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Assured Pharmacy Reports Financial Results for the Third Quarter of 2011
Date:11/16/2011

FRISCO, Texas, Nov. 16, 2011 /PRNewswire/ -- Assured Pharmacy (APHY.PK: pinksheets), a leading specialty pharmacy group providing prescription medications to sufferers of chronic pain, announced net sales of $4,029,590 for the quarter ended September 30, 2011, a decrease of $244,893 or 5.7%, from $4,274,483 for the third quarter of 2010.  Basic and diluted net loss per share was $0.20 for the third quarter 2011, a 76.7% improvement compared to $0.87 net loss per share in the same period in 2010.

The decrease in sales for the third quarter of 2011 was primarily a result of a decrease in revenue per prescription due to increased generic utilization by our patients and to a lesser extent a decrease in management service fee revenue of $75,000. As a result of the increase in generic utilization, however, our gross profit margins on prescription revenue increased to 20.1% for the third quarter 2011, up from 17.8% in the same period in 2010.  The number of prescriptions filled increased by 241 prescriptions or 0.8%, with 28,847 prescriptions filled in the quarter ended September 30, 2011 compared to 28,606 for the third quarter 2010.  

Net sales for the nine months ended September 30, 2011 increased by $774,298, or 6.5% to $12,617,710 from $11,843,412 in 2010.  Our loss from operations decreased 45.6% to $912,470 for the nine months ended September 30, 2011 from a $1,675,865 loss for the same period in 2010.  The decrease in our loss from continuing operations resulted from increased sales in the first and second quarter, increased gross profit margins and reduced operating expenses as a result of cost control initiatives.  Basic and diluted net loss per share were $0.55 for the nine months ended September 30, 2011, a 72.7% improvement compared to a $2.02 net loss per share in the same period in 2010.

"We are pleased with year-over-year performance improvement for the third quarter.  The improved results reflect
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SOURCE Assured Pharmacy, Inc.
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