BUENA PARK, CA--(Marketwire - May 10, 2011) - SOHM, Inc. (PINKSHEETS: SHMN), a generic pharmaceutical manufacturer that produces and markets generic drugs covering all major treatment categories, today announced financial results for the Company's fiscal first quarter 2011, ended March 31, 2011.
Revenue in the fiscal first quarter of 2011 was $145,402 compared to revenue of $200,324 reported in the year ago period. The net loss for the first quarter was $161,019, as compared to a net loss of $554,708 reported in the same period last year. This significant improvement is evidence of SOHM's focus on cost containment, and the Company reiterates its projection that fiscal 2011 will be the first year of profitability with revenues expected to be in excess of $1,250,000.
Shailesh Shah, President and CEO of SOHM, Inc. stated, "Although first quarter sales were down 27%, our net loss improved 70% and these numbers were in line with our internal projections. We continue to implement policies and procedures that we expect will cut costs and allow us to attain profitability by the fourth quarter."
"I'm happy to confirm that we are moving forward adequately with the previously announced acquisition and expect to make further announcements within the next 90 days. This is an exciting time for the SOHM, as our progress speaks to the viability of our business model and we feel that we are in an enviable competitive position in the rapidly growing generic pharmaceutical marketplace," continued Mr. Shah.
"In addition to meeting our internal goal of profitability this year, we expect acceleration of revenue growth through organic growth and acquisitions," concluded Mr. Shah.
SOHM, Inc. is a generic pharmaceutical manufacturer that produces and markets generic drugs covering all major treatment categories. The Company's global headquarters is located in California, USA, with manufacturing facilities in India. SOHM, Inc. exports generic pharmaceuticals 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.
