|By Marketwired .||
|December 24, 2012 11:22 AM EST||
STUART, FL--(Marketwire - December 24, 2012) - Liberator Medical Holdings, Inc. (OTCBB: LBMH) announced net revenues for fiscal year 2012 of $60,943,000, an increase of $8,245,000, or 15.6%, compared with sales of $52,698,000 for fiscal year 2011. The increase in sales was primarily due to the Company's continued direct response advertising campaign to acquire new customers and its emphasis on customer service to maximize the reorder rates for its recurring customer base. Liberator's direct response advertising expenditure for fiscal year 2012 was $13,113,000, compared to $15,245,000 for fiscal year 2011. For the fourth quarter of fiscal 2012, the Company reported net revenues of $16,516,000, representing a 10.4% increase over third quarter 2012 net revenues of $14,961,000.
Net income for fiscal year 2012 increased by $2,242,000, or 866%, to $2,501,000, compared with fiscal year 2011 net income of $259,000. Net income for fiscal year 2011 included a $902,000 non-cash expense for the change in fair value of an embedded derivative, which was eliminated upon conversion of a convertible note during the first quarter of fiscal year 2011. The balance of the increase in net income was driven by increased sales volumes and improved operating margins during fiscal year 2012.
The Company had cash of $3,326,000 at September 30, 2012, compared with $3,016,000 at September 30, 2011, an increase of $310,000. This increase in cash during fiscal year 2012 was primarily due to $1,000,000 of borrowings from its credit line facility, partially offset by $546,000 in net cash used in operating activities and $151,000 for purchases of property and equipment.
Cash used in operating activities in fiscal 2012 was $546,000, which represents an improvement of $3,947,000 compared with cash used in operating activities of $4,493,000 during fiscal year 2011. The improvement in operating cash flows during fiscal year 2012 was primarily driven by additional net income of $2,242,000, a reduction in direct response advertising spend of $2,132,000, partially offset by a decrease in changes in operating assets and liabilities of $449,000.
Mark Libratore, President and Chief Executive Officer, stated: "We are very proud of our financial performance during fiscal year 2012. We increased our sales by 15% over last year, reduced our customer acquisition costs, increased our operating margins, and improved our operating cash flows for 2012. We will continue to invest in new technology and implement process improvements during fiscal year 2013 that we believe will improve overall productivity and contribute to increased profitability, while providing excellent service to our growing customer base.
We expect to manage the levels of our direct response advertising spend to maximize profitability and cash flows for fiscal year 2013, which may result in slower top-line sales growth. Based on our financial results from fiscal year 2012, we expect to continue to improve operating margins and cash flows for fiscal year 2013."
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, its 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, personal mobility aids, diabetes, urological, ostomy and mastectomy patients. 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.
Liberator Medical Holdings, Inc. and Subsidiaries Consolidated Balance Sheets As of September 30, 2012 and 2011 (In thousands, except dollar per share amounts) 2012 2011 ---------- ---------- Assets Current Assets: Cash $ 3,326 $ 3,016 Accounts receivable, net of allowances of $5,044 and $4,177, respectively 10,365 7,860 Inventory, net of allowance for obsolete inventory of $310 and $144, respectively 2,627 3,009 Deferred taxes, current portion 2,254 1,877 Prepaid and other current assets 287 333 ---------- ---------- Total Current Assets 18,859 16,095 Property and equipment, net of accumulated depreciation of $2,888 and $2,186, respectively 1,250 1,626 Deferred advertising 22,426 17,191 Intangible assets, net of accumulated amortization of $91 and $25, respectively 239 305 Other assets 88 163 ---------- ---------- Total Assets $ 42,862 $ 35,380 ========== ========== Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 6,537 $ 5,008 Accrued liabilities 1,221 1,119 Other current liabilities 92 103 ---------- ---------- Total Current Liabilities 7,850 6,230 Deferred tax liability 5,421 3,347 Credit line facility 2,500 1,500 Other