BECKENHAM, England, June 16 /PRNewswire-FirstCall/ -- True Health, Inc. (BULLETIN BOARD: TRHL) , a leader in healthcare recruitment and pressure relieving systems, today announced record revenues for the first quarter of its 2004 fiscal year ended April 30, 2004. The Company reported revenues of $1,657,589. This represents a 192% increase on a year-over-year basis from revenues $568,243 in the first quarter of fiscal 2003, and a 32% increase on a quarter-over-quarter basis, from $1,259,260, in the fourth quarter of fiscal 2003. The growth in revenues was driven by a significant increase in both of the Company’s business lines, medical recruitment and medical equipment. True Health gained new clients and expanded in geographic reach and market share in both business segments.
Gross profits increased by 109% in the first quarter of fiscal 2004 to $595,790 from $285,578 in the same period of the prior fiscal year. The increase in gross profits supported a narrowing of the Company’s net loss to $(88,122), or $(0.00) per share, a 33% decline from a loss of $(117,357), or $(0.00) per share in the first quarter of the prior fiscal year.
“We are very pleased not only with our continued robust revenue growth, but also with our approach towards break-even and profitability,” stated True Health CEO, Mr. David Francis. “As a result of our employees’ hard work, we are effectively executing our growth plan and are on track with our financial and strategic goals.”
About True Health, Inc.
True Health, through its wholly owned subsidiary, Westmeria Healthcare Limited, http://www.westmeria.com/, is a full service specialist, medical equipment and medical professional supplier to the healthcare industry. Its primary clients are Great Britain’s National Health Service (NHS) and the private Nursing Home Industry. True Health delivers recruitment services to the NHS; specializing in the provision of locum radiographers and nurses. Its core business is supplying proprietary branded specialist pressure relieving equipment for the healthcare sector. The branded products are manufactured and licensed for the company in Germany, Belgium and Taiwan.
Contact: Ms. Laurel Moody, Sky Investor Relations, 212-440-5000 or laurel@skyir.com
The statements contained in this news release that are not historical facts may be statements regarding the Company’s future that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe the Company’s hopes, plans, objectives, goals, intentions or expectations are all forward looking statements. Any such statements made herein about the Company’s future are only made as of the date of this news release. Numerous factors, many of which are beyond the Company’s control, may affect actual results. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
True Health, Inc.
CONTACT: Ms. Laurel Moody, Sky Investor Relations, +1-212-440-5000, orlaurel@skyir.com, for True Health, Inc.
Web site: http://www.westmeria.com/
