SEATTLE--(BUSINESS WIRE)--Pacific Biometrics, Inc. (OTCBB:PBME; “PBI”), a leading provider of specialized central laboratory and contract research services, released its financial results for the first quarter of fiscal 2007, ended September 30, 2006. Revenues for the first quarter increased 42% to $2,604,884 from $1,834,442 for the comparable period last year. Operating income for the first quarter of 2007 was reduced by a significant stock-based compensation expense of $545,558 relating to restricted shares and stock options granted during the quarter, and resulted in a net operating loss of $95,686 compared with net operating income of $50,155 for the same period last year. Total net loss for the first fiscal quarter was $203,028, or $0.01 per share, compared with a total net loss of $180,166, or $0.01 per share, for the same period during fiscal 2006. Net cash flow from operations has improved significantly to a positive $633,377 for the first fiscal quarter, compared to a negative $307,282 for the same period last year. Cash and cash equivalents balance has also improved to $5,944,456 for the first fiscal quarter, compared to $652,342 for the same period last year.
