Apollo Medical Holdings, Inc. Reports Record Revenues for Fiscal Year ended January 31, 2012 Annual Revenue Increased 31.2% to a Record $5.1 Million

GLENDALE, Calif., May 16, 2012 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed") (OTC-AMEH.PK) announced financial results for its fiscal year ended January 31, 2012.

Fiscal Year 2012 Financial Highlights:

  • Net revenue increased 31.2% to $5.1 million for the fiscal year ended January 31, 2012 compared to $3.9 million in the fiscal year ended January 31, 2011
  • Gross profit increased 68.1% to $978,407 for the fiscal year ended January 31, 2012 compared to $581,862 in the fiscal year ended January 31, 2011
  • Operating (loss) income was ($413,335) for the fiscal year ended January 31, 2012 compared to $4,015 in the fiscal year ended January 31, 2011
  • Non-GAAP Adjusted EBITDA increased 33.6% was $181,401 for the fiscal year ended January 31, 2012 compared to $135,740 in the fiscal year ended January 31, 2011

 

Other Highlights:

  • Added 3 new hospital contracts during the year, bringing total number to six
  • Contracted with 3 health plans to provide inpatient care for its members at 23 hospitals
  • Acquired Pulmonary Critical Care Management Inc. to expand our ICU management service offering
  • 2 new Board members were added to increase governance

 

"ApolloMed has again generated record net revenues for the year," stated Warren Hosseinion, M.D.  Chief Executive Officer. "We continue to execute on our growth strategy on all fronts, including expanding our geographic footprint and adding new hospital, medical group and health plan clients. We are seeing more demand for our hospitalist, critical care and multi-disciplinary care management services as all participants in the healthcare delivery chain look to improve metrics and reduce unnecessary costs.  We are investing in our infrastructure to create a company geared for expansion.  We are confident in the ongoing direction of ApolloMed and will continue to look for new growth opportunities to leverage our excellent care management product offering."

APOLLO MEDICAL HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

FOR THE YEARS ENDED JANUARY 31, 2012 AND 2011

 



January 31,



2012


2011

CURRENT ASSETS







 Cash and cash equivalents


$

164,361


$

397,101

 Accounts receivable, net



994,118



704,971

 Advances



2,140



-

 Receivable from officers



-



24,873

 Due from affiliate



5,504



3,900

 Prepaid expenses



45,601



29,138

 Prepaid financing cost, current



37,500



37,500

Total current assets



1,249,224



1,197,483








 Prepaid financing cost, long term



1,563



39,500

 Property and equipment – net



43,261



21,593

 Intangible assets



38,000



-

 Goodwill



32,000



-

TOTAL ASSETS


$

1,364,048


$

1,258,139








 LIABILITIES AND STOCKHOLDERS' DEFICIT:














CURRENT LIABILITIES:







 Accounts payable and accrued liabilities


$

163,476


$

92,745

 Convertible notes, net of $653,026 debt discount



596,366



-

 Derivative liability



653,026



-

 Shares to be issued



90,000



-

 Due to officers



12,400



-

Total current liabilities



1,515,268



92,745








Convertible notes



150,000



1,248,588

Warrant liability



120,000



-

 Total liabilities



1,785,268



1,341,333








STOCKHOLDERS' DEFICIT:







 Preferred stock, par value $0.001 ; 5,000,000 shares authorized; none issued



-



-

 Common Stock, par value $0.001; 100,000,000 shares authorized, 29,335,774 and 27,635,774 shares  issued and outstanding as on January 31, 2012 and 2011, respectively



29,336



27,636

 Additional paid-in-capital



1,429,051



1,058,418

 Accumulated deficit



(2,117,708)



(1,397,363)

Total



(659,321)



(311,309)

Non-controlling interest



238,101



228,115

Total stockholders' deficit



(421,220)



(83,194)








 TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT


$

1,364,048


$

1,258,139

 

 

APOLLO MEDICAL HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED JANUARY 31, 2012 AND 2011

 



For the years ended



January 31,



2012


2011






REVENUES


$

5,110,806


$

3,896,584

COST OF SERVICES



4,132,399



3,314,722

GROSS PROFIT



978,407



581,862








Operating expenses:







General and administrative



1,379,153



566,649

Depreciation



12,589



11,198

Total operating expenses



1,391,742



577,847








(LOSS) INCOME FROM OPERATIONS



(413,335)



4,015








OTHER EXPENSES:







Interest expense



(131,534)



(126,431)

Financing cost



(172,500)



(37,500)

Other income



2,842



5,185

Total other expenses



(301,192



158,746








LOSS BEFORE INCOME TAXES



(714,527)



(154,731)








Provision for income tax



5,819



1,600








NET LOSS


$

(720,346)


$

(156,331)















WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED



29,078,925



27,490,476








*BASIC AND DILUTED NET LOSS PER SHARE


$

(0.02)


$

(0.01)

*Weighted average number of shares used to compute basic and diluted loss per share is the same since the effect of dilutive securities is anti-dilutive.

 

APOLLO MEDICAL HOLDINGS, INC.

RECONCILIATION OF OPERATING INCOME TO ADJUSTED EBITDA

FOR THE YEARS ENDED JANUARY 31, 2012 AND 2011

 



For the years ended



January 31,



2012



2011







(LOSS) INCOME FROM OPERATIONS


$

(413,335)



$

4,015

Depreciation



12,589




11,198

EBITDA



(400,746)




15,204









Issuance of shares for service



152,400




47,378

Stock option expense



29,333




72,152

Amortization of debt discount



804




1,006

Impairment loss



210,000





Loss from discontinued operations



189,610













ADJUSTED EBITDA


$

181,401



$

135,740









*Use of Non-GAAP Financial Measures

In addition to containing results that are determined in accordance with accounting principles generally accepted in the United States of America (GAAP), this press release also contains non-GAAP financial measures. Adjusted EBITDA, as used in this press release, represents (Loss) Income from Operations before depreciation, adjusted for issuance of shares for service, stock option expense, amortization of debt discount and impairment of intangibles and losses on discontinued operations. Adjusted EBITDA is a key indicator used by management to evaluate operating performance. While adjusted EBITDA is not intended to replace any presentation included in the consolidated financial statements under GAAP and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, the Company believes this measure is useful to investors in assessing the Company's ongoing operating performance and working capital requirements. This calculation may differ in method of calculation from similarly titled measures used by other companies. A reconciliation of adjusted EBITDA to the nearest comparable GAAP financial measure is included in the financial schedules accompanying this press release. The Non-GAAP financial measures, as well as other information in this press release, should be read in conjunction with the Company's financial statements filed with the Securities and Exchange Commission.

About Apollo Medical Holdings, Inc.

ApolloMed is a leading provider of integrated medical management services that improves the quality and efficiency of inpatient hospital care plus multi-disciplinary care management services targeting inefficiencies in healthcare payer and provider networks. The Company's integrated model combines hospitalist medicine, critical care medicine, 24-hour physician call centers, case management and transition management that offers to help healthcare organizations engage in performance payments for utilization efficiency, quality of care objectives and shared accountability arrangements. The company's strategy is to capitalize on the growing market for hospital-based physicians and care management services. 

Media Contact:

Nidia Flores
818-396-8050

SOURCE Apollo Medical Holdings, Inc.



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http://www.apollomed.net

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