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 are available 24/7/365 and include: RN's, LPN's, CNA's, RT's, billing specialists, customer service specialists, delivery techs and marketing reps. The Company has contractual agreements with partner businesses located in Charleston, Columbia, Greenville, Florence and Lake Hartwell, of South Carolina; Nashville, Tennessee; Baltimore, Maryland; Atlanta, Georgia; and Philadelphia, Pennsylvania. Southern Home Medical is leveraging the success of these business models to expand sales opportunities in these areas of health, medical, staffing and durable medical equipment needs. For more information, visit www.southernhomemedical.com www.encoremedicalstaffing.com www.apnearx.net.
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in such statements. Such risks, uncertainties, and factors include, but are not limited to, future capital needs, changes, and delays in product development plans and schedules, or market acceptance.
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|SOURCE Southern Home Medical Equipment, Inc.|
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