|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
The broad selection of hardware, the rapid evolution of operating systems and the time-to-market for mobile apps has been so rapid that new challenges for developers and engineers arise every day. Security, testing, hosting, and other metrics have to be considered through the process. In his session at Big Data Expo, Walter Maguire, Chief Field Technologist, HP Big Data Group, at Hewlett-Packard, will discuss the challenges faced by developers and a composite Big Data applications builder, focusing on how to help solve the problems that developers are continuously battling.
Oct. 4, 2015 04:00 AM EDT Reads: 292
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingly turn towards data source discovery tools to find the right data, in context, for business users, d...
Oct. 4, 2015 04:00 AM EDT Reads: 309
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 150 developers, designers, quality assurance engineers, project manage...
Oct. 4, 2015 04:00 AM EDT Reads: 638
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated and cloud solutions through hybrid hosting – a sustainable solution for the data required to manage I...
Oct. 4, 2015 12:00 AM EDT Reads: 367
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud without worrying about any lock-in fears. In fact by having standard APIs for IaaS would help PaaS expl...
Oct. 3, 2015 09:00 PM EDT Reads: 348
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk will be on IBM Cloudant, Apa...
Oct. 3, 2015 05:00 PM EDT Reads: 316
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
Oct. 3, 2015 01:15 PM EDT Reads: 560
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
Oct. 3, 2015 01:00 PM EDT Reads: 642
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Oct. 3, 2015 12:00 PM EDT Reads: 410
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text message to Betty – mobile messaging now offers tremendous value to businesses for customer and empl...
Oct. 3, 2015 12:00 PM EDT Reads: 137
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless Thingies, will discuss and demonstrate how devices and humans can be integrated from a simple clust...
Oct. 3, 2015 11:00 AM EDT Reads: 580
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, will discuss the impact of technology on identity. Should we federate, or not? How should identity be secured? Who owns the identity? How is identity ...
Oct. 3, 2015 11:00 AM EDT Reads: 389
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Oct. 3, 2015 09:45 AM EDT Reads: 309
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Oct. 3, 2015 09:00 AM EDT Reads: 488
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect and correlate data from control systems, sensors, mobile devices and IT systems for a variety of Ind...
Oct. 3, 2015 02:00 AM EDT Reads: 532
SYS-CON Events announced today that Solgeniakhela will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgeniakhela is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dramatically improve productivity, reduce collaboration costs, and increase the overall enterprise value by bringing ...
Oct. 2, 2015 10:00 PM EDT Reads: 529
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, will show how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He will use a Raspberry Pi to connect sensors to web services, and cloud integration to connect accounting and data, providing a Bluetooth...
Oct. 2, 2015 03:30 PM EDT Reads: 304
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Oct. 2, 2015 07:00 AM EDT Reads: 550
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
Oct. 1, 2015 02:30 PM EDT Reads: 392
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
Oct. 1, 2015 06:00 AM EDT Reads: 7,342