|By Marketwired .||
|May 16, 2014 11:33 AM EDT||
STUART, FL--(Marketwired - May 16, 2014) - In the news release, "Liberator Medical Reports Revenue of $17.6 Million for Its Fiscal Second Quarter Ended March 31, 2014," issued yesterday by Liberator Medical Holdings, Inc. (NYSE MKT: LBMH), we are advised by the company that the financial results mentioned in the first paragraph should be for the "second quarter ended March 31, 2014" rather than the "first quarter ended December 31, 2013" as originally issued. Complete corrected text follows.
Liberator Medical Reports Revenue of $17.6 Million for Its Fiscal Second Quarter Ended March 31, 2014
The Company Reports Net Income of $1.6 Million, or $0.03 per share, for the Quarter
STUART, FL -- May 15, 2014 -- Liberator Medical Holdings, Inc. (NYSE MKT: LBMH) today announced the financial results for its fiscal second quarter ended March 31, 2014. Financial highlights are summarized below:
Dollars in thousands Q2 FY2014 Q2 FY2013 Change ----------- ----------- ----------- Net sales $ 17,619 $ 16,734 5.3% Operating income 2,597 2,358 10.1% Net income $ 1,613 $ 1,420 13.6%
Net sales for the three months ended March 31, 2014, increased by $885,000, or 5.3%, to $17,619,000, compared with net sales of $16,734,000 for the three months ended March 31, 2013. Net sales for the six months ended March 31, 2014, increased by $1,971,000, or 5.7%, to $36,256,000, compared with net sales of $34,285,000 for the six months ended March 31, 2013. The increase in net sales was primarily due to our continued emphasis on our direct response advertising campaign to acquire new customers and our emphasis on customer service to maximize the reorder rates for our recurring customer base.
Income from operations for the three months ended March 31, 2014, increased by $239,000, or 10.1%, to $2,597,000, compared with the three months ended March 31, 2013. For the six months ended March 31, 2014, income from operations increased by $1,481,000, or 32.1%, to $6,097,000, compared with the six months ended March 31, 2013. The increase in operating income is primarily attributed to increased gross profits driven by our increased sales volumes as well as a reduction as a percentage of sales in payroll and bad debts expense, partially offset by an increase in general and administrative expenses.
Net income for the second quarter of fiscal year 2014 was $1,613,000 or $0.03 per diluted share, compared with net income of $1,420,000, or $0.03 per diluted share, for the second quarter of fiscal year 2013. Net income for the six months ended March 31, 2014 was $3,733,000 or $0.07 per diluted share, compared with net income of $2,772,000, or $0.05 per diluted share, for the six months ended March 31, 2013.
The Company had cash of $9,573,000 at March 31, 2014, compared with cash of $12,453,000 at September 30, 2013, a decrease of $2,880,000. The decrease in cash for the six months ended March 31, 2014, is primarily attributable to $3,411,000 used for taxes, $944,000 of which will be applied to future periods, dividend payments of $3,141,000 and $2,090,000 in increased advertising expenditures.
Mark Libratore, the Company's President and CEO, commented, "In the second quarter we encountered our normal seasonal sales weakness associated with the renewal of calendar year deductibles, continued delayed payments due to Medicare's industry wide auditing of medical supply claims and a significant increase in income tax payments. I am pleased to report that Liberator achieved positive revenue and operating margin growth in our fiscal second quarter.
"As we have done from time-to-time we have taken the opportunity to pulse our advertising expenditures. It is our intent to utilize excess cash to grow our customer base. Our experience has demonstrated the benefit over time of our advertising expenditures including, but not limited to the invaluable insights we gain. We will continue to manage our advertising expenditures to balance growth and cash flow to maximize the return realized by our shareholders."
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, our Company's 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, diabetes supplies, catheters, ostomy supplies and mastectomy fashions . 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.
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.