long-term liabilities 132 48 ---------- ---------- Total Liabilities 15,903 11,125 ---------- ---------- Commitments and contingencies (see Note 13) Stockholders' Equity: Common stock, $.001 par value, 200,000 shares authorized, 48,232 and 48,135 shares issued, respectively; 48,143 and 48,046 shares outstanding at September 30, 2012 and 2011, respectively 48 48 Additional paid-in capital 34,707 34,504 Accumulated deficit (7,746) (10,247) Treasury stock, at cost; 89 shares at September 30, 2012 and 2011, respectively (50) (50) ---------- ---------- Total Stockholders' Equity 26,959 24,255 ---------- ---------- Total Liabilities and Stockholders' Equity $ 42,862 $ 35,380 ========== ==========
See accompanying notes to consolidated financial statements
Liberator Medical Holdings, Inc. and Subsidiaries Consolidated Statements of Operations For the fiscal years ended September 30, 2012 and 2011 (In thousands, except dollar per share amounts) 2012 2011 ---------- ---------- Net Sales $ 60,943 $ 52,698 Cost of Sales 23,924 20,601 ---------- ---------- Gross Profit 37,019 32,097 ---------- ---------- Operating Expenses: Payroll, taxes and benefits 14,136 12,174 Advertising 8,099 8,206 Bad debts 4,664 3,746 Depreciation and amortization 794 730 General and administrative 5,019 4,644 ---------- ---------- Total Operating Expenses 32,712 29,500 ---------- ---------- Income from Operations 4,307 2,597 ---------- ---------- Other Income (Expense) Gain on sale of assets - 2 Interest expense (75) (42) Interest income - 5 Change in fair value of derivative liabilities - (902) ---------- ---------- Total Other Income (Expense) (75) (937) ---------- ---------- Income before Income Taxes 4,232 1,660 Provision for Income Taxes 1,731 1,401 ---------- ---------- Net Income $ 2,501 $ 259 ========== ========== Basic earnings per share: Weighted average shares outstanding 48,097 47,869 Earnings per share $ 0.05 $ 0.01 Diluted earnings per share: Weighted average shares outstanding 52,266 53,613 Earnings per share $ 0.05 $ 0.00
See accompanying notes to consolidated financial statements
Liberator Medical Holdings, Inc. and Subsidiaries Consolidated Statements of Cash Flows For the fiscal years ended September 30, 2012 and 2011 (In thousands) 2012 2011 ---------- ---------- Cash flow from operating activities: Net income $ 2,501 $ 259 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 8,672 8,790 Equity based compensation 122 385 Provision for doubtful accounts and contractual adjustments 4,787 3,950 Non-cash interest related to convertible notes payable - 21 Change in fair value of derivative liabilities - 902 Deferred income taxes 1,697 1,340 Reserve for inventory obsolescence 166 35 Gain on disposal of assets - (2) Changes in operating assets and liabilities: Accounts receivable (7,293) (5,065) Deferred advertising (13,113) (15,245) Inventory 216 (1,025) Other assets 143 49 Accounts payable 1,529 1,182 Accrued expenses 116 13 Other liabilities (89) (83) ---------- ---------- Net Cash Flows Used in Operating Activities (546) (4,494) ---------- ---------- Cash flows from investing activities Purchase of property and equipment and other (151) (369) Acquisition of SGV Medical Supplies (see Note 10) - (466) Proceeds from the sale of assets - 3 ---------- ---------- Net Cash Flows Used in Investing Activities (151) (832) ---------- ---------- Cash flows from financing activities Proceeds from credit line facility 1,000 1,500 Costs associated with credit line facility (21) (51) Proceeds from employee stock purchase plan 67 86 Payments of debt and capital lease obligations (39) (621) ---------- ---------- Net Cash Flows Provided by Financing Activities 1,007 914 ---------- ---------- Net increase (decrease) in cash 310 (4,412) Cash at beginning of period 3,016 7,428 ---------- ---------- Cash at end of period $ 3,326 $ 3,016 ========== ========== Supplemental disclosure of cash flow information: Cash paid for interest $ 73 $ 56 Cash refunded for income taxes - (8) Supplemental schedule of non-cash investing and financing activities: Capital expenditures funded by capital lease borrowings 202 - Common stock issued for conversion of debt - 5,100
See accompanying notes to consolidated financial statements
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.
Individual Investor Relations Contact
Wall Street Resources, Inc.
Institutional Investor Contact:
Littlebanc Advisors, LLC
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