BUENA PARK, CA--(Marketwire - November 03, 2011) - SOHM, Inc. (PINKSHEETS: SHMN), a generic pharmaceutical manufacturer that produces and markets generic drugs covering all major treatment categories, today announced its results for the quarter and nine months ended September 30, 2011.
The company generated net revenues of $448,607 for the three months ended September 30, 2011, as compared to $102,543 for the same period last year, which represents a 337% increase. Gross profit for the quarter was $282,042, as compared to $53,498 for the same period last year. Net loss for the quarter was $58,221, as compared to a net loss of $180,962 for the same period last year.
For the nine months ended September 30, 2011, revenues were $809,352, as compared to $642,412 for the nine months ended in 2010, which represents a 26% increase. Gross profit for the nine months ended September 30, 2011 were $296,752, as compared to $232,407 for the same period last year. Net loss for the nine months ended September 30, 2011 was $496,770, as compared to a net loss of $739,571 for the same period last year.
Shailesh Shah, CEO stated: "Our long term goal is to diversify our revenue base, combined with our cost cutting initiatives has resulted in significant sales increases while lowering our expenses, resulting in better bottom line results. Our aggressive expansion of our sales efforts has allowed us to penetrate new markets, which has resulted in a significant increase in orders and respective revenue growth."
"The integration of new product launches and creating a niche in therapeutics segments is helping to generate a demand for SOHM products in the market place. A systematic approach in penetrating the market through aggressive sales and marketing policies is ensuring achievement of current goals," continues Mr. Shah. "Previous investments made in our infrastructure to accommodate our current and anticipated sales growth have begun to payoff, as our third quarter 2011 gross profit has increased significantly over the prior quarter in 2010 and increases in our net revenue for the respective periods have outpaced that of our SGA expenses."
"I have allocated a great deal of my time to begin meeting with institutional investors and working towards expanding SOHM, Inc. through organic growth and acquisitions. We previously announced an agreement with Novatrend Medicament Pvt. Ltd. to acquire all of its products on a cash basis per the previously signed letter of intent with the company. We expect to close the acquisition subsequent to satisfactory completion of our due diligence and proper financing terms," concluded Mr. Shah.
About SOHM, Inc.
SOHM, Inc. is a generic pharmaceutical manufacturer that produces and markets generic drugs covering all major treatment categories. Global headquarters is located in North America with manufacturing sites in India. Generic pharmaceuticals are exported globally with a focus on distribution in emerging markets in Africa, Latin America, and Southeast Asia. www.sohm.com
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of SOHM, Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.