Assured Pharmacy Reports Results for the First Quarter of 2011
FRISCO, Texas, May 17, 2011 /PRNewswire/ -- Assured Pharmacy (APHY.D: pinksheets), a leading specialty pharmacy group providing prescription medications to sufferers of chronic pain, announced net sales of $4,418,313 for the quarter ended March 31, 2011, an increase of $807,962 or 22.4%, from $3,610,351 for the first quarter of 2010. Basic and diluted net loss per share was $0.12 for the first quarter 2011, a 78.9% improvement compared to $0.57 net loss per share in the same period in 2010.
The 22.4 percent increase in sales for the first quarter of 2011 was primarily a result of an increase in the number of prescriptions dispensed of 4,428 or 17.3%, with 30,077 prescriptions dispensed in the quarter ended March 2011 compared to 25,649 in the first quarter of 2010. Management believes that the increase in prescriptions dispensed is primarily attributable to our focused sales and patient retention initiatives.
Net cash flow from operations improved $228,172 in the first quarter of 2011 when compared to the same period in 2010. The improvement in net cash flow from operations is primarily due to improved operating performance. Our loss from continuing operations before noncontrolling interest was $137,130 for the quarter ended March 31, 2011, a decrease of $239,637 or 63.6%, compared to a $376,767 loss in the first quarter 2010. The decrease in our loss from continuing operations resulted from increased sales and reduced operating expenses as a result of cost control initiatives.
"We are pleased with our strong year over year performance for the first quarter, the improved results reflect continued progress in the implementation of our strategies and provide further validation of our business model as we move forward to the expansion phase of our business cycle," said Robert DelVecchio, Chief Executive Officer of Assured Pharmacy.
The unaudited financial statements for the three months ended March 31, 2011 and 2010 have been posted on the OTC Markets website and are available at www.otcmarkets.com under our current ticker symbol, APHY.D.
About Assured Pharmacy, Inc.
Assured Pharmacy, Inc. is engaged in the business of operating specialty pharmacies that primarily dispense highly regulated pain medication. The Company derives its revenue primarily from the sale of prescription drugs and does not keep in inventory non-prescription drugs or health and beauty related products inventoried at traditional pharmacies. The majority of the Company's business is derived from repeat business from its customers. "Walk-in" prescriptions from physicians are limited. The Company currently has four operating pharmacies. Three of those pharmacies are wholly owned and the Company has a 94.8% ownership interest in the other pharmacy.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: the Company's ability to increase revenue and profits in the current economic climate; the effect of changing economic conditions; lack of sufficient financing for opening new pharmacies; inability to manage growth; and changes in government regulations, controls and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", "should", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact: |
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Mr. Robert DelVecchio |
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Chief Executive Officer |
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Assured Pharmacy, Inc. |
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(214) 220-9302 |
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SOURCE Assured Pharmacy, Inc.
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