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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

et impairment of $44.2 million.  Excluding non-cash impairment charges, SG&A increased $2.1 million for the quarter and $4.2 million for the six months ended June 30, 2012. 

For the quarter, the major factors contributing to the increase in SG&A were expenses of $1.4 million related primarily to legal fees and $1.0 million of severance costs associated with the Settlement Agreement.  SG&A experienced an increase primarily, compared to the prior periods, in selling compensation and travel costs and an increase in our finance and accounting staffs.  These SG&A costs were partially offset by the reversal of previously recognized stock compensation expense of $1.3 million associated with the Settlement Agreement.  With regard to the first half of 2012, the increase in SG&A related primarily to $2.3 million in legal expenses, the aforementioned $1.0 million in severance costs and $0.6 million in retention payments to key employees – net of the aforementioned $1.3 million reversal of stock compensation expense. The Settlement Agreement is described in the 8-K the Company filed on April 26.  Additional increases in SG&A relate mainly to an increase in selling costs due to higher retention and travel costs.

During the second quarter of fiscal 2012, the Company entered into the Fifth Amendment to its Credit Facility, which resulted in one-time charge for an extinguishment of debt.  Previously capitalized debt issuance costs of $0.3 million and $0.3 million of certain payments made to secure the Fifth Amendment are shown as an extinguishment of debt for the period.

EBITDA for the second quarter of fiscal 2012 was $1.6 million compared with $3.2 million a year ago, excluding asset impairment charges.  For the six months ended June 30, 2012, EBITDA was $3.2 million, compared with $5.6 million for the same period in 2011, excluding asset impairment charges.  Excluding the one-time fe
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