HASCO Medical Reports Record Third Quarter 2014 Results
Q3 2014 Total Net Revenues up 22% to $23.8 Million, Driving Record Net Income of $802,000
(firmenpresse) - ADDISON, TX -- (Marketwired) -- 11/13/14 -- HASCO Medical, Inc. (PINKSHEETS: HASC), a leading provider of handicap-accessible vans, parts and service, reported results for the third quarter ended September 30, 2014.
Revenues up 22% to $23.8 million over Q3 2013
Service and other revenue up 31% to $4.2 million vs. year-ago quarter
Gross profit increased 34% to $6.3 million over the same year-ago quarter
Net income increased 93% to a record $0.8 million vs. Q3 2013
Completed divestiture of Certified Medical''s durable medical equipment business, now only public company operating as a pure-play vehicular mobility provider
Secured the rights to market BraunAbility® and Vantage Mobility International (VMI) wheelchair accessible vans in Miami, Florida
Revenues increased 29% to a record $68.4 million
Gross profit up 34% to a record $16.6 million
Net income increased 168% to a record $1.3 million
Net revenues for the third quarter of 2014 totaled $23.8 million, up 22% from $19.5 million in the same year-ago quarter. Service and other revenue totaled $4.2 million, up 31% from the same year-ago quarter. The improvements were primarily due to the increase in private-pay business for van sales, as well as the contribution of Auto Mobility Sales which was acquired last September. The increase in service and other revenue is also due to the contribution of custom configuration and sale of nearly 30 taxis.
Gross profit was $6.3 million or 26.5% of total net revenues, compared to $4.7 million or 24.2% of total net revenues in the same year-ago quarter. The gross margin increase is due to an increase in service revenue which is a higher margin segment.
Net income totaled a record $802,000, as compared to net income of $417,000 in the same year-ago quarter.
Net revenues for the first nine months of 2014 totaled a record $68.4 million, up 29% from $53.0 million in the first nine months of 2013. Service and other revenue totaled $12.0 million, up 26% from the same year-ago period.
Gross profit was a record $16.6 million or 24.3% of total net revenues, compared to $12.3 million or 23.3% of total net revenues in the same year-ago period. The gross margin improvement is due to the greater buying power and utilization of capacity in service.
Net income totaled a record $1.3 million, as compared to net income of $0.5 million in the same year-ago period.
"Our third quarter record profitability reflects the increasing success of our brands and stores across the East Coast, as well as the effective execution of our growth plan by our management team," said Hal Compton, CEO of HASCO Medical. "To support continued growth, we are expanding our footprint on the East Coast. This includes the opening of a new wheelchair accessible van dealership to service customers in the Baltimore metropolitan area, which marks our 20th location.
"With the support of major brands like BraunAbility and VMI, we plan to open another dealership in the current quarter that will support our continued organic growth. We will remain opportunistic for additional stores in the highly fragmented, large and thriving vehicular mobility market.
"We are in the process of approving store demos and marketing materials designed to provide more interactivity and up-sell opportunities, which we expect to roll out in the current quarter. In addition, we are testing new mobility products from Pride Mobility and Harmar in two of our stores, and expect to launch the roll out to all of our stores in the first quarter of 2015.
"We see our expanding customer base driving further growth in recurring, high-margin service revenue, and we remain on track for a record topline and continued growth in profitability for the year."
HASCO Medical is a leading provider of handicap accessible vans, parts, and service that dramatically improve the quality of living of its customers. The company operates 20 locations from Maine to Florida. The company''s mobility brands include Ride-Away (), Mobility Freedom () and Wheelchair Vans of America (). To learn more, go to .
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company''s filings with the SEC, which are available on its website at: . We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
HASCO Medical, Inc.
214-302-0930
Liolios Group, Inc.
Ron Both, Senior Managing Director
949-574-3860
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Datum: 13.11.2014 - 07:31 Uhr
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