HASCO Medical Announces First Quarter 2012 Financial Results
Company Reports Record Revenues of $8.8 Million
(firmenpresse) - MOBILE, AL -- (Marketwire) -- 05/29/12 -- HASCO Medical, Inc. (OTCBB: HASC), , a Company that conducts sales of handicap accessible vans, parts, service and rental operation in sixteen locations from Maine to Florida and sales of medical equipment and supplies in Alabama, Florida and Mississippi, announced its first quarter 2012 financial results.
Within the past year, HASCO Medical has changed itself from being primarily a home healthcare provider to being primarily a seller of handicap accessible vans, parts, services and rentals of handicap accessible vans. This change has had dramatic positive impact on the financial results as reported for the first quarter of 2012. This change was affected by the acquisition of Mobility Freedom in May 2011 and the acquisition of Ride-Away in March 2012.
Financial Highlights:
Net Revenues increased to $8,825,230 for the period ending March 31, 2012 compared to $484,329 for the same period in 2011 representing an increase of $8,340,901.
Gross profit increased to $2,542,421 for the period ending March 31, 2012 compared to $328,490 for the same period in 2011 representing an increase of $2,213,931.
The Company reported a net income of $51,650 for the period ending March 31, 2012 compared to a net loss of $155,656 for the same period in 2011 representing an increase of $207,306.
Operational Highlights:
Company continued roll-up strategy by completing Ride-Away acquisition.
Company is now the largest Braun dealer in the United States.
Ride-Away and Mobility Freedom now carry the new Bruno chariot vehicle lifts and the valet signature seats.
HASCO will be implementing new software that will combine our mobility companies on one platform.
"We are very pleased with our revenue growth this quarter over the same period a year ago. The closing of the acquisition of Ride-Away has provided significant revenue growth for HASCO Medical as well as geographic expansion," stated Hal Compton, CEO of HASCO Medical. "With the addition of Mobility Freedom and Ride-Away under our umbrella of subsidiaries, HASCO is now one of the largest providers of wheelchair accessible vans and adaptive equipment in the country. Ride-Away alone increased our geographic footprint into Massachusetts, Maine, Maryland, Pennsylvania, New Hampshire, Vermont and Virginia. We will continue to look for synergistic companies to acquire as we execute on our roll-up strategy, as well as continue to grow organically through our current operations."
HASCO Medical ("HASC" or the Company) provides products and services that dramatically improve the quality of living for its customers. The Company now consists of Southern Medical and Mobility, Inc. and Certified Medical on the DME side and Ride-Away, Mobility Freedom, Wheelchair Vans of America and Certified Auto on the Van Conversion/Rental side of the company.
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: . 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.
Morgan Consulting Group
407-333-1255
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Datum: 29.05.2012 - 12:30 Uhr
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News-ID 150673
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Hospitals, Facilities and Providers
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