LOS ANGELES, Aug. 20 /PRNewswire-FirstCall/ -- InstaCare Corp., , a leading distributor of at-home testing diagnostics for the chronically ill, life-saving prescription drugs and a developer of patent-pending technologies for e-health and EMR applications, reported financial results for the second quarter period-ended June 30, 2008. Recent highlights include:
-- Revenues grew by 291% in 2Q 2008 vs. 2Q 2007 as sales and orders for at-home diagnostics and medical surgical product continued to surge
-- ISCR reports 2Q 2008 operating profit of $140,513 and enhanced operating margins vs. 2Q 2007
-- Company implements New Letters of Commitment executed with two medical surgical products companies and a new diabetic products manufacturer
For the second quarter of 2008, InstaCare reported revenues of $3,020,694, a gain of 291% from $1,036,849 recorded during the second quarter of 2007. The increase in revenues was due primarily to sales from the distribution of medical diagnostic and medical disposable products for patients with chronic diseases. Total operating expenses for the quarter ended June 30, 2008 were $204,118, a decrease of $98,554 over the quarter ended June 30, 2007. The Company reported an operating profit of $140,513 during the second quarter of 2008 compared with an operating loss of $174,475 recorded during the second quarter 2007. The Company incurred a net profit of $17,652, or nil per basic share for the quarter ended June 30, 2008, compared with a net loss of $150,570 or ($0.01) per basic and diluted share reported for the quarter ended June 30, 2008. InstaCare had current assets of $1,353,874 as of June 30, 2008.
Keith Berman, Chief Financial Officer of InstaCare, commented, “We are pleased to report another exceptional quarter for InstaCare as our businesses grew and remained profitable, on a continued surge in sales. We have successfully implemented our medical diagnostics and medical disposable products distribution plans and these businesses have generated almost six million dollars in sales during the first half of fiscal 2008, quite an accomplishment even in a slowing national economy. We are currently maintaining momentum in what is usually our slowest quarter, perhaps signifying further developments later this year.”
For the first six months of fiscal 2008, InstaCare reported revenues of $5,818,076, a gain of 174% from $2,120,131 recorded during the first six months of fiscal 2007. The Company reported an operating profit of $287,034 during the first six months of fiscal 2008 compared with an operating loss of $430,140 recorded during the first six months of fiscal 2007. The Company reported net income of $59,381 for the first six months of fiscal 2008, compared with a net loss of $553,756 reported for the first six months of fiscal 2007.
Forward-Looking Statements:
This release contains forward-looking statements about our business or financial condition that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this release, words such as “believes,” “expects,” “forecasts,” “intends,” “projects,” “plans,” “anticipates,” “estimates” and similar expressions are intended to identify forward-looking statements, although there may be certain statements not accompanied by such expressions.
CONTACT: Keith Berman of InstaCare Corp., +1-805-446-1973,
info@instacare.net
Web site: http://www.instacare.net/
