ISCR also Reports 1st quarter profit, enhanced operations and new
agreements
LOS ANGELES, May 21 /PRNewswire-FirstCall/ -- InstaCare Corp., (OTC
Bulletin Board: ISCR), a leading distributor of at-home testing diagnostics
for the chronically ill, life-saving prescription drugs and a developer of
patent-pending technologies for e-health and EMR applications, reported
financial results for the first quarter period-ended March 31, 2008. Recent
highlights include:
-- Revenue grew by 258% in 1Q 2008 vs. 1Q 2007 as sales and orders for
at-home diagnostics and medical surgical products surged
-- ISCR reports 1Q 2008 operating profit of $146,522 and enhanced
operating margins vs. 2007
-- Letters of commitment executed with two major medical surgical products
companies
-- Company announces agreements with two additional pharmacies for market
growth
For the first quarter of 2008, InstaCare reported revenues of $2,797,382, a gain of 258% from $1,083,282 recorded during the first quarter of 2007. The increase in revenues was due primarily to sales from the distribution of medical diagnostic and medical disposable products for patients with chronic diseases. Total expenses for the quarter ended March 31, 2008 were $300,977, a decrease of $149,355 over the quarter ended March 31, 2007. The Company reported an operating profit of $146,522 during the first quarter of 2008 compared with an operating loss of $255,682 recorded during the first quarter 2007. The Company incurred a net profit of $41,730, or nil per basic and diluted share for the quarter ended March 31, 2008, compared with a net loss of $403,203 or ($0.04) per basic and diluted share reported for the quarter ended March 31, 2007. InstaCare had cash, accounts, inventory and equivalents of $994,436 as of March 31, 2008.
Keith Berman, chief financial officer of InstaCare, commented, "This has been an exceptional quarter for InstaCare as our businesses grew profitable, on surging sales. We successfully remade our medical diagnostics and medical disposable products distribution businesses and generated almost three million dollars in sales during the first quarter which underscores the health of our business even in a slowing national economy. Now that our cost structure is in place, additional sales will be accompanied by only small incremental expenses and if current trends continue we expect further positive developments this year."
Forward Looking Statements:
This release contains forward-looking statements about our business or
financial condition that reflect our assumptions and beliefs based on
information currently available. We can give no assurance that the
expectations indicated by such forward-looking statements will be realized.
There may be other risks and circumstances that we are unable to predict.
When used in this release, words such as "believes," "expects,"
"forecasts," "intends," "projects," "plans," "anticipates," "estimates" and
similar expressions are intended to identify forward-looking statements,
although there may be certain statements not accompanied by such
expressions.
For further information, visit the company's Web Site: http://www.instacare.net.
Company Contact:
InstaCare Corp.,
Keith Berman
(805) 446-1973
Tables
InstaCare Corp.
Condensed Consolidated Balance Sheets
March 31, December 31,
2008 2007
(Unaudited) Audited
Assets
Current assets:
Cash $127,505 $4,353
Accounts receivable 698,545 669,041
Inventory 161,925 96,450
Prepaid expenses 6,461 3,816
Total current assets 994,436 773,660
Fixed assets net of accumulated depreciation
of $154,063 and $145,000, respectively 27,187 36,250
Other assets
Deposits 3,412 3,412
Amortizable loan fees 57,293 -
Total other assets 60,705 3,412
Total assets $1,082,328 $813,322
Liabilities and Stockholders' (Deficit)
Current liabilities:
Accounts payable $21,777 $120,107
Accrued liabilities 194,795 199,265
Accrued interest 455,013 412,837
Line of credit 449,305 467,044
Demand note - related party 280 280
Notes payable, current portion 182,178 181,021
Convertible notes payable 1,452,688 1,377,689
Total current liabilities 2,756,036 2,758,243
Long-term debt, net of current portion 71,623 85,109
Stockholders' (deficit)
Preferred stock, $0.001 par value, 3,249,000
shares authorized, 207,526 shares
issued and outstanding as of March 31, 2008
and December 31, 2007, respectively 207 207
Preferred series "A" stock, $0.001 par value,
750,000 shares authorized no shares
issued and outstanding as of March 31, 2008
and December 31, 2007, respectively - -
Preferred series "C" stock, $0.001 par value,
1,000,000 shares authorized, 17,860
Shares issued and outstanding as of March 31,
2008 and December 31, 2007, respectively 18 18
Preferred series "D" stock, $0.001 par value,
1,000 shares authorized, no shares
issued and outstanding as of March 31, 2008
and December 31, 2007, respectively - -
Common stock, $0.001 par value, 1,750,000,000
shares authorized, 36,831,495 and
29,200,026 shares issued and outstanding as
of March 31, 2008 and December 31, 2007 36,832 29,200
Shares authorized and unissued, 3,700,294 as
of December 31, 2007, respectively - 3,700
Additional paid in capital 17,593,241 17,353,200
Dividend payable 341,825 292,392
Accumulated (deficit) (19,717,454) (19,709,747)
Total stockholders' (deficit) (1,745,331) (2,030,030)
Total liabilities and stockholders'
(deficit) $1,082,328 $813,322
InstaCare Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended
March 31,
2008 2007
Revenue $2,797,382 $1,083,282
Cost of sales 2,349,883 888,652
Gross profit 447,499 194,630
Expenses:
General and administrative 60,745 102,557
Consulting 65,293 258,267
Payroll expense 120,520 53,253
Professional fees 45,356 24,490
Depreciation expense 9,063 11,745
Total operating expenses 300,977 450,312
Net operating income (loss) 146,522 (255,682)
Other income (expense):
Contingency for damaged product claim - (81,600)
Finance costs (49,474) (9,216)
Interest expense (55,318) (56,705)
Total other income (expense) (104,792) (147,521)
Net income (loss) $41,730 $(403,203)
Add: Dividends declared on preferred stock - (66,250)
Income (loss) available to common stockholders' $41,730 $(469,453)
Weighted average number of common shares
outstanding - basic and fully diluted 34,048,005 10,310,099
Net income (loss) per share - basic and
fully diluted $0.00 $(0.04)
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| SOURCE InstaCare Corp. Copyright©2008 PR Newswire. All rights reserved |
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