News Feed Item

Liberator Medical Reports Revenue of $18.6 Million for Its Fiscal First Quarter Ended December 31, 2013

The Company Reports Net Income of $2.1 Million, or $0.04 per Share, for the Quarter

STUART, FL--(Marketwired - February 12, 2014) - Liberator Medical Holdings, Inc. (NYSE MKT: LBMH) today announced the financial results for its fiscal first quarter ended December 31, 2013. Financial highlights are summarized below:

Dollars in thousands               Q1 FY2014     Q1 FY2013     Change 
                                  -----------   -----------   --------
Net sales                         $    18,637   $    17,551       6.2%
Gross profit                           11,755        10,978       7.1%
Operating income                        3,500         2,258      55.0%
Net income                        $     2,120   $     1,352      56.8%

Net sales for the three months ended December 31, 2013, increased by $1,086,000, or 6.2%, to $18,637,000, compared with net sales of $17,551,000 for the three months ended December 31, 2012. The increase in net sales was due to our continued emphasis on our direct response advertising campaign to acquire new customers and on customer service to maximize the reorder rates for our recurring customer base.

Gross profit for the three months ended December 31, 2013, increased by $777,000, or 7.1%, to $11,755,000, compared with gross profit of $10,978,000 for the three months ended December 31, 2012. The increase is attributed to increased sales volumes and a reduction in product costs for the three months ended December 31, 2013, compared with the three months ended December 31, 2012.

Income from operations for the three months ended December 31, 2013, increased by $1,242,000, or 55.0%, to $3,500,000, compared with the three months ended December 31, 2012. The increase in operating income is attributed to increased gross profit driven by our increased sales volumes at reduced levels of operating expenses.

Net income for the first quarter of fiscal year 2014 was $2,120,000, or $0.04 per diluted share, compared with net income of $1,352,000, or $0.03 per diluted share, for the first quarter of fiscal year 2013.

The Company had cash of $12,195,000 at December 31, 2013, compared with cash of $12,453,000 at September 30, 2013, a decrease of $258,000. The decrease in cash for the three months ended December 31, 2013, was due to $1,518,000 of cash used in financing activities, primarily cash dividends paid to shareholders, and $47,000 of net cash used in investing activities, partially offset by $1,307,000 of cash provided by operating activities.

Other Significant Events for the First Quarter of Fiscal Year 2014

  • On November 20, 2013, the Company's common stock was listed and began trading on the NYSE MKT exchange, increasing visibility and shareholder liquidity.
  • During the first quarter of fiscal year 2014, the Company declared a quarterly cash dividend of $0.03 per common share.

Mark Libratore, the Company's President and CEO, commented, "Our financial results for the first quarter of fiscal year 2014 demonstrate our continued emphasis on growing our customer base, increasing our earnings, and improving our operating margins. The cash generated from our operations provides a quarterly cash dividend to our shareholders and the flexibility for the Company to grow through a combination of our direct response advertising efforts and strategic acquisitions that allow us to acquire new customers at competitive rates.

We will continue to manage the levels of our direct response advertising spend, implement process improvements, and explore potential acquisition targets to grow our business and increase operating margins during fiscal year 2014."

Stay up-to-date with current events by visiting Liberator Medical's website at www.liberatormedical.com or by joining the Company's E-Mail Alert List. Join by clicking the following link www.LBMH-IR.com

About Liberator Medical Holdings, Inc.

Liberator Medical Holdings, Inc.'s subsidiary, Liberator Medical Supply, Inc., established the Liberator brand as a leading national direct-to-consumer provider of quality medical supplies to Medicare-eligible seniors. Accredited by The Joint Commission, our Company's unique combination of marketing, industry expertise and customer service has demonstrated success over a broad spectrum of chronic conditions. Liberator is recognized for offering a simple, reliable way to purchase medical supplies needed on a regular, ongoing, repeat-order basis, with the convenience of direct billing to Medicare and private insurance. Liberator's revenue primarily comes from supplying products to meet the rapidly growing requirements of general medical supplies, diabetes supplies, catheters, ostomy supplies and mastectomy fashions. Liberator communicates with patients and their doctors on a regular basis regarding prescriptions and supplies. Customers may purchase by phone, mail or internet, with repeat orders confirmed with the customer and shipped when needed.