Liberator Medical Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of March 31, 2014 (unaudited) and September 30, 2013 (In thousands, except dollar per share amounts) March 31, September 30, 2014 2013 -------------- -------------- Assets Current Assets: Cash $ 9,573 $ 12,453 Accounts receivable, net of allowances of $4,659 and $4,502, respectively 9,147 7,836 Inventory, net of allowance for obsolete inventory of $327 and $308, respectively 2,346 2,187 Prepaid income taxes 944 - Deferred tax assets 2,131 2,067 Prepaid and other current assets 521 219 -------------- -------------- Total Current Assets 24,662 24,762 Property and equipment, net of accumulated depreciation of $3,776 and $3,492, respectively 845 1,044 Deferred advertising, net 25,070 22,705 Intangible assets, net of accumulated amortization of $223 and $169, respectively 478 414 Other assets 178 174 -------------- -------------- Total Assets $ 51,233 $ 49,099 ============== ============== Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 5,740 $ 4,915 Accrued liabilities 1,499 1,354 Dividends payable 1,584 1,569 Income tax payable 181 1,195 Other current liabilities 85 111 -------------- -------------- Total Current Liabilities 9,089 9,144 Deferred tax liabilities 9,338 8,561 Credit line facility 1,500 1,500 Other long-term liabilities 32 63 -------------- -------------- Total Liabilities 19,959 19,268 -------------- -------------- Stockholders' Equity: Common stock, $0.001 par value, 200,000 shares authorized, 53,168 and 52,637 shares issued, respectively; 52,814 and 52,283 shares outstanding at March 31, 2014, and September 30, 2013, respectively 53 53 Additional paid-in capital 35,977 35,111 Accumulated deficit (4,276) (4,853) Treasury stock, at cost; 354 shares at March 31, 2014, and September 30, 2013 (480) (480) -------------- -------------- Total Stockholders' Equity 31,274 29,831 -------------- -------------- Total Liabilities and Stockholders' Equity $ 51,233 $ 49,099 ============== ==============
See accompanying notes to unaudited condensed consolidated financial statements.
Liberator Medical Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations For the three and six months ended March 31, 2014 and 2013 (Unaudited) (in thousands, except per share amounts) Three Months Ended Six Months Ended March March 31, 31, ----------------------- ----------------------- 2014 2013 2014 2013 ----------- ----------- ----------- ----------- Net Sales $ 17,619 $ 16,734 $ 36,256 $ 34,285 Cost of Sales 6,611 6,000 13,493 12,574 Gross Profit 11,008 10,734 22,763 21,711 Operating Expenses Payroll, taxes and benefits 3,681 3,666 7,338 7,509 Advertising 2,371 2,269 4,697 4,471 Bad debts 818 1,167 1,642 2,445 Depreciation and amortization 168 174 339 338 General and administrative 1,373 1,100 2,650 2,332 Total Operating Expenses 8,411 8,376 16,666 17,095 Income from Operations 2,597 2,358 6,097 4,616 Other Expenses (13) (21) (26) (42) Income before Income Taxes 2,584 2,337 6,071 4,574 Provision for Income Taxes 971 917 2,338 1,802 Net Income $ 1,613 $ 1,420 $ 3,733 $ 2,772 =========== =========== =========== =========== Basic earnings per share: Weighted average shares outstanding 52,578 48,177 52,467 48,162 Earnings per share $ 0.03 $ 0.03 $ 0.07 $ 0.06 Diluted earnings per share: Weighted average shares outstanding 53,602 52,277 53,450 52,214 Earnings per share $ 0.03 $ 0.03 $ 0.07 $ 0.05 Dividends declared per common share $ 0.03 - $ 0.06 -
See accompanying notes to unaudited condensed consolidated financial statements.
Liberator Medical Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows For the six months ended March 31, 2014 and 2013 (Unaudited) (in thousands) Six Months Ended March 31, --------------------------- 2014 2013 ------------- ------------- Cash flow from operating activities: Net Income $ 3,733 $ 2,772 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 5,003 4,708 Equity based compensation 164 47 Provision for doubtful accounts and contractual adjustments 1,804 2,479 Deferred income taxes 713 1,476 Reserve for inventory obsolescence 19 103 Changes in operating assets and liabilities: Accounts receivable (3,114) (948) Deferred advertising (7,030) (4,940) Inventory (142) 227 Other assets (284) (164) Income taxes prepaid and payable (1,958) 260 Accounts payable 824 (2,084) Accrued liabilities 109 135 Other liabilities (15) (1) ------------- ------------- Net Cash Flow Provided by (Used in) Operating Activities (174) 4,070 ------------- ------------- Cash flow from investing activities: Purchase of property and equipment (75) (347) Proceeds from sale of property and equipment 4 - Acquisition of business (134) - ------------- ------------- Net Cash Flow Used in Investing Activities (205) (347) