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.
"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,
423Accounts receivable, net of allowance for doubtfulaccounts of $303,177 and $327,697, respectively
18,845Total current assets
349,986Property & equipment, net of accumulateddepreciation of $660,280 and $462,995,respectively
147,769Intangible property, net of accumulatedamortization of $87,976 and $0, respectively
-Other non-current assets
498,175Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payable and accrued expenses
2,282Other current liabilities
76,023Customer deposits and deferred revenue
18,005Loans and notes payable, related parties
-Total current liabilities
706,310Notes payable, net of current portion
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
746,437Additional paid-in capital
(4,324,683)Total stockholders' deficit
(360,644)Total Liabilities and Stockholders' Equity
498,175HASCO Medical, Inc. & SubsidiariesConsolidated Statements of Operation(unaudited)*For the Three Months Ended
For the Nine Months EndedSeptember 30,
9,443,631Cost of sales
3,034,902Operating expenses:General and administrative
3,461,443Amortization and depreciation
176,849Total operating expenses
3,638,292Income from operations
(603,390)Other income (expense):Other income
(131,922)Total other income (expense)
(156,425)Loss from operations beforeincome taxes
(759,815)Provision for income taxes
(775,660)Earnings per share:Basic and dilutive
(0.00)Weighted average sharesoutstandingBasic and dilutive
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.
|SOURCE HASCO Medical, Inc.|
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