Southern Home Medical Announces Record Revenues and Profits for the Second Quarter
19 Julio 2011 - 9:36AM
Marketwired
Southern Home Medical Equipment, Inc. (PINKSHEETS: SHOM), a holding
company providing healthcare services, staffing and durable medical
equipment to medical institutions, announced today its record
financial results for the three months ended June 30, 2011.
Revenues for the second quarter of 2011 were a record $315,308,
an increase of 69% compared to revenues of $186,291 reported in the
year-ago quarter. Net income was a record $68,927 in the second
quarter of 2011 compared to $9,448 in the second quarter of 2010.
Common shares outstanding were 221,740,396 and 130,490,396, for the
quarters ended June 30, 2011 and 2010, respectively.
"Our second quarter financial results are the culmination of
consecutive month-to-month record revenue growth and profitability.
During the second quarter, we expanded our existing Encore
franchises and reported increases in oxygen sales within our Apnea
Rx division. Furthermore, by introducing cross-marketing programs
like Respi-Care, we've been able to serve a much broader patient
population, while keeping our costs down. A greater portion of our
revenues are dropping to the bottom-line," said President and CEO
of Southern Home Medical, Jeff Sarvis.
During the second quarter, SHOM announced its intent to merge
with a network of medical clinics based in the Washington, DC area.
The Company projects revenues of $7 million for the combined entity
in its first year of operations. Sarvis commented, "We are now
working with a relentless focus on growing our existing operations,
while attending to our merger due diligence and audit with Scott
& Company. The latter is preparing us to become a fully
reporting company. While the process is very time consuming for our
managers and staff, we appreciate our shareholders' patience and
believe the best is yet to come for our Company. We are excited to
communicate our progress going forward and expect a record second
half of 2011."
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: RNs, LPNs, CNAs, RTs, 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; Dunwoody, 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.
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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Contact: Henry Harrison IR Pro 2.0 407-682-2001 Email Contact
www.irprpro.com www.healthcarestock.net
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