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Hasco Medical, Inc. (HASC) Announces First Quarter 2012 Financial Results


5/29/2012 9:04:55 AM

MOBILE, AL--(Marketwire - May 29, 2012) - HASCO Medical, Inc. (OTCBB: HASC), www.HascoMed.com, 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."

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 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.

-Financial Charts Follow-

                                                                            
                     HASCO Medical, Inc. & Subsidiaries                     
                         Consolidated Balance Sheets                        
                                                                            
                                                  March 31,     December 31,
                                                     2012           2011    
                                                 (unaudited)      (audited) 
                                               --------------  -------------
Assets                                                                      
Current assets                                                              
Cash                                           $      686,907  $     212,460
Accounts receivable, net of allowance for                                   
 doubtful accounts of $417,850 and $328,177                                 
 respectively                                       4,896,833      1,042,953
Inventory                                          15,016,879      2,444,563
Prepaid expenses                                      417,268         89,207
                                               --------------  -------------
Total current assets                               21,017,887      3,789,183
                                               --------------  -------------
                                                                            
Property & equipment, net of accumulated                                    
 depreciation of $708,221 and $634,857,                                     
 respectively                                       1,697,412        526,571
                                                                            
Intangible property, net of accumulated                                     
 amortization of $181,897 and $123,804,                                     
 respectively                                       7,521,915      3,695,755
Other non-current assets                              261,210            420
                                               --------------  -------------
Total Assets                                   $   30,498,424  $   8,011,929
                                               ==============  =============
                                                                            
Liabilities and Stockholders' Equity                                        
Current liabilities                                                         
Accounts payable and accrued expenses          $    4,042,939  $     599,008
Other current liabilities                             378,078        180,780
Customer deposits and deferred revenue                907,083        175,464
Note Payable - Floor Plan                           8,561,501      2,028,318
Line of Credit                                      6,481,928        898,713
Current portion of Notes Payable                      436,132        108,901
Current portion of loans and notes payable,                                 
 related parties                                      163,498        154,346
                                                                            
                                               --------------  -------------
Total current liabilities                          20,971,159      4,145,530
                                               --------------  -------------
                                                                            
Notes payable, net of current portion               5,090,850      1,947,994
Notes payable to related party, net of current                              
 portion                                            1,731,948      1,784,020
                                               --------------  -------------
Total liabilities                                  27,793,957      7,877,544
                                               --------------  -------------
                                                                            
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; and 972,675,204 and                                     
 794,578,818 shares issued and outstanding,                                 
 respectively                                         972,675        794,579
Additional paid-in capital                          6,347,340      4,007,004
Accumulated deficit                                (4,615,548)   (4,667,198)
                                                -------------  -------------
Total stockholders' equity                          2,704,467        134,385
                                                -------------  -------------
                                                                            
                                                -------------  -------------
Total Liabilities and Stockholders' Equity      $  30,498,424  $   8,011,929
                                                =============  =============
                                                                            
                                                                            
                                                                            
                     HASCO Medical, Inc. & Subsidiaries                     
                    Consolidated Statements of Operation                    
                                (Unaudited)*                                
                                                                            
                                                 For the Three Months Ended 
                                                          March 31,         
                                                     2012          2011     
                                                 ------------  ------------ 
                                                                            
Revenues, net                                    $  8,825,230  $    484,329 
Cost of sales                                       6,282,809       155,839 
                                                 ------------  ------------ 
Gross Profit                                        2,542,421       328,490 
                                                 ------------  ------------ 
                                                                            
Operating expenses:                                                         
Selling and Marketing                                 557,541            -- 
General and administrative                          1,714,223       468,455 
Amortization and depreciation                          97,623         7,108 
                                                 ------------  ------------ 
Total operating expenses                            2,369,387       475,563 
                                                 ------------  ------------ 
                                                                            
Income (loss) from operations                         173,034      (147,073)
                                                                            
Other income (expense):                                                     
Other income                                           72,709            -- 
Acquisition Fees                                      (27,740)           -- 
Interest expenses                                    (156,748)       (8,583)
                                                 ------------  ------------ 
Total other income (expense)                         (111,779)       (8,583)
                                                 ------------  ------------ 
                                                                            
Income (loss) from operations before income taxes      61,255      (155,656)
                                                                            
Provision for income taxes                              9,605            -- 
                                                                            
                                                 ------------  ------------ 
Net income (loss)                                $     51,650  $   (155,656)
                                                 ============  ============ 
                                                                            
Earnings per share:                                                         
Basic and dilutive                               $          0  $      (0.00)
                                                 ============  ============ 
                                                                            
Weighted average shares outstanding                                         
Basic and dilutive                                841,486,000   750,238,020 
                                                 ============  ============ 
                                                                            
                                                                            
                                                                            
                     Hasco Medical, Inc. & Subsidiaries                     
                    Consolidated Statements of Cash Flows                   
                                 (unaudited)                                
                                                                            
                                                For the three Months Ended  
                                                         March 31,          
                                                    2012           2011     
                                               -------------  ------------- 
                                                                            
Cash Flows from Operating Activities:                                       
Net income (loss)                              $      51,650  $    (155,656)
Adjustment to reconcile Net Income to net cash                              
 provided by operations:                                                    
Depreciation and amortization                         97,623         26,901 
Issuance of stock in settlement of services           18,432          3,000 
  Bad debt expense                                        --          6,256 
Fair value of options issued to employees                 --          3,260 
Changes in assets and liabilities:                                          
Accounts receivable                                  213,698        (25,379)
Inventory                                         (1,510,632)        (3,989)
Prepaid expenses                                    (113,113)        16,901 
Accounts payable                                   1,959,673          7,808 
Accrued expenses and other liabilities               197,298             -- 
Customer deposits and deferred revenue              (119,755)            -- 
                                               -------------  ------------- 
Net Cash (Used) Provided by Operating                                       
 Activities                                          794,874       (120,898)
                                               -------------  ------------- 
                                                                            
Cash Flows from Investing Activities:                                       
Purchase of property and equipment                   (91,958)       (29,232)
Decrease (increase) in other assets                   (2,135)            -- 
                                               -------------  ------------- 
Net Cash (Used) by Investing Activities              (94,093)       (29,232)
                                               -------------  ------------- 
                                                                            
Cash Flows from Financing Activities:                                       
Overdraft liability                                       --        (46,023)
Lines of credit and floor plan, net                 (149,169)            -- 
Proceeds from sale of common stock                        --         20,000 
Proceeds from loan payable - related party                --        200,000 
Repayments of loan payable - related party           (42,920)       (15,000)
Repayment of notes payable                           (34,245)        (5,338)
                                               -------------  ------------- 
Net cash provided (used) by financing                                       
 activities                                         (226,334)       153,639 
                                               -------------  ------------- 
                                                                            
                                                                            
Net increase/decrease in Cash                        474,447          3,509 
                                                                            
Cash at beginning of period                          212,460            423 
                                                                            
Cash at end of period                          $     686,907  $       3,932 
                                               =============  ============= 
                                                                            

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.


Investor Contact:
Morgan Consulting Group
407-333-1255
investorinfo@morganconsultinggroup.net


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