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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 costs associated with the acquisition of Mobility Freedom & Wheelchair Vans of America.  As we continue to increase revenues and shareholder value, we look forward to keeping shareholders up to date." -Financial Charts Follow-About HASCO Medical, Inc.HASCO Medical ("HASC" or the Company) provides products and services that dramatically improve the quality of living for its customers. The Company's products and services include the sale of durable medical equipment, home respiratory equipment and the sale or rental of wheelchair accessible vans for which it provides custom conversion services. The Company operates in the South Eastern portion of the United States including Alabama, Mississippi and Florida. The Company's objective is to be a leading provider of home health care products and services in the continental United States.

    HASCO Medical, Inc. & SubsidiariesConsolidated Balance SheetsSeptember 30,

    December 31,2011

    2010(unaudited)

    (audited)AssetsCurrent assetsCash

    $
    87,895

    $
    423Accounts receivable, net of allowance for doubtfulaccounts of $303,177 and $327,697, respectively

    906,874

    254,362Inventory

    3,066,094

    76,356Prepaid expenses

    186,055

    18,845Total current assets

    4,346,918

    349,986Property & equipment, net of accumulateddepreciation of  $660,280 and $462,995,respectively

    778,084

    147,769Intangible property, net of accumulatedamortization of  $87,976 and $0, respectively

    2,027,032

    -Other non-current assets

    38,019

    420Total Assets

    $
    7,190,053

    $
    498,175Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payable and accrued expenses

    $
    ,545,542

    $
    2,282Other current liabilities

    56,206

    76,023Customer deposits and deferred revenue

    264,942

    -Notes payable

    79,983

    18,005Loans and notes payable, related parties

    248,668

    -Total current liabilities

    2,195,341

    706,310Notes payable, net of current portion

    -

    -Notes payable

    4,697,304

    152,509Total liabilities

    6,892,645

    858,819Stockholders' EquityPreferred stock, $.001 par value, 3,000,000 sharesauthorized, none issued and outstanding

    -

    -Common stock, $.001 par value, 2,000,000,000 sharesauthorized; 757,586,909 and 744,486,909 sharesissued and outstanding, respectively

    757,587

    746,437Additional paid-in capital

    3,611,432

    3,217,602Accumulated deficit

    (4,071,611)

    (4,324,683)Total stockholders' deficit

    297,408

    (360,644)Total Liabilities and Stockholders' Equity

    $
    7,190,053

    $
    498,175HASCO Medical, Inc. & SubsidiariesConsolidated Statements of Operation(unaudited)*For the Three Months Ended

    For the Nine Months EndedSeptember 30,

    September 30,2011

    2010

    2011

    2010Revenues, net

    $
    3,113,836

    $
    3,356,644

    $
    9,553,022

    $
    9,443,631Cost of sales

    1,883,919

    2,368,880

    5,868,842

    6,408,729Gross Profit

    1,229,917

    987,764

    3,684,180

    3,034,902Operating expenses:General and administrative

    962,703

    1,238,611

    3,165,452

    3,461,443Amortization and depreciation

    106,736

    58,949

    208,864

    176,849Total operating expenses

    1,069,439

    1,297,560

    3,374,316

    3,638,292Income from operations

    160,478

    (309,796)

    309,864

    (603,390)Other income (expense):Other income

    20

    (24,503)

    80,092

    (24,503)Interest expenses

    (69,051)

    (76,229)

    (136,884)

    (131,922)Total other income (expense)

    (69,031)

    (100,732)

    (56,792)

    (156,425)Loss from operations beforeincome taxes

    91,447

    (410,528)

    253,072

    (759,815)Provision for income taxes

    -

    15,845

    -

    15,845Net income

    $
    91,447

    $
    (426,373)

    $
    253,072

    $
    (775,660)Earnings per share:Basic and dilutive

    $
    -

    $
    (0.00)

    $
    -

    $
    (0.00)Weighted average sharesoutstandingBasic and dilutive

    757,586,909

    739,265,687

    753,330,197

    547,626,732*Statements of operation include Freedom Mobility for periods prior to acquisition for comparability.

    This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.


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    SOURCE HASCO Medical, Inc.
    Copyright©2010 PR Newswire.
    All rights reserved

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