MESA, Ariz., June 26, 2006 (PRIMEZONE) -- Humatech, Inc. (Pink Sheets:HUMT) has filed with the SEC its Form 10-QSB for its 2006 second fiscal quarter.
For the quarter ended October 31, 2005, Humatech's revenues of $310,639 were up 84% compared with revenues of $169,014 in the same quarter in fiscal 2005. Gross profit for the quarter was $25,825, compared with $37,450 in the 2005 fiscal year's quarter.
Net loss for the quarter totaled $241,730, down 47% from the fiscal 2005 second quarter loss of $455,925. Net loss per share, with weighted average basic and fully diluted shares totaling 34,124,848, amounted to $0.01 for the 2006 second 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 30,421,780.
For the six months ended October 31, 2005, Humatech had revenues of $678,651, up 202% from the $224,355 realized in the first six months of fiscal 2005. Gross profit for the six months amounted to $147,689, up 823% compared with $16,005 in the first half of fiscal 2005.
Net loss for the six months amounted to $372,313, a 50% improvement over a loss of $742,273 in the first half of fiscal 2005. Net loss per share, with weighted average basic and fully diluted shares totaling 34,068,598, for the first six months of fiscal 2006 amounted to $0.01 per share, compared with $0.02 per share in the same period last year when weighted average basic and fully diluted shares totaled 30,112,670.
In the report, the company reiterated its business strategy. It said that during fiscal 2005, and the first and second fiscal quarters of 2006, it focused the growth of its business around its animal feed supplement products. Noting that these products 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.
An additional quarterly report for fiscal 2006, covering the period ended January 31, is expected to be filed by the end of this month, making filings current and permitting the company to reapply for listing on the Over the Counter Bulletin Board.
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 .