HASCO Medical Announces Second Quarter 2011 Financial Results

Aug 22, 2011, 08:30 ET from HASCO Medical, Inc.

MOBILE, Ala., Aug. 22, 2011 /PRNewswire/ -- HASCO Medical, Inc. (OTCBB: HASC), www.mysouthernmed.com, a managed healthcare provider that serves patients in Alabama, Florida, and Mississippi, announced their second quarter 2011 financial results.

Operational Highlights:

  • The Company acquired Mobility Freedom Inc. and Wheelchair Vans of America. www.mobilityfreedom.com
    • Mobility Freedom offers their clients a complete inventory of new and used wheelchair accessible vans to their customers in the Clermont, Orlando, Tampa, Edgewater, Palm Coast and Pensacola area in Florida
    • In the eleven years Mobility Freedom has been in operation, it has grown from $500,000 in sales in the first year to over $10 million in 2010

Financial Highlights:

  • For the three months ended June 30, 2011, the Company reported revenues of $3,724,153 as compared to revenues of $3,253,492 for the three months ended June 30, 2010, an increase of $470,661 or approximately 14.5%
  • Net income was $154,797 for the three months ended June 30, 2011 compared to net income of $68,976 for the three months ended June 30, 2010
  • Net income was $161,623 for the six months ended June 30, 2011 compared to a net loss of $(365,133) for the six months ended June 30, 2010.
  • For the six months ended June 30, 2011, we reported revenues of $6,439,186 as compared to revenues of $6,086,987 for the six months ended June 30, 2010, an increase of $352,199 or approximately 5.8%
  • EBITDA (earnings before interest, taxes, depreciation, and amortization) for the six months ended June 30, 2011 totaled $438,711 as compared to ($103,399), an increase of $542,110 or 524.3% over 2010.
  • Working capital for the six months ended June 30, 2011 of $1,349,510 reflects a $1,611,806 improvement as compared to December 31, 2010.
  • Despite the significant professional costs involved in the May 13, 2011 acquisition of Mobility Freedom & Wheelchair Vans of America, Operating costs for the six months ended June 30, 2011 decreased slightly by approximately 1% to $2,304,878 as compared to $2,237,436 for the six months ended June 30, 2010

"We are extremely pleased with our second quarter results," stated Hal Compton, Jr., CEO of HASCO. "We continue to execute our growth model and strategy that we launched since going public in 2009.  We've successfully completed the acquisition of Southern Medical and Mobility, Mobility Freedom and Wheelchair Vans of America and have invested in increasing the company's productivity and ability to scale by investing in state-of-the-art billing and IT systems.  In addition, we have successfully integrated those acquisitions and are starting to see additional business opportunities through these channels as well as continuing to identify and evaluate additional acquisitions."

To view the Company's current Form 10-Q, please visit www.sec.gov or click on the following link:

http://www.sec.gov/Archives/edgar/data/1131675/000116169711000733/form_10-q.htm

About HASCO Medical, Inc.

HASCO Medical ("HASC" or the Company) provides products and services that dramatically improve the quality of living for its customers. The Company's products and services include the sale of durable medical equipment, home respiratory equipment and the sale or rental of wheelchair accessible vans for which it provides custom conversion services. The Company operates in the South Eastern portion of the United States including Alabama, Mississippi and Florida. The Company's objective is to be a leading provider of home health care products and services in the continental United States.

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.

SOURCE HASCO Medical, Inc.



RELATED LINKS

http://www.mysouthernmed.com