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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
                                                 ------------  ------------
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

                                                 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.
Email Contact

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

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