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InfuSystem Holdings, Inc. Reports $14.1 Million of Revenues for the Second Quarter of 2012; Announces Annualized Cost Savings in Excess of $1 million
Date:8/7/2012

additional cost-saving initiatives introduced in the third quarter.  At the same time, our management team and employees are focused on revenue growth." 

Mr. Singh added that these initial improvements represent the beginning of a broad strategic effort to deliver long-term growth and profitability.  "We will continue to concentrate our efforts on maximizing cash generation with EBITDA for sustained financial stability, while growing market share in our core markets.  Organic growth prospects remain strong.  Feedback from our customers, channels, and partners has been very positive.  They appreciate our commitment to further enhance customer service solutions that make their jobs easier."

Operating Results
The 7% increase in revenues compared to the second quarter of 2011 and the 9% increase for the six months ended June 30, 2012, are primarily related to the addition of new customers with larger patient bases, increased penetration into our existing customer accounts, and the cessation of the 2011 oncology drug shortage affecting certain products.

The $10.3 million in gross profit recorded in the second quarter of 2012 represented 73% of revenues for the current period compared with 68% in the prior year's period. For the first half of 2012, the $20.7 million in gross profit represented 73% of revenues compared to 69% for the same period last year.  This increase in the gross margin percentage was primarily related to lower pump depreciation and a higher mix of pump rentals as compared to pump sales and services.

Selling, general and administrative expenses ("SG&A") for the second quarter of fiscal 2012 were $10.2 million, significantly lower than the prior period's $52.4 million.  For the six months ended June 30, 2012, SG&A was $21.2 million compared with $61.2 million for the same period last year.  The drop in SG&A is due to prior years' numbers contained a charge for ass
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SOURCE InfuSystem Holdings, Inc.
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