MESA, Ariz., June 16, 2006 (PRIMEZONE) -- Humatech, Inc. (Pink Sheets:HUMT) today said it had filed with the SEC its Form 10-QSB for the first fiscal quarter of 2006.
For the quarter ended July 31, 2005, Humatech's revenues of $368,012 were up 565% compared with revenues of $55,341 in the same quarter in fiscal 2005. Gross profit for the quarter was $121,864, compared with a loss of $21,445 in the 2005 fiscal year.
Net loss for the quarter totaled $130,583, down 54% from the fiscal 2005 first quarter loss of $286,348.
Net loss per share, with weighted average basic and fully diluted shares totaling 34,012,348, amounted to $0.00 for the 2006 first fiscal quarter, compared with a loss of $0.01 per share in the same quarter of the prior year when weighted average basic and fully diluted shares outstanding totaled 29,803,559.
The company said that during fiscal 2005, and the first quarter of fiscal 2006, it focused the growth of its business around its animal feed supplement products. These products, it noted, have generated significant increases in net revenues both internationally and domestically. The company 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 sales, production and distribution infrastructure.
Two additional quarterly reports for fiscal 2006, covering the periods through January 31, are expected to be filed before the end of this month, at which time the company will be able to reapply for listing on the Over the Counter Bulletin Board, management said.
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.