Technest announces operating result for second half of 2005

Boston, Massachusetts-based Technest Holdings (OTC BB:TCNH.OB) has two business units heavily involved in homeland security: Woodbridge, Virginia-based EOIR Technologies, maker of, among other things, a universal sensor remoting device, and Kensington, Maryland-based Genex Technologies, a developer of 3D imaging systems. The company has just announced its operating results for the company’s fiscal second quarter which ended 31 December 2005. Revenue for the six months ending 31 December 2005 was $37,285,917. Revenue for the same period in 2004 is not comparable as Technest Holdings, Inc. had no operations. Revenue for the three months ending 31 December 2005 was $18,289,576.

The operating loss for the six months ending 31 December 2005 — which included non-cash charges for depreciation and amortization of intangible assets of $1,072,615 — was $284,011. The operating loss for the same period in 2004 was $99,031. The operating loss for the three months ending 31 December 2005 was $220,943. The operating loss for the same period in 2004 was $7,499. The company says the net loss attributable to common shareholders for the six month period ended 31 December 2005 was $1,796,653 or a loss of $0.12 per share compared to a net loss of $106,721 or $0.79 per share for the corresponding period in 2004. During the period, the weighted average number of shares outstanding increased to 14,719,365 from 135,495 for the prior year period.

-read more at Technest Holdings Web site; read more about EOIR at company Web site; read more about Genex at company Web site