LYMAN, S.C., Oct. 13, 2011 /PRNewswire/ -- Southern Home Medical Equipment, Inc. (PinkSheets: SHOM), a holding company providing healthcare services, staffing and durable medical equipment to medical institutions, announced today that it has achieved stronger third quarter revenue results than anticipated indicating a continued healthy outlook for the Company.
For the third quarter ending September 30th, 2011, corporate revenues were $289,869, a 27.5% increase of $227,151 over reported revenues in third quarter of 2010. Net income was a loss of $542.00 with consideration of $74,312.00 in professional fees to Scott & Company for the PCAOB audit thus far. Without these fees, our net income results would have reported a positive $73,770 for the quarter, a 65.0% increase compared to the net income of $44,600 for the same quarter in 2010.
"We are pleased with our progress into the last half of 2011, but we have made the decision to suspend the potential acquisition/merger. It simply is not in the best interest of SHOM at this time. We will continue to evaluate this position through the remainder of 2011," said President and CEO of Southern Home Medical, Jeff Sarvis.
"Our share structure remains unchanged from last quarter as reflected with OTC Market quarterly updates .We anticipate progressing towards a monthly shareholder update that will be posted to our SHOM website on or prior to the 15th of each month. Scott and Company, our auditors, continues toward completion of the PCAOB audit. Scott & Company is a great company, and they have our complete respect," added Sarvis.
About Southern Home Medical Equipment, Inc.
Southern Home Medical Equipment, Inc. is a holding company with a focus on servicing the needs of the U.S. healthcare industry. The Company has quality health care professionals to address national shortages in hospitals, rehab centers, nursing homes and other medical facilities. Personnel a
|SOURCE Southern Home Medical Equipment, Inc.|
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