Hypertension Diagnostics, Inc. (OTCQB: HDII) (PINKSHEETS: HDII)
today announced financial results for the fiscal year ended June
30, 2011 ("FY 2011").
Revenue for FY 2011 was $1,389,181 compared to $1,383,669 for
fiscal year ended June 30, 2010 ("FY 2010"), a .0.4% increase.
The Company realized net income of $406,312 for FY 2011 or $.01
per share, compared with a net loss of $989,759 for FY 2010, or
$(.02) per share. The Company reported a cash balance on June 30,
2011 of $753,881, a 28% decrease compared with a cash balance of
$1,053,648 on June 30, 2010.
Included in the net income for FY 2011 is a non-cash benefit of
$693,750 for deferred compensation and non-cash charges of $132,395
for depreciation and stock option expense. In the net loss for FY
2010 are total non-cash charges, for deferred stock compensation,
depreciation, and stock options, of $1,204,392. The benefit in FY
2011 is the result of a decrease in the Company's stock price,
whereas the charge in FY 2010 is due to an increase in the
Company's stock price.
As previously disclosed on the Company's Form 8-K filed with the
Securities and Exchange Commission on August 30, 2011, the Company
entered into and closed a definitive Asset Purchase Agreement
providing for the sale of selected operating assets and a limited
license to its technology to Cohn Prevention Center, LLC, ("CPC") a
Minnesota company (the "Transaction"). The Chairman of CPC is Jay
N. Cohn. Prior to the closing of the Transaction, Dr. Cohn was a
director of the Company. Dr. Cohn recused himself from the
Company's Board of Directors' review and approval of the
Transaction and Dr. Cohn resigned as a Director on August 26, 2011.
Additionally, Mr. Greg Guettler, President resigned as a director
on August 26, 2011 and Mr. Guettler's employment with the Company
was terminated effective as of the closing date of the
Transaction.
HDI's corporate offices will now be located at: 10275 Wayzata
Boulevard, Suite 310, Minnetonka, MN 55305.
About Hypertension Diagnostics, Inc.
Hypertension Diagnostics, Inc. ("HDI") has developed technology
and owns intellectual property in medical devices for early
detection and management of cardiovascular disease, which prior to
August 26, 2011, it marketed in the U.S. and in 37 countries. The
CVProfilor® DO- 2020 CardioVascular Profiling System, has been
approved by the Food and Drug Administration (FDA), and is now
being marketed by Cohn Prevention Centers LLC to primary care
physicians in the U.S.
HDI's technology and intellectual property for CardioVascular
Profiling Systems non-invasively measure both large and small
artery elasticity. Small artery elasticity has been shown to be
predictive of cardiovascular disease. Several large pharmaceutical
manufacturers have used HDI's CardioVascular Profiling Systems in
their multi-site clinical research trials. There are over 400
published, peer-reviewed scientific articles and presentations on
HDI's methodology, which provides evidence on the validity,
accuracy and reproducibility of HDI's CardioVascular Profiling
technology.
Safe Harbor Statement
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 2011 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
(Unaudited)
Statements of Operations
Twelve Months Ended
June 30
----------------------------
2011 2010
------------- -------------
Revenue:
Equipment sales $ 1,137,300 $ 1,187,272
Equipment rental 48,144 75,820
Service/contract income 203,737 120,577
------------- -------------
1,389,181 1,383,669
Cost of Sales:
Cost of Sales 246,424 214,215
Inventory Obsolescence Allowance 29,424 (234,150)
------------- -------------
Net Cost of Sales 275,848 (19,935)
------------- -------------
Gross Profit 1,113,333 1,403,604
Selling, general and administrative expenses 717,586 2,402,773
------------- -------------
Operating Income (Loss) 395,747 (999,169)
Other Income:
Interest income 8,033 9,410
Miscellaneous income 2,532 0
------------- -------------
Total Other Income 10,565 9,410
------------- -------------
Net Income (Loss) before taxes $ 406,312 $ (989,759)
============= =============
Deferred compensation expense (693,750) 1,095,750
Non-GAAP Pro-forma net income (loss)
(excluding deferred compensation expense) $ (287,438) $ 105,991
Net Income (Loss) per Common Share:
Basic $ 0.01 $ (0.02)
Diluted $ 0.01 $ (0.02)
Weighted Average Common Shares Outstanding:
Basic 42,646,016 41,278,165
Diluted 49,982,696 41,278,165
Balance Sheet Data
June 30, 2011 June 30, 2010
--------------- ----------------
Cash and cash equivalents $ 753,881 $ 1,053,648
Total current assets 1,262,643 1,538,712
Total assets 1,286,008 1,546,580
Total current liabilities 820,216 306,599
Accumulated deficit (28,018,054) (28,424,366)
Total shareholders' equity (deficit) 419,363 (146,818)
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 (952) 545-2457
Hypertension Diagnositc (CE) (USOTC:HDII)
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