income attributable to common stockholders $90,424
$96,370 Net income per basic common share outstanding $0.00 $0.00
Basic weighted average common shares outstanding 23,962,877
23,624,686 Net income per diluted common share outstanding $0.00
$0.00 Diluted weighted average common shares outstanding 26,513,336
26,668,403 DATASOURCE: The Female Health Company CONTACT: William
R. Gargiulo, Jr., +1-231-526-1244, or Donna Felch, +1-312-595-9123,
both of The Female Health Company Web site:
http://www.femalehealth.com/ http://www.femalecondom.org/
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