HOUSTON, Nov. 16, 2010 /PRNewswire-FirstCall/ -- Spine Pain Management, Inc. (OTC Bulletin Board: SPIN), through its Chief Executive Officer, William F. Donovan, M.D., is pleased to report financial results for the third quarter ended September 30, 2010. Gross service revenues for Q3 were $1,606,757, offset in part by $750,660 of standard allowance for discount, resulting in net revenue of $856,097. Net income for Q3 was $267,891 or $.02 per share. Gross service revenues for the nine months ended September 30, 2010 were $4,791,016, offset in part by $ 2,245,276 of standard allowance for discount, resulting in net revenue of $2,545,740. Net income for the nine month period was $893,246 or $.05 per share.
Dr. Donovan stated: “Since the operational opening of our first clinic in August of 2009, we have completed four profitable quarters. This is certainly an uncommon event for a new business that has been operating for such a short time.” Dr. Donovan went on to say: “We feel that we have honed our procedures and operations to a point that enables further growth. We are now in the process of expanding outside of Texas.”
Details of Spine Pain Management, Inc.'s financial results can be found on its Form 10-Q filed with the SEC at www.sec.gov. The Form 10-Q can also be found on the company’s website at www.spinepaininc.com (go to the “Investor Information” tab and click on the “EDGAR Filings” link under the “Corporate SEC Filings” heading).
About Spine Pain Management:
Spine Pain Management is a medical marketing, management, billing and collection company facilitating treatment for patients who have sustained spine injuries resulting from traumatic accidents. Our mission is to deliver turnkey solutions to spine surgeons, orthopedic surgeons and other health care providers for necessary and appropriate treatment for musculo-skeletal spine injuries resulting from automobile and work-related accidents. The goal of the company is to become a leader in providing care management services to spine surgeons and orthopedic surgeons to facilitate proper treatment of their injured clients. By providing early treatment, the company believes that spine injuries can be managed, and injured victims can be quickly placed on the road to recovery. The company believes its advocacy will be rewarding to patients who obtain needed relief from painful conditions. The company provides a care management program that advocates for the injured victims by moving treatment forward to conclusion without the delay and hindrance of the legal process.
Additional information about the company, along with a video can be found at its website at www.spinepaininc.com.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the “SEC”). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, healthcare services demands, changes in healthcare practices, government regulation, and other factors over which the company has little or no control. The company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the company’s recent filings with the SEC.
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