Welcome!

News Feed Item

HASCO Medical Reports Record First Quarter 2014 Results

Q1 2014 Total Net Revenues up 38% to Record $20.7 Million, Driving Net Income of $194,000

ADDISON, TX -- (Marketwired) -- 08/20/14 -- HASCO Medical, Inc. (OTCQB: HASC), a leading provider of handicap-accessible vans, parts and service, reported results for the first quarter ended March 31, 2014.

Q1 2014 Financial and Operational Highlights

  • Revenues up 38% to a record $20.7 million, marking five consecutive quarters of record revenue

  • Gross margin up 176 basis points to 25.4%

  • Net income of $194,000 vs. a net loss of $199,000 in same year-ago quarter

  • Delivered a record number of taxi orders totaling more than 100, which were sold primarily through the company's Ride-Away® Commercial Taxi location in NYC

Q1 2014 Financial Summary
Net revenues for the first quarter of 2014 totaled a record $20.7 million, up 38% from $15.0 million in the same year-ago quarter. The improvement was primarily due to the increase in private-pay business for van sales, as well as the contribution of Auto Mobility Sales that the company acquired last September. Service and other revenue totaled $3.9 million, up 36% from the same year-ago quarter.

Gross profit was a record $5.3 million or 25.4% of total net revenues, compared to $3.5 million or 23.7% of total net revenues in the same year-ago quarter. The increase is primarily due to the greater buying power and better utilization of capacity in service.

Net income totaled $194,000, as compared to net loss of $199,000 in the same year-ago quarter.

Management Commentary
"Our record first quarter results reflects strong sales of handicap accessible vehicles across all our East Coast dealerships," said Hal Compton, CEO of HASCO Medical. "We expect this sales momentum to be maintained with the help of two new dealerships we're planning to open in the Fall with the support of major brands like BraunAbility and VMI. As we look to the remainder of 2014, we expect our excellent customer service, high-quality products and custom solutions, and the strong tailwinds of a growing market to drive another record year."

2014 Outlook
HASCO Medical expects 2014 total net revenues to range between $75 million and $85 million, which represents an increase of 3% to 17%. The company also expects gross margin to range between 21% to 23%. The company also expects positive net income in 2014.

About HASCO Medical, Inc.
HASCO Medical is a leading provider of handicap accessible vans, parts, and service that dramatically improve the quality of living of its customers. The company operates 19 locations from Maine to Florida. The company's mobility brands include Ride-Away (www.Ride-Away.com), Auto Mobility Sales (www.automobilitysales.com), Mobility Freedom (www.MobilityFreedom.com) and Wheelchair Vans of America (www.wcvans.com). To learn more, go to www.hascomed.com.

Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.


                     Hasco Medical, Inc. & Subsidiaries
                        Consolidated Balance Sheets


                                                   March 31,   December 31,
                                                     2014          2013
                                                  (unaudited)
                                                 ------------  ------------
Assets
Current assets
  Cash                                           $    909,004  $    150,313
  Accounts receivable, net of allowance for
   doubtful accounts of $675,509 and $686,345,
   respectively                                     5,817,869     6,182,680
  Inventory, net                                   10,981,334    11,572,060
  Deferred tax asset, short term                      413,193       413,193
  Prepaid expenses and other current assets           654,411       504,819
                                                 ------------  ------------
Total current assets                               18,775,811    18,823,065
                                                 ------------  ------------

Property & equipment, net of accumulated
 depreciation of $1,387,930 and $1,164,634,
 respectively                                       2,164,217     2,141,212

Intangible assets, net of accumulated
 depreciation of $21,223 and $10,192,
 respectively                                       6,203,003     6,214,034
Deferred tax asset, long term                         149,204       149,204
Other non-current assets                              586,930       604,965
                                                 ------------  ------------
Total Assets                                     $ 27,879,165  $ 27,932,480
                                                 ============  ============

