First Choice Healthcare Solutions Announces 105% Revenue Growth in Second Quarter 2015
All Business Segments Post Profitable Operating Results; Key Expansion Materially Strengthens Balance Sheet and Delivers Positive Shareholder Equity
(firmenpresse) - MELBOURNE, FL -- (Marketwired) -- 08/17/15 -- (OTCQB: FCHS) ("FCHS," "First Choice" or the "Company"), a diversified holding company focused on delivering clinically superior, patient-centric, multi-specialty care through state-of-the-art medical centers of excellence, today announced its record second quarter financial results for the three and six months ended June 30, 2015.
Total to $4,324,314, up from $2,107,164
, which entered an Operations and Control Agreement with First Choice on May 1, 2015, contributed $1,930,820 in patient service revenue and $256,132 in rental revenue in the second quarter 2015; and produced net income of $26,882.
Patient service revenue generated by rose to $1,873,219 from $1,848,441 on a comparable quarter-over-quarter basis; and grew net income 349% to $68,295 when compared to a net loss of $27,460 in the prior year''s second quarter.
Rental revenue produced by the Company''s real estate subsidiary, Marina Towers, LLC, increased to $375,512 from $367,460; and net income rose 89% to $66,329 from net income of $35,695 when comparing the three month reporting periods in 2015 and 2014, respectively.
As a result of expansion initiatives implemented in the second quarter, the Company''s net loss increased 11% to $496,729, or $0.03 loss per basic and diluted share, compared to $448,571, or $0.03 loss per basic and diluted share.
Total revenues were $6,829,482, representing a 57% increase when compared to $4,341,917.
First Choice Medical Group''s patient service revenues totaled $4,113,283, rising 8% from $3,821,271; and net income soared 253% to $597,193, up from $169,352.
Marina Towers'' rental revenues increased modestly to $750,833 from $736,971; and net income totaled $119,375, rising 45% from $82,155.
Net loss for the first six months of 2015 decreased 4% to $466,040, or $0.03 loss per basic and diluted share, compared to a net loss of $483,670, or $0.03 loss per basic and diluted share, posted for the first six months of 2014.
Net cash provided by the Company''s operating activities for the first six months of 2015 materially increased to $69,994, which compared to net cash used by its operating activities of $549,037 in the same six month period in the prior year.
by $4,189,901 to post positively at $1,026,718 for the first six months of 2015.
As of June 30, 2015, the Company had cash and restricted cash totaling $1,427,387; accounts receivable of $4,489,477 and total stockholders'' equity of $1,026,718. This compared to $597,346 in cash and restricted cash; accounts receivable of $1,804,636 and total stockholders'' deficit of $3,163,183 as of December 31, 2014.
Subsequent to the end of the second quarter 2015, First Choice announced that the Company had extinguished the remaining outstanding principal balance and accrued interest of the 8% Original Issue Discount Secured Convertible Debenture issued to Hillair Capital Investments, L.P., which was due on November 1, 2015. As a result of extinguishing the Debenture three months prior to its maturity date, the Company expects to record a final non-cash gain in the third quarter of 2015, representing a $1,161,641 increase to total shareholder equity as of September 30, 2015.
Christian Romandetti, Chairman, President and CEO of First Choice, stated, "Fueled by the addition of The B.A.C.K. Center to our growing network of Centers of Excellence in early May, First Choice''s impressive financial performance in the second quarter is a direct reflection of our teams'' exceptional execution of the many exciting growth initiatives we have undertaken since the first of the year. As we continue to invest in accelerating growth of our medical operations, while generating strong operating cash flow, First Choice will remain well positioned to capitalize on opportunities to further distinguish our Company as a leading, well-respected provider of superior, patient-centric healthcare in the markets we serve -- and a valued stockholding that our shareholders will be proud to hold in their investment portfolios."
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. Serving Florida''s Space Coast, FCHS'' Centers of Excellence include First Choice Medical Group of Brevard (FCMG), which specializes in the delivery of neurological and musculoskeletal medicine and rehabilitative care; and 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 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: 17.08.2015 - 08:10 Uhr
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