MESA, Ariz., Sept. 15, 2006 (PRIMEZONE) -- Humatech, Inc. (Pink Sheets:HUMT) today reported higher revenues and gross profit in the first fiscal quarter of 2007.
For the quarter ended July 31, 2006, Humatech's revenues of $405,325 were up 10%, compared with revenues of $368,012 in the same quarter in fiscal 2006. Gross profit for the quarter was $150,881, up 24% compared with a profit of $121,864 in the 2006 fiscal year first quarter.
Net loss for the quarter totaled $171,377, compared with the fiscal 2006 first quarter loss of $130,583. The company attributed the higher loss despite higher revenues to a 53% increase in total operating expenses, primarily general and administrative expenditures.
Net loss per share, with weighted average basic and fully diluted shares totaling 36,350,591, amounted to $0.00 for the 2007 first fiscal quarter, compared with a loss of $0.00 per share in the same quarter of the prior year, when weighted average basic and fully diluted shares outstanding totaled 34,012,348.
The company noted that in the first quarter of fiscal 2007 it continued to focus the growth of its business around its animal feed supplement products. It said it believes it has a competitive advantage with respect to these products and expects to see continued revenue growth in the future as it expands its infrastructure.
The company said it is attempting to raise capital to allow it to expand its marketing and distribution capabilities. Management believes that, in addition to being successful in raising sufficient capital for operations, sales volumes have been increasing and will continue to do so at a level that will, in the short term, be sufficient to continue as a going concern.
Humatech is current in its filing requirements and is taking all available steps to regain listing on the OTC Bulletin Board as rapidly as possible.
Humatech, Inc. manufactures all natural nutrient solutions for plants and animals, produced from a proprietary process described as "Iso-Molecular" technology. The company markets Promax(r) to the animal feed industry in several countries, and also has an agricultural product line, which it markets in the USA and Europe, as well as its newly developed Organic Advantage(r) retail product line, which consists of 12 organic based liquid products ranging in size from a 4oz. Planting Solution, to a 2-1/2 gallon Lawn Food.
Certain information contained in this news release may include 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. While these statements are made to convey the company's progress, business opportunities and growth prospects, readers are cautioned that such forward looking statements represent management's opinion. Actual company results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. A more extensive listing of risks and factors that may affect the business prospects of the company and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.
For additional information regarding the company, and its product lines, please visit http://www.humatech.com