Liabilities and Stockholders' Equity
Current liabilities
  Accounts payable and accrued expenses          $  2,361,956  $  1,849,702
  Cash overdraft                                           --       175,572
  Customer deposits and deferred revenue              389,305       388,433
  Line of credit                                      928,810     2,303,143
  Note payable - floor plan                        12,655,167    12,174,639
  Obligation under capital leases                     321,712       366,658
  Current portion of notes payable                    382,966       376,685
  Current portion note payable, related party         335,312       353,008
  Other current liabilities                           875,085       493,923
                                                 ------------  ------------
Total current liabilities                          18,250,313    18,481,763
                                                 ------------  ------------

Obligation under capital leases, net of current
 portion                                              960,816       817,828
Notes payable, net of current portion               3,947,856     4,075,802
Notes payable to related party, net of current
 portion                                            1,838,927     1,947,214
                                                 ------------  ------------
Total liabilities                                  24,997,912    25,322,607
                                                 ------------  ------------

Stockholders' Equity
  Preferred stock, $0.001 par value, 3,000,000
   shares authorized, none issued and outstanding          --            --
  Common stock, $0.001 par value, 2,000,000,000
   shares authorized; and 996,938,389 and
   993,134,076 shares issued and outstanding,
   respectively                                       996,938       993,134
  Additional paid-in capital                        6,742,285     6,669,056
  Accumulated deficit                              (4,857,970)   (5,052,317)
                                                 ------------  ------------
Total stockholders' equity                          2,881,253     2,609,873
                                                 ------------  ------------

Total Liabilities and Stockholders' Equity       $ 27,879,165  $ 27,932,480
                                                 ============  ============



                     Hasco Medical, Inc. & Subsidiaries
                   Consolidated Statements of Operations
                                (unaudited)


                                                 For the Three Months Ended
                                                          March 31,
                                                 --------------------------
                                                     2014          2013
                                                 ------------  ------------

Product sales                                    $ 16,588,280  $ 11,855,547
Rental revenue                                        245,005       273,395
Service and other                                   3,852,318     2,826,546
                                                 ------------  ------------
  Total net revenues                               20,685,603    14,955,488
                                                 ------------  ------------

                                                 ------------  ------------
Cost of sales                                      15,425,817    11,415,351
                                                 ------------  ------------

Gross profit                                        5,259,786     3,540,137

Operating expenses:
  Selling and marketing                               953,798       917,500
  General and administrative                        3,415,207     2,486,904
  Amortization and depreciation                       234,327       319,974
                                                 ------------  ------------
    Total operating expenses                        4,603,332     3,724,378
                                                 ------------  ------------

Income (loss) from operations                         656,454      (184,241)

Other income (expense)
  Other income                                         20,989        49,192
  Interest expense                                   (302,838)     (193,577)
                                                 ------------  ------------
    Total other income (expense)                     (281,849)     (144,385)
                                                 ------------  ------------

Income (loss) from continuing operations before
 income taxes                                         374,605      (328,626)

Provision for (benefit from) income taxes             170,218      (261,000)

                                                 ------------  ------------
Income (loss) from continuing operations              204,387       (67,626)
(Loss) from discontinued operations, net of
 income tax                                           (10,040)     (131,086)
                                                 ------------  ------------
Net income (loss)                                $    194,347  $   (198,712)
                                                 ============  ============

Earnings per share:
  Basic and dilutive-Continuing Operations       $       0.00          0.00
                                                 ============  ============
  Basic and dilutive-Discontinued Operations     $       0.00  $       0.00
                                                 ============  ============

Weighted average shares outstanding:
  Basic and dilutive                              994,619,535   988,069,704
                                                 ============  ============

Company Contact:
HASCO Medical, Inc.
214-302-0930
Email Contact

Investor Relations Contacts:
Liolios Group, Inc.
Ron Both, Senior Managing Director
949-574-3860
Email Contact

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
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
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 ...
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
“Being the one true cloud-agnostic and storage-agnostic software solution, more and more customers are coming to Commvault and saying ' What do you recommend? What's your best practice for implementing cloud?” explained Randy De Meno, Chief Technologist at Commvault, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.