Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

Liberator Medical Reports Record Annual Net Revenues of $60.9 Million for Fiscal Year Ended September 30, 2012

The Company Reports Net Income of $2.5 Million for the Year

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.

Financial Condition

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.

CONTACT:
Individual Investor Relations Contact
Gerald Kieft
Wall Street Resources, Inc.
772-219-7525
[email protected]
http://wsrcommunications.ir.stockpr.com/liberatormedical

Institutional Investor Contact:
Lyn Davis
Littlebanc Advisors, LLC
561-948-3005
[email protected]
www.littlebanc.com

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.

@ThingsExpo Stories
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...