Healthcare Technologies Reports Loss for 2007 Second Quarter & Six Months Results
August 16 2007 - 2:25AM
PR Newswire (US)
PETACH-TIKVA, Israel, August 16 /PRNewswire-FirstCall/ --
Healthcare Technologies Ltd. (NASDAQ:HCTL), today announced
unaudited results for the second quarter and six months period
ended June 30, 2007. Revenues for the first six months of 2007 were
$7.75 million, compared to $7.05 million for the first six months
of 2006. The gross profit for the first half of the year was $2.43
million versus $2.57 million for the same period in 2006. The net
loss for such period was $(319) thousand, versus a net profit of
$523 thousand for the first half of 2006. Revenues for the second
quarter of 2007 were $3.67 million, as compared to $3.46 million
for the corresponding quarter last year. The second quarter gross
profit was $1.08 million, as compared to $1.18 million in the
second quarter of 2006. The net loss for the second quarter was
$(432) thousand, compared to a net profit of $171 thousand for the
second quarter of last year. Healthcare's loss in Q2 2007 is mainly
due to the following: (i) a decrease of approximately $300 thousand
in sales to the clinical diagnostics market vs. the first quarter;
(ii) financial expenses relating to the depreciation of the NIS
versus the US dollar; and (iii) one time legal settlement expenses
amounting to approximately $155 thousand. The net loss was
decreased by the creation of deferred tax income amounting to $119
thousand, which was recorded by the company. Shareholders' equity
on June 30, 2007 was $6.9 million, compared to $7.3 million on
December 31, 2006. Current assets net of current liabilities at the
end of the period were $1.5 million, compared to $2.6 million on
December 31, 2006. About Healthcare Technologies Healthcare
Technologies Ltd. through it subsidiaries and affiliate Gamidor
Diagnostics (1984) Ltd. ,Danyel Biotech Ltd. and Savyon Diagnostics
Ltd., specializes in the 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. Healthcare Technologies Ltd.
Condensed Consolidated Statement of Operations (U.S. Dollars in
Thousands, Except Profit (Loss) Per Share Information) Three Months
Ended Six Months Year Ended Ended 06/30/07 06/30/06 06/30/07
06/30/06 12/31/06 Sales 3,672 3,459 7,754 7,050 13,656 Gross profit
1,083 1,182 2,430 2,387 4,775 Net (Loss) profit (432) 171 (319) 523
210 Profit (Loss) per share (0.06) 0.02 (0.04) 0.07 0.03 Weighted
average number of shares and share equivalents outstanding (in
Thousands) 7,793 7,703 7,793 7,703 7,715 Consolidated Balance
Sheet, (U.S $ in thousands) June 30, June December 2007 30, 31,
2006 2006 Cash and cash equivalents 337 1,105 361 Total current
assets 7,434 7,302 7,672 Total current liabilities 5,903 4,807
5,055 Shareholder's equity 6,924 7,453 7,315 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. For Healthcare Technologies Ltd.
Contact: Eran Rotem CFO +972-3-9277232/3 DATASOURCE: Healthcare
Technologies Ltd CONTACT: For Healthcare Technologies Ltd.,
Contact: Eran Rotem CFO, +972-3-9277232/3
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