VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 20, 2007) - Pyng Medical Corp. (TSX VENTURE:PYT) reports solid financial results for the first quarter of their 2007 fiscal year, which ended on December 31, 2006, with increased revenue due to greater efforts in marketing and product development as Pyng expands overseas and further into the emergency medical services and hospital markets.
The Company's full first quarter results are available at the SEDAR Web site (www.sedar.com). A web cast discussing results will be broadcast at 10:00 a.m. PST on Thursday, February 22, 2007. Those interested in attending should send an email to firstname.lastname@example.org for details on how to participate.
"We are very pleased to start the year with such solid financial results," said David Christie, President and Chief Executive Officer. "We are confident that these results reflect a broader acceptance of the FAST1(TM) Intraosseous Infusion System, and this bodes well for a strong financial performance throughout our current fiscal year."
Revenues for the period were $967,456, a 132% increase over the $416,191 in the prior year period. Gross margins remained strong at $672,577, or 70% of revenue, compared to $266,190, or 64% of revenue in the prior year period. Total cash operating expenses were $409,762, or 42% of revenue, compared to $280,398, or 67% of revenue in the prior year period.
Net income was $149,834, or 15.5% of revenue, compared to a net loss of ($57,190), or (13.8%) in the prior year period. Cash increased by $24,929, compared to a cash decrease of ($27,201) in the prior year period. Cash inflows from operating activities were $124,246, compared to $7,151 in the prior year period.
About Pyng Medical Corp.
Pyng Medical Corp. is a world leader in intraosseous infusion with its proprietary award-winning FAST1(TM) Intraosseous Infusion System, the only device able to provide rapid sternal access and delivery of life saving fluids and drugs to the heart of critically injured patients within seconds. The FAST1(TM) is used extensively by the U.S. Department of Defense and by Emergency Medical Services around the globe.
Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other USA Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.
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