HASCO Medical Announces Third Quarter 2011 Financial Results
MOBILE, Ala., Nov. 16, 2011 /PRNewswire/ -- HASCO Medical, Inc. (OTCBB: HASC), www.mysouthernmed.com, a managed healthcare provider that serves patients in Alabama, Florida, and Mississippi, announced its third quarter 2011 financial results.
Financial Highlights:
- Net income was $91,447 for the three months ended September 30, 2011 compared to a net loss of ($426,373) for the three months ended September 30, 2010.
- Vehicle sales for the nine months ended September 30, 2011 totaled $7,871,029 as compared to $7,188,599 in 2010 or an increase of 9.5%.
- EBITDA (earnings before interest, taxes, depreciation, and amortization) for the nine months ended September 30, 2011 totaled $693,097 as compared to ($344,924), an increase of $1,038,021 over 2010.
- Working capital for the nine months ended September 30, 2011 of $2,151,577 reflects a $2,507,901 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 nine months ended September 30, 2011 decreased by approximately 9.5% to $3,374,316 for the nine months ended September 30, 2011 as compared to $3,638,292 for the nine months ended September 30, 2010.
- For the nine months ended September 30, 2011, we reported revenues of $9,553,022 as compared to revenues of $9,443,631 for the nine months ended September 30, 2010, an increase of $109,391 or approximately 1.2 %.
- Our net income was $253,072 for the nine months ended September 30, 2011 compared to net loss of ($775,660) for the nine months ended September 30, 2010.
"We are extremely pleased with our third quarter results," stated Hal Compton, Jr., CEO of HASCO. "We have increased revenues and decreased operating expenses despite the costs associated with the acquisition of Mobility Freedom & Wheelchair Vans of America. As we continue to increase revenues and shareholder value, we look forward to keeping shareholders up to date."
-Financial Charts Follow- |
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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.
HASCO Medical, Inc. & Subsidiaries Consolidated Balance Sheets |
|||
September 30, |
December 31, |
||
2011 |
2010 |
||
(unaudited) |
(audited) |
||
Assets |
|||
Current assets |
|||
Cash |
$ 187,895 |
$ 423 |
|
Accounts receivable, net of allowance for doubtful |
|||
accounts of $303,177 and $327,697, respectively |
906,874 |
254,362 |
|
Inventory |
3,066,094 |
76,356 |
|
Prepaid expenses |
186,055 |
18,845 |
|
Total current assets |
4,346,918 |
349,986 |
|
Property & equipment, net of accumulated |
|||
depreciation of $660,280 and $462,995, |
|||
respectively |
778,084 |
147,769 |
|
Intangible property, net of accumulated |
|||
amortization of $87,976 and $0, respectively |
2,027,032 |
- |
|
Other non-current assets |
38,019 |
420 |
|
Total Assets |
$ 7,190,053 |
$ 498,175 |
|
Liabilities and Stockholders' Equity |
|||
Current liabilities |
|||
Accounts payable and accrued expenses |
$ 1,545,542 |
$ 612,282 |
|
Other current liabilities |
56,206 |
76,023 |
|
Customer deposits and deferred revenue |
264,942 |
- |
|
Notes payable |
79,983 |
18,005 |
|
Loans and notes payable, related parties |
248,668 |
- |
|
Total current liabilities |
2,195,341 |
706,310 |
|
Notes payable, net of current portion |
- |
- |
|
Notes payable |
4,697,304 |
152,509 |
|
Total liabilities |
6,892,645 |
858,819 |
|
Stockholders' Equity |
|||
Preferred stock, $.001 par value, 3,000,000 shares |
|||
authorized, none issued and outstanding |
- |
- |
|
Common stock, $.001 par value, 2,000,000,000 shares |
|||
authorized; 757,586,909 and 744,486,909 shares |
|||
issued and outstanding, respectively |
757,587 |
746,437 |
|
Additional paid-in capital |
3,611,432 |
3,217,602 |
|
Accumulated deficit |
(4,071,611) |
(4,324,683) |
|
Total stockholders' deficit |
297,408 |
(360,644) |
|
Total Liabilities and Stockholders' Equity |
$ 7,190,053 |
$ 498,175 |
|
HASCO Medical, Inc. & Subsidiaries Consolidated Statements of Operation (unaudited)* |
|||||
For the Three Months Ended |
For the Nine Months Ended |
||||
September 30, |
September 30, |
||||
2011 |
2010 |
2011 |
2010 |
||
Revenues, net |
$ 3,113,836 |
$ 3,356,644 |
$ 9,553,022 |
$ 9,443,631 |
|
Cost of sales |
1,883,919 |
2,368,880 |
5,868,842 |
6,408,729 |
|
Gross Profit |
1,229,917 |
987,764 |
3,684,180 |
3,034,902 |
|
Operating expenses: |
|||||
General and administrative |
962,703 |
1,238,611 |
3,165,452 |
3,461,443 |
|
Amortization and depreciation |
106,736 |
58,949 |
208,864 |
176,849 |
|
Total operating expenses |
1,069,439 |
1,297,560 |
3,374,316 |
3,638,292 |
|
Income from operations |
160,478 |
(309,796) |
309,864 |
(603,390) |
|
Other income (expense): |
|||||
Other income |
20 |
(24,503) |
80,092 |
(24,503) |
|
Interest expenses |
(69,051) |
(76,229) |
(136,884) |
(131,922) |
|
Total other income (expense) |
(69,031) |
(100,732) |
(56,792) |
(156,425) |
|
Loss from operations before |
|||||
income taxes |
91,447 |
(410,528) |
253,072 |
(759,815) |
|
Provision for income taxes |
- |
15,845 |
- |
15,845 |
|
Net income |
$ 91,447 |
$ (426,373) |
$ 253,072 |
$ (775,660) |
|
Earnings per share: |
|||||
Basic and dilutive |
$ - |
$ (0.00) |
$ - |
$ (0.00) |
|
Weighted average shares |
|||||
outstanding |
|||||
Basic and dilutive |
757,586,909 |
739,265,687 |
753,330,197 |
547,626,732 |
|
*Statements of operation include Freedom Mobility for periods prior to acquisition for comparability.
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.
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