LYMAN, S.C., April 12, 2011 /PRNewswire/ -- Southern Home Medical Equipment, Inc. (PINKSHEETS: SHOM), a Holding Company providing healthcare services, healthcare professionals and equipment to medical institutions, announced today that the previously reported unaudited results from operations for fiscal year 2010 have been restated to reflect franchise fees and royalties from Encore Medical Staffing.
In a previous announcement dated April 4th, 2011 Southern Home Medical recorded revenues for 2010 of $809,884 with a net income of $1,820. The figures in that report did not reflect the franchise fees and royalties from Encore Medical Staffing. With the Company's consolidation improvements and accounting procedures, all of the Encore Medical Staffing franchise fees and royalties can now be reported as income for fiscal year 2010.
The restatement reports an additional $120,771.32 to the Company's previous reported income of $809,884 totaling $930,655.32 of combined gross income for fiscal year 2010. In addition, Southern Home Medical restates its net income adding an additional $36,645.88 to its previously stated $1,820 totaling $38,465.88 of combined net income for fiscal year 2010.
Encore Medical Staffing provides medical staffing needs to hospitals, rehab centers, nursing homes, mental health centers and other medical facilities. The majority of the professionals consist of RNs, LPNs, CNAs, billing specialists, customer service specialists, delivery techs, marketing reps and other healthcare personnel.
"We are pleased with everyone's efforts in working diligently over the past couple years to allow all aspects of our company to move forward together," stated Jeff Sarvis, President and CEO.
About Southern Home Medical Equipment, Inc.
Southern Home Medical Equipment, Inc. is a Holding Company with a focus on servicing the needs of the Healthcare Industry. The Company has quality health care professionals to support hospitals, rehab centers, nursing homes and other medical facilities providing RNs, LPNs, CNAs, RTs, Billing Specialists, Customer Service Specialists, Delivery Techs and Marketing Reps. With contractual agreements with partner businesses in Charleston, Columbia, Greenville, Florence and Lake Hartwell, South Carolina; Nashville, Tennessee; Baltimore, Maryland; Dunwoody, Georgia; and Philadelphia, Pennsylvania. Southern Home Medical is leveraging the success of these business models to expand sales opportunities in these areas with health, medical and equipment needs.
Forward Looking Statement
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in such statements. Such risks, uncertainties, and factors include, but are not limited to, future capital needs, changes, and delays in product development plans and schedules, or market acceptance.
SOURCE Southern Home Medical Equipment, Inc.