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HASCO Medical Announces Third Quarter 2011 Financial Results
Date:11/16/2011

MOBILE, Ala., Nov. 16, 2011 /PRNewswire/ -- HASCO Medical, Inc. (OTCBB: HASC), www.mysouthernmed.com, a managed healthcare provider that serves patients in Alabama, Florida, and Mississippi, announced its third quarter 2011 financial results.

Financial Highlights:

  • Net income was $91,447 for the three months ended September 30, 2011 compared to a net loss of ($426,373) for the three months ended September 30, 2010.
  • Vehicle sales for the nine months ended September 30, 2011 totaled $7,871,029 as compared to $7,188,599 in 2010 or an increase of 9.5%.
  • EBITDA (earnings before interest, taxes, depreciation, and amortization) for the nine months ended September 30, 2011 totaled $693,097 as compared to ($344,924), an increase of $1,038,021 over 2010.
  • Working capital for the nine months ended September 30, 2011 of $2,151,577 reflects a $2,507,901 improvement as compared to December 31, 2010.
  • Despite the significant professional costs involved in the May 13, 2011 acquisition of Mobility Freedom & Wheelchair Vans of America, Operating costs for the nine months ended September 30, 2011 decreased
    by approximately 9.5% to $3,374,316 for the nine months ended September 30, 2011 as compared to $3,638,292 for the nine months ended September 30, 2010.
  • For the nine months ended September 30, 2011, we reported revenues of $9,553,022 as compared to revenues of $9,443,631 for the nine months ended September 30, 2010, an increase of $109,391 or approximately 1.2 %.
  • Our net income was $253,072 for the nine months ended September 30, 2011 compared to net loss of ($775,660) for the nine months ended September 30, 2010.

  • "We are extremely pleased with our third quarter results," stated Hal Compton, Jr., CEO of HASCO. "We have increased revenues and decreased operating expenses despite the
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    SOURCE HASCO Medical, Inc.
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