MOBILE, Ala., Nov. 16, 2011 /PRNewswire/ -- HASCO Medical, Inc. (OTCBB: HASC), www.mysouthernmed.com, a managed healthcare provider that serves patients in Alabama, Florida, and Mississippi, announced its third quarter 2011 financial results.
Financial Highlights:
- Net income was $91,447 for the three months ended September 30, 2011 compared to a net loss of ($426,373) for the three months ended September 30, 2010.
- Vehicle sales for the nine months ended September 30, 2011 totaled $7,871,029 as compared to $7,188,599 in 2010 or an increase of 9.5%.
- EBITDA (earnings before interest, taxes, depreciation, and amortization) for the nine months ended September 30, 2011 totaled $693,097 as compared to ($344,924), an increase of $1,038,021 over 2010.
- Working capital for the nine months ended September 30, 2011 of $2,151,577 reflects a $2,507,901 improvement as compared to December 31, 2010.
- Despite the significant professional costs involved in the May 13, 2011 acquisition of Mobility Freedom & Wheelchair Vans of America, Operating costs for the nine months ended September 30, 2011 decreased by approximately 9.5% to $3,374,316 for the nine months ended September 30, 2011 as compared to $3,638,292 for the nine months ended September 30, 2010.
- For the nine months ended September 30, 2011, we reported revenues of $9,553,022 as compared to revenues of $9,443,631 for the nine months ended September 30, 2010, an increase of $109,391 or approximately 1.2 %.
- Our net income was $253,072 for the nine months ended September 30, 2011 compared to net loss of ($775,660) for the nine months ended September 30, 2010.
“We are extremely pleased with our third quarter results,” stated Hal Compton, Jr., CEO of HASCO. “We have increased revenues and decreased operating expenses despite the costs associated with the acquisition of Mobility Freedom & Wheelchair Vans of America. As we continue to increase revenues and shareholder value, we look forward to keeping shareholders up to date.”
-Financial Charts Follow- | |
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’s products and services include the sale of durable medical equipment, home respiratory equipment and the sale or rental of wheelchair accessible vans for which it provides custom conversion services. The Company operates in the South Eastern portion of the United States including Alabama, Mississippi and Florida. The Company’s objective is to be a leading provider of home health care products and services in the continental United States.
