MESA, Ariz., June 8, 2007 (PRIME NEWSWIRE) -- Humatech, Inc. (Pink Sheets:HUMT) has filed its results of operations for the second fiscal quarter of 2007, ended October 31, 2006.
The company said its revenues, cost of goods sold and gross profit for the quarter, as compared to the same quarter during the previous year, were:
3 Months 3 Months 3 Months
Ended Ended Ended
October 31, October 31, Percentage July 31,
2006 2005 Change 2006
--------- --------- ---------- --------
Net Revenues $ 330,531 $ 310,639 6% $ 405,325
Cost of
Goods Sold 228,047 284,814 (20%) 254,444
--------- --------- ---------
Gross profit/
(loss) $ 102,484 $ 25,825 297% $ 150,881
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Humatech said its revenues increased for the quarter ended October 31, 2006, compared to the same quarter one year ago, due to revenues generated by sales of its animal feed supplements in the United States and United Kingdom. As expected, its cost of sales decreased as a percentage of revenues because the cost to produce animal feed and fertilizer decreases with the higher volume of product that is produced. Improvements also have been made to the manufacturing line that has yielded production efficiencies.
Operating expenses, operating loss, other income and expenses, and net loss for this quarter, as compared to the same quarter during the previous year, were:
3 Months 3 Months 3 Months
Ended Ended Ended
October 31, October 31, Percentage July 31,
2006 2005 Change 2006
--------- -------- ---------- ---------
Total operating
expenses $ 229,255 $ 179,575 28% $ 324,355
Operating loss (126,771) (153,750) (18%) (173,474)
Interest expense
and other
financing costs (49,451) (47,449) 4% (38,531)
Gain on legal
settlement -- -- -- --
----------- ---------- -----------
Net loss $(176,222) $(241,730) (27%) $(171,377)
============ ========== ===========
Total operating expenses increased approximately $49,680 or 28%, as compared with a year ago, but decreased by $95,100 compared to the previous quarter.
The company said that as of the date of the filing it had 37,481,147 shares of common stock issued and outstanding, held by approximately 173 shareholders. Of that amount, 15,833,265 shares were free trading. A full copy of the report is available at http://www.pinksheets.com .
About Humatech, Inc.
Humatech, Inc. manufactures all natural nutrient solutions for plants and animals, produced from a proprietary process described as "Iso-Molecular" technology. The company markets animal feed supplements to the animal feed industry in several countries, and also has an agricultural product line, which it markets in the U.S.A. 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