Ascendant Solutions, Inc. Reports Third Quarter 2013 Earnings, Earnings per Share and EBITDA

DALLAS, Nov. 15, 2013 /PRNewswire/ -- Ascendant Solutions, Inc. (Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced its results for the third quarter of fiscal 2013.  The Company reported consolidated net income of $202,000 for the fiscal quarter ended September 30, 2013, compared to earnings of $74,000 in the same period of 2012, resulting in net income per share ("EPS") of $0.01 compared to net income per share of less than $0.01 for last year's third quarter.  Consolidated net income for the nine months ended September 30, 2013 was $1,046,000, or $0.05 per share, compared to a net loss of $495,000, or ($0.02) per share, for the nine months ended 2012.  Common shares outstanding for the fiscal quarter ended September 30, 2013 and 2012 were 21,571,510 and 24,447,931, respectively. 

For the fiscal quarter ended September 30, 2013, the Company reported Consolidated Earnings (Loss) before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $328,000 compared to consolidated EBITDA of $223,000 in 2012.  EBITDA for the nine months ended September 30, 2013, was $1,410,000 compared to ($45,000) for the same period of 2012.

Healthcare

The Company's subsidiary, Dougherty's Holding, Inc. ("DHI"), which owns and operates multiple Dougherty's Pharmacies, reported EBITDA of $363,000 for the fiscal quarter ended September 30, 2013, compared to $248,000 in 2012.  EBITDA for the nine months ended September 30, 2013, was $1,197,000 compared to $643,000 for the same period of 2012.

Real Estate and Other

The Company's real estate and other subsidiaries reported EBITDA of ($35,000) for the fiscal quarter ended September 30, 2013, compared to ($25,000) in 2012.  EBITDA for the nine months ended September 30, 2013, was $213,000 compared to ($688,000) for the same period of 2012.

Jim Leslie, Chairman, commented, "During Q3, our Company continued producing outstanding quarterly results, especially in our healthcare segment.  As the economy continues its recovery, Ascendant is poised for continued growth internally as well as growth from possible acquisitions.  Our shareholders should see enhanced shareholder value over the long term and can track our performance at OTCMarkets.com."

Mark Heil, Chief Financial Officer, explained, "Ascendant's efforts to reduce overhead and increase margin have been successful in 2013, producing outstanding results in the healthcare segment.  The Company's balance sheet has improved in 2013 from excess cash flow allowing for continued debt reduction for the Company."

EBITDA is calculated as net income (loss) before deducting interest, taxes, depreciation and amortization.  Although EBITDA is not a measure of actual cash flow because it does not consider changes in assets and liabilities that may impact cash balances, the Company's management reviews these non-GAAP financial measures internally to evaluate the Company's performance and manage the operations.  Additionally, the Company believes it is a useful metric to evaluate operating performance and has therefore included such measures in the reporting of operating results.

 

About Ascendant Solutions, Inc.

Ascendant Solutions, Inc. is a value oriented investment firm focused on successfully acquiring, managing and growing community based pharmacies in the Southwest Region. Ascendant currently has approximately $44 million in net operating loss carryforwards which can be used to shelter future income, thus enhancing free cash flow or debt service capabilities. 

SOURCE Ascendant Solutions, Inc.