First Choice Healthcare Reports Profitable Results for First Quarter 2015
Revenues Rose 12% to $2.51 Million; Notwithstanding Non-Cash Expenses, Income From Operations Climbed to Approximately $767,000; and Net Income Increased 187% to $31,000
(firmenpresse) - MELBOURNE, FL -- (Marketwired) -- 05/18/15 -- (OTCQB: FCHS), a diversified holding company focused on delivering clinically superior, patient-centric, multi-specialty care through state-of-the-art medical centers of excellence, today reported its first quarter financial results for the three months ended March 31, 2015.
Total revenues increased 12% to $2,505,167 from $2,234,753.
Net patient service revenues generated by our flagship Medical Center of Excellence, First Choice Medical Group, grew 14% to $2,240,065 -- up from $1,972,830.
Rental revenue produced by our real estate subsidiary, Marina Towers, LLC, rose modestly to $265,103 from $261,923.
Income from operations climbed 108% to $413,769 from $199,310. Nothwithstanding non-cash expenses totaling $353,669 for stock-based compensation, depreciation and amortization; income from operations totaled $767,438 for the first quarter of 2015, compared to $388,078 in the same three month period in 2014 after factoring $188,769 in non-cash stock-based compensation, depreciation and amortization.
Net income increased 187% to $30,689, or $0.00 earnings per basic and diluted share, from a net loss of $35,099, or $0.00 loss per basic and diluted share.
Net cash used in the Company''s operating activities improved 46% to $173,931 from $320,305.
As of March 31, 2015, First Choice had cash and restricted cash totaling $497,531; accounts receivable of $2,252,053 and total stockholders'' deficit of $2,652,494. Subsequent to the end of the quarter, the Company''s lender, Hillar Capital Investments, L.P. converted $680,000 of the $2,320,000 8% original issue discount convertible debenture. As a consequence, the outstanding principal amount and interest of the debenture, as of May 1, 2015, has been reduced to $1.53 million.
Earlier last week, the Company announced that through its newly formed wholly-owned subsidiary, TBC Holdings of Melbourne, Inc., it had expanded its portfolio of Medical Centers of Excellence located in Florida''s Space Coast region with the addition of Brevard Orthopaedic Spine & Pain Center, Inc., dba The B.A.C.K. Center, to its medical business-building platform. TBC Holdings will exercise effective control over the business of the practice, and treat it as a variable interest entity, effective as of May 1, 2015. As a result, beginning with the release of First Choice''s second quarter 2015 results, the Company will include the financial results of The B.A.C.K. Center in its consolidated financial statements in accordance with generally accepted accounting prinicples as if it was a wholly owned subsidiary.
Christian Romandetti, Chairman, President and CEO of First Choice, stated, "We are very pleased with our Company''s strong financial performance in the first quarter of 2015, during which time our Medical Centers of Excellence platform continued to demonstrate that our operations are materially benefitting from key efficiencies that we have continued to implement over the past year. In view of our recent transaction involving The B.A.C.K. Center, which will allow us to book The B.A.C.K. Center''s May and June results, we fully expect that our future quarterly growth will be even more pronounced, with our revenues forecasted to increase to more than $4.8 million in the second quarter."
Continuing, Romandetti said, "As we move through 2015, we will look to continue executing other planned expansion strategies, driving stronger cash flow while paying down our higher cost debt. Given the notable progress we achieved in the first quarter and the momentum we are currently experiencing in our medical business-building business, we feel very optimistic that this year will continue to prove to be our best one yet."
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is actively engaged in developing a network of multi-specialty medical centers of excellence throughout the southeastern U.S., which are distinguished as premier destinations for clinically superior, patient-centric care. Through its wholly owned subsidiary FCID Medical, Inc., the Company currently operates First Choice Medical Group of Brevard (FCMG), First Choice''s flagship Medical Center of Excellence which specializes in the delivery of neurological and musculoskeletal medicine and rehabilitative care; and through its wholly owned subsidiary TBC Holdings of Melbourne, Inc., it operates Brevard Orthopaedic Spine & Pain Center, Inc., dba The B.A.C.K. Center, which focuses on orthopaedic spine and pain medicine. FCHS'' commercial real estate interests, which houses FCMG, are managed by its wholly owned subsidiary, FCID Holdings, Inc. For more information, please visit , and .
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company''s industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company''s actual results to differ materially from those contained in these forward-looking statements can be found in the Company''s periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
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Datum: 18.05.2015 - 06:30 Uhr
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