Sebring Software Announces Record Consolidated 2013 Second & Third Quarter Financial Results --Revenue of $5.96 million for Nine Months Ended September 30, 2013--
SARASOTA, Fla., Nov. 15, 2013 /PRNewswire/ -- Sebring Software, Inc. ("Sebring") (OTC: SMXI), a growing Dental Practice Management company with operations in Arizona and Florida, today announced consolidated financial results for the second and third quarters ended June 30, 2013 and September 30, 2013.
"We are extremely pleased with the record consolidated operating results from our recent acquisitions as we continue to implement our growth strategy," said Leif Andersen, President and Chief Executive Officer of Sebring Software. "With the recently announced acquisitions, we now have a total of 34 dental practices, with three operations in Arizona and 31 in Florida. Over the past year, we have made solid progress and are just at the early stages of a multi-year growth and consolidation strategy. We look forward to moving ahead with additional, profitable acquisitions in the dental industry and will continue to update our shareholders as we meet our goals."
Financial Results – Dental Practices
For the nine months ended September 30, 2013, revenue was $5.96 million compared $0 in the prior year period. EBITDA for the period was $510 thousand compared to $0 in the prior year period.
- Aug. 12, 2013 Sebring announced new additions to its Board of Directors. The Company's Board of Directors appointed Dr. Dennis Buchman, Mr. W. David Tompkins, Jr., Mr. Jeffery L. Carrier, and Mr. Joel D. Fedder to fill the four vacancies on the Company's Board of Directors.
- July 17, 2013 Sebring announced a 40 year management agreement with "Artistic Design Family Dentistry" (AFDF), a Scottsdale, AZ-based cosmetic and general procedure dental practice.
- May 30, 2013 Sebring announced the appointment of ProActive Capital Group as its new Capital Markets Advisory and Digital Media Strategies firm.
- May 2, 2013 Sebring announced the closing of two concurrent mergers; one, Orthodontic Specialists Management, LLC "OSM," which manages orthodontic dental practices across Florida and two, Absolute Aesthetic & Restorative and Image Dentistry of Glendale "AAR" which operates dental practices based in Arizona. Sebring also closed on a $16.0 million financing from a lender group led by MidMarket Capital Partners, LLC.
- April 29, 2013 Sebring announced that Allan J. Barberio, CPA became Sebring's chief financial officer. Before joining Sebring, Mr. Barberio spent most of his career in public accounting and in 1972 co-founded Kerkering, Barberio & Co., CPAs in Sarasota, Florida.
About Sebring Software: Sebring Software, Inc. a Nevada Corporation ("Sebring") acquired Sumotext, Inc., a publicly traded company, in October 2010. Sebring is in the software business and is focused on the Dental Practice Management industry ("DPM"). DPM companies combine acquisition and organic growth to boost revenues while instilling best practice management infrastructure to increase the dental practices' profitability. Capital and cost efficiency have driven the dental services industry to join DPM companies rather than remain as sole practitioners. Most DPMs and dental practices use different software packages. Sebring plans to use software solutions to substantially reduce the cost of DPMs data entry.
Safe Harbor: This release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. Important factors known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, ability to compete successfully, and ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.
SOURCE Sebring Software, Inc.