LYMAN, S.C., April 12, 2011 /PRNewswire/ -- Southern Home Medical Equipment, Inc. (PINKSHEETS: SHOM), a Holding Company providing healthcare services, healthcare professionals and equipment to medical institutions, announced today that the previously reported unaudited results from operations for fiscal year 2010 have been restated to reflect franchise fees and royalties from Encore Medical Staffing.
In a previous announcement dated April 4th, 2011 Southern Home Medical recorded revenues for 2010 of $809,884 with a net income of $1,820. The figures in that report did not reflect the franchise fees and royalties from Encore Medical Staffing. With the Company's consolidation improvements and accounting procedures, all of the Encore Medical Staffing franchise fees and royalties can now be reported as income for fiscal year 2010.
The restatement reports an additional $120,771.32 to the Company's previous reported income of $809,884 totaling $930,655.32 of combined gross income for fiscal year 2010. In addition, Southern Home Medical restates its net income adding an additional $36,645.88 to its previously stated $1,820 totaling $38,465.88 of combined net income for fiscal year 2010.
Encore Medical Staffing provides medical staffing needs to hospitals, rehab centers, nursing homes, mental health centers and other medical facilities. The majority of the professionals consist of RNs, LPNs, CNAs, billing specialists, customer service specialists, delivery techs, marketing reps and other healthcare personnel.
"We are pleased with everyone's efforts in working diligently over the past couple years to allow all aspects of our company to move forward together," stated Jeff Sarvis, President and CEO.
About Southern Home Medical Equipment, Inc.
Southern Home Medical Equipment, Inc. is a Holding Company with a focus on servicing the needs of the Healthcare Industry. The Company has quality health care professionals
|SOURCE Southern Home Medical Equipment, Inc.|
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