WINDERMERE, Fla., Aug. 18, 2014 /PRNewswire/ -- iMedicor (OTC Pink: VMCI), a national provider of secure, HIPAA-compliant communications solutions for the healthcare community is pleased to announce its second quarter, 2013, financial results.
Second Quarter 2013 Financial Results
"During the first half of the 2013 fiscal year, as CEO of iMedicor, I was gratified that we worked diligently to build a world class team that is results-oriented and focused on developing products and services that address large and growing markets. The company diversified its sales force with a larger footprint nationally and it has resulted in increased revenue compared to its comparable period the previous year," said iMedicor's President and CEO, Robert McDermott.
Revenues in the second quarter increased 2,026% to $382,113 compared to $18,852 in the second quarter of 2013. Net loss for the quarter was $542,687 versus a net loss of $763,352 in the prior year period. The reduction in net loss was a function of increased revenue with limited increases in variable costs and also gains related to reductions in expenses and liabilities accrued in prior periods. The Company expects to continue to manage expenses while it ramps sales of existing and new products. The balance sheet shed a modest amount of debt as management continued to work on reducing old debt and renegotiated better terms for existing debt.
Mr. McDermott continued, "I am pleased by the commitment of all of our employees to increase revenue and customer satisfaction. I am equally excited about the present direction of the company and the future pipeline of products we are working to provide for our customers that we believe will lead to increased shareholder value."
Forward Looking Statements
In this press release, the use of the words "believe," "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions is intended to identify forward-looking statements that represent the Company's current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and actual results may differ materially due to a variety of important factors.