Safe Harbor Statement

In this press release and in related comments by our management, our use of the words "expect," "anticipate," "possible," "potential," "target," "believe," "commit," "intend," "continue," "may," "would," "could," "should," "project," "projected," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to, regulatory limitations on the medical industry in general, working capital constraints, fluctuations in customer demand and commitments, fluctuation in quarterly results, introduction of new services and products, commercial acceptance and viability of new services and products, pricing and competition, reliance upon subcontractors and vendors, the timing of new technology and product introductions, and the risk of early obsolescence of our products. Liberator's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provide information about these and other factors, which we may revise or supplement in future reports filed with the Securities and Exchange Commission.

             Liberator Medical Holdings, Inc. and Subsidiaries              
                   Condensed Consolidated Balance Sheets                    
        As of December 31, 2013 (unaudited) and September 30, 2013          
              (In thousands, except dollar per share amounts)               
                                              December 31,    September 30, 
                                                  2013            2013      
                                             --------------  -------------- 
Current Assets:                                                             
  Cash                                       $       12,195  $       12,453 
  Accounts receivable, net of allowances of                                 
   $4,745 and $4,502, respectively                    9,589           7,836 
  Inventory, net of allowance for obsolete                                  
   inventory of $321 and $308, respectively           2,482           2,187 
  Deferred tax assets                                 2,112           2,067 
  Prepaid and other current assets                      626             219 
                                             --------------  -------------- 
  Total Current Assets                               27,004          24,762 
Property and equipment, net of accumulated                                  
 depreciation of $3,637 and $3,492,                                         
 respectively                                           944           1,044 
Deferred advertising, net                            23,311          22,705 
Intangible assets, net of accumulated                                       
 amortization of $194 and $169, respectively            388             414 
Other assets                                            170             174 
                                             --------------  -------------- 
Total Assets                                 $       51,817  $       49,099 
                                             --------------  -------------- 
     Liabilities and Stockholders' Equity                                   
Current Liabilities:                                                        
  Accounts payable                           $        6,381  $        4,915 
  Accrued liabilities                                 1,569           1,354 
  Dividends payable                                   1,572           1,569 
  Income tax payable                                  1,681           1,195 
  Other current liabilities                              93             111 
                                             --------------  -------------- 
    Total Current Liabilities                        11,296           9,144 
Deferred tax liabilities                              8,487           8,561 
Credit line facility                                  1,500           1,500 
Other long-term liabilities                              51              63 
                                             --------------  -------------- 
Total Liabilities                                    21,334          19,268 
                                             --------------  -------------- 
Stockholders' Equity:                                                       
Common stock, $.001 par value, 200,000 shares                               
 authorized, 52,757 and 52,637 shares issued,                               
 respectively; 52,403 and 52,283 shares                                     
 outstanding at December 31, 2013, and                                      
 September 30, 2013, respectively                        53              53 
Additional paid-in capital                           35,215          35,111 
Accumulated deficit                                  (4,305)         (4,853)
Treasury stock, at cost; 354 shares at                                      
 December 31, 2013, and September 30, 2013             (480)           (480)
                                             --------------  -------------- 
Total Stockholders' Equity                           30,483          29,831 
                                             --------------  -------------- 
Total Liabilities and Stockholders' Equity   $       51,817  $       49,099 
                                             ==============  ============== 

See accompanying notes to unaudited condensed consolidated financial statements.

