Investor
Contacts:
|
|
Richard
T. Schumacher, President & CEO
|
PressureBioSciences,
Inc.
|
Edward
H. Myles, Vice President of Finance & CFO
|
(T)
508-580-1818
|
For
the Three Months Ended
|
For
the Nine Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
(restated)
|
(restated)
|
||||||||||||
REVENUE:
|
|||||||||||||
PCT
Products, services, other
|
$
|
92,211
|
$
|
11,742
|
$
|
174,409
|
$
|
21,984
|
|||||
Total
revenue
|
92,211
|
11,742
|
174,409
|
21,984
|
|||||||||
COSTS
AND EXPENSES:
|
|||||||||||||
Cost
of PCT products & services
|
90,037
|
33,966
|
188,688
|
61,653
|
|||||||||
Research
and development
|
324,525
|
156,529
|
984,844
|
374,147
|
|||||||||
Selling
and marketing
|
127,419
|
39,954
|
322,803
|
93,590
|
|||||||||
General
and administrative
|
380,065
|
320,195
|
1,665,172
|
1,361,157
|
|||||||||
Total
operating costs and expenses
|
922,046
|
550,644
|
3,161,507
|
1,890,547
|
|||||||||
Operating
loss from continuing operations
|
(829,835
|
)
|
(538,902
|
)
|
(2,987,098
|
)
|
(1,868,563
|
)
|
|||||
OTHER
INCOME (EXPENSE):
|
|||||||||||||
Realized
gain on securities held for sale
|
-
|
2,838,491
|
517,938
|
2,838,491
|
|||||||||
Other
operating, net
|
-
|
(140,648
|
)
|
-
|
(528,285
|
)
|
|||||||
Interest
income
|
88,190
|
62,699
|
305,982
|
187,559
|
|||||||||
Total
other income
|
88,190
|
2,760,542
|
823,920
|
2,497,765
|
|||||||||
(Loss)
income from continuing operations before income taxes
|
(741,645
|
)
|
2,221,640
|
(2,163,178
|
)
|
629,202
|
|||||||
Income
tax benefit (provision) from continuing operations
|
111,106
|
(912,671
|
)
|
408,344
|
(457,535
|
)
|
|||||||
(Loss)
income from continuing operations
|
(630,539
|
)
|
1,308,969
|
(1,754,834
|
)
|
171,667
|
|||||||
Discontinued
operations:
|
|||||||||||||
(Loss)
income from discontinued operations (net of income tax benefit
of $1,720
and provision of $913 for the three and nine months ended in
2005)
|
-
|
(3,340
|
)
|
-
|
1,995
|
||||||||
Gain
on sale of net assets related to discontinued operations (includes
effect of income taxes of $701,699 in 2005)
|
-
|
701,699
|
-
|
701,699
|
|||||||||
Net
income from discontinued operations
|
-
|
698,359
|
-
|
703,694
|
|||||||||
Net
(loss) income
|
$
|
(630,539
|
)
|
$
|
2,007,328
|
$
|
(1,754,834
|
)
|
$
|
875,361
|
|||
(Loss)
income per share from continuing operations - basic
|
$
|
(0.26
|
)
|
$
|
0.54
|
$
|
(0.72
|
)
|
$
|
0.05
|
|||
Income
per share from discontined operations - basic
|
$
|
-
|
$
|
0.29
|
$
|
-
|
$
|
0.23
|
|||||
Net
(loss) income per share, basic
|
$
|
(0.26
|
)
|
$
|
0.83
|
$
|
(0.72
|
)
|
$
|
0.28
|
|||
(Loss)
income per share from continuing operations - diluted
|
$
|
(0.26
|
)
|
$
|
0.52
|
$
|
(0.72
|
)
|
$
|
0.05
|
|||
Income
per share from discontined operations - diluted
|
$
|
-
|
$
|
0.27
|
$
|
-
|
$
|
0.22
|
|||||
Net
(loss) income per share, diluted
|
$
|
(0.26
|
)
|
$
|
0.79
|
$
|
(0.72
|
)
|
$
|
0.27
|
|||
Weighted
average number of shares used to calculate net (loss) income
per share -
basic
|
2,422,675
|
2,424,189
|
2,424,351
|
3,157,495
|
|||||||||
Weighted
average number of shares used to calculate net (loss) income
per share -
diluted
|
2,422,675
|
2,537,987
|
2,424,351
|
3,202,101
|
September
30,
|
December
31,
|
||||||
2006
|
2005
|
||||||
(unaudited)
|
(restated)
|
||||||
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
5,850,427
|
$
|
6,416,772
|
|||
Escrow
deposit related to sale of assets to SeraCare
|
-
|
1,117,305
|
|||||
Income
tax receivable
|
781,457
|
531,122
|
|||||
Prepaid
expenses, deposits, and other current assets
|
410,933
|
476,436
|
|||||
Total
current assets
|
7,042,817
|
8,541,635
|
|||||
PROPERTY
AND EQUIPMENT, NET
|
200,146
|
282,780
|
|||||
Intangible
assets, net
|
389,080
|
425,554
|
|||||
Assets
transferred under contractual arrangements
|
1,420,996
|
1,420,996
|
|||||
Investments
in marketable securities
|
2,549,113
|
3,962,810
|
|||||
Total
other assets
|
4,359,189
|
5,809,360
|
|||||
TOTAL
ASSETS
|
$
|
11,602,152
|
$
|
14,633,775
|
|||
LIABILITIES
|
|||||||
Current
liabilities
|
689,393
|
800,899
|
|||||
Long
term liabilities
|
1,926,380
|
2,468,275
|
|||||
TOTAL
LIABILITIES
|
2,615,773
|
3,269,174
|
|||||
STOCKHOLDERS'
EQUITY
|
|||||||
Paid-in
capital
|
6,290,745
|
6,051,262
|
|||||
Loan
receivable from Director / CEO
|
(1,000,000
|
)
|
(1,000,000
|
)
|
|||
Accumulated
other comprehensive income
|
1,675,092
|
2,537,963
|
|||||
Retained
earnings
|
2,020,542
|
3,775,376
|
|||||
TOTAL
STOCKHOLDERS' EQUITY
|
8,986,379
|
11,364,601
|
|||||
TOTAL
LIABILITIES & STOCKHOLDERS' EQUITY
|
$
|
11,602,152
|
$
|
14,633,775
|