First Choice Healthcare Solutions Announces Third Quarter 2016 Results
(firmenpresse) - MELBOURNE, FL -- (Marketwired) -- 11/15/16 -- (OTCQB: FCHS) ("FCHS," "First Choice" or the "Company"), one of the nation''s only non-physician-owned, publicly traded healthcare services companies focused on the delivery of total musculoskeletal solutions with an emphasis on Orthopaedic and Spine care, today reported its financial results for the three and nine months ended September 30, 2016.
Total revenues up 72% to $22.56 million from $13.12 million
Non-GAAP adjusted EBITDA* increased to $3.51 million from $2.62 million
Notwithstanding the one-time $9.21 million gain from the sale of Marina Towers and other property and improvements, net income attributable to First Choice totaled $1.05 million, or $0.04 earnings per diluted share, compared to approximately $165,200, or $0.01 earnings per diluted share
Total revenues increased 22% to $7.70 million, up from $6.29 million
Non-GAAP adjusted EBITDA* totaled $1.45 million, compared to $1.85 million
Net income attributable to First Choice totaled approximately $545,000, or $0.02 earnings per diluted share, compared to approximately $631,281, or $0.03 earnings per diluted share
As of September 30, 2016, cash totaled $6.59 million, accounts receivable were $9.48 million and total stockholders'' equity attributable to First Choice was $13.41 million. This compared to cash of $1.60 million, restricted cash of $360,000, accounts receivable of $6.62 million and total stockholders'' equity attributable to First Choice of $2.12 million as of the end of December 2015.
Chris Romandetti, President and Chief Executive Officer of First Choice, stated, "While we are very pleased with our success in perpetuating revenue growth year-over-year, we are particularly gratified that our strategies to strengthen operating margins on total revenues has also continued to be positively impactful. Moreover, recruitment of new best-in-class physicians to our Space Coast, Florida care delivery platform continues to advance very well. Expansion initiatives being implemented in our ancillary services channels are also moving forward, while our Medical Centers of Excellence continue to sustain and further strengthen our overall profitability. And, given First Choice''s strong working capital position, we are well positioned to assess and pursue a broad range of non-dilutive options for capital to finance even more dynamic growth in the future."
"All things considered, we are very pleased with our year-to-date progress. Looking ahead, we intend to persist in executing smart, purpose-driven business-building strategies that will allow us to achieve even more pronounced revenue and earnings growth in the coming year while notably enhancing sustainable long term value for our fellow shareholders," concluded Romandetti.
First Choice''s executive management team will host a conference this morning, beginning at 11:00 AM. Participants can register and access the conference call by dialing toll-free 866-682-6100. The conference call will also be webcasted, which can be accessed through First Choice''s investor relations website by navigating to and clicking on "Third Quarter 2016 Conference Call and Webcast." Participants will be required to register to access the call. For those who cannot listen to the live broadcast, a replay will be available shortly after the call on the investor relations page of First Choice''s website, found at .
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP EBITDA, which is factored by adding back any non-cash or non-recurring gain or expense to the Net Income Attributable to First Choice. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use this non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. This non-GAAP financial measure also facilitates management''s internal comparisons to our historical performance and liquidity. We believe this non-GAAP financial measure is useful to investors both because they allow for greater transparency with respect to a key metric used by management in its financial and operational decision-making. For more information on this non-GAAP financial measure, please see the table captioned "Reconciliation of Non-GAAP Adjusted EBITDA Performance."
For additional details relating to First Choice''s third quarter 2016 results, please refer to the Interim Report on Form 10-Q filed with the U.S. Securities and Exchange Commission and found at .
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Neurology, Interventional Pain Management and related diagnostic and ancillary services in key expansion markets throughout the Southeastern U.S. Serving Florida''s Space Coast, the Company''s flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. 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.
Wolfe Axelrod Weinberger Associates
Donald C. Weinberger
Stephen D. Axelrod, CFA
Phone: 212-370-4505
Phone: 321-802-5830
Email:
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 15.11.2016 - 07:30 Uhr
Sprache: Deutsch
News-ID 1470068
Anzahl Zeichen: 3064
contact information:
Contact person:
Town:
MELBOURNE, FL
Phone:
Kategorie:
Hospitals, Facilities and Providers
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 232 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"First Choice Healthcare Solutions Announces Third Quarter 2016 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
First Choice Healthcare Solutions, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