             Liberator Medical Holdings, Inc. and Subsidiaries              
              Condensed Consolidated Statements of Operations               
           For the three months ended December 31, 2013 and 2012            
                  (in thousands, except per share amounts)                  
                                                      Three Months Ended    
                                                         December 31,       
                                                       2013         2012    
                                                   -----------  ----------- 
Net Sales                                          $    18,637  $    17,551 
Cost of Sales                                            6,882        6,573 
                                                   -----------  ----------- 
Gross Profit                                            11,755       10,978 
                                                   -----------  ----------- 
Operating Expenses:                                                         
  Payroll, taxes and benefits                            3,657        3,843 
  Advertising                                            2,326        2,203 
  Bad debts                                                824        1,278 
  Depreciation and amortization                            171          164 
  General and administrative                             1,277        1,232 
                                                   -----------  ----------- 
Total Operating Expenses                                 8,255        8,720 
                                                   -----------  ----------- 
Income from Operations                                   3,500        2,258 
                                                   -----------  ----------- 
Other Expenses                                             (13)         (21)
                                                   -----------  ----------- 
Income before Income Taxes                               3,487        2,237 
Provision for Income Taxes                               1,367          885 
                                                   -----------  ----------- 
Net Income                                         $     2,120  $     1,352 
                                                   ===========  =========== 
Basic earnings per share:                                                   
Weighted average shares outstanding                     52,358       48,147 
Earnings per share                                 $      0.04  $      0.03 
Diluted earnings per share:                                                 
Weighted average shares outstanding                     53,228       52,143 
Earnings per share                                 $      0.04  $      0.03 
Dividends declared per common share                $      0.03  $         - 

See accompanying notes to unaudited condensed consolidated financial statements.

             Liberator Medical Holdings, Inc. and Subsidiaries              
              Condensed Consolidated Statements of Cash Flows               
           For the three months ended December 31, 2013 and 2012            
                               (in thousands)                               
                                                      Three Months Ended    
                                                         December 31,       
                                                       2013         2012    
                                                   -----------  ----------- 
Cash flow from operating activities:                                        
  Net Income                                       $     2,120  $     1,352 
  Adjustments to reconcile net income to net cash                           
   provided by operating activities:                                        
    Depreciation and amortization                        2,482        2,310 
    Equity based compensation                               32           10 
    Provision for doubtful accounts and contractual                         
     adjustments                                         1,027        1,335 
    Deferred income taxes                                 (120)         805 
    Reserve for inventory obsolescence                      13           53 
  Changes in operating assets and liabilities:                              
    Accounts receivable                                 (2,779)        (169)
    Deferred advertising                                (2,918)      (2,753)
    Inventory                                             (307)         148 
    Other assets                                          (402)         (57)
    Accounts payable                                     1,952       (2,013)
    Accrued liabilities                                    215          393 
    Other liabilities                                       (8)           3 
                                                   -----------  ----------- 
Net Cash Flow Provided by Operating Activities           1,307        1,417 
                                                   -----------  ----------- 
Cash flow from investing activities:                                        
  Purchase of property and equipment                       (51)        (308)
  Proceeds from sale of property and equipment               4            - 
                                                   -----------  ----------- 
Net Cash Flow Used in Investing Activities                 (47)        (308)
                                                   -----------  ----------- 
Cash flow from financing activities:                                        
  Proceeds from employee stock purchase plan                 -           13 
  Proceeds from exercise of employee stock options          72            - 
  Cash dividends paid                                   (1,569)           - 
  Payments of capital lease obligations                    (22)         (17)
                                                   -----------  ----------- 
Net Cash Flow Used in Financing Activities              (1,518)          (4)
                                                   -----------  ----------- 
Net increase (decrease) in cash                           (258)       1,105 
Cash at beginning of period                             12,453        3,326 
                                                   -----------  ----------- 
Cash at end of period                              $    12,195  $     4,431 
                                                   ===========  =========== 
Supplemental disclosure of cash flow information:                           
Cash paid for interest                             $        15  $        21 
Cash paid for income taxes                         $     1,000  $         5 
Supplemental schedule of non-cash financing                                 
Cash dividends declared, but not yet paid          $     1,572  $         - 

See accompanying notes to unaudited condensed consolidated financial statements.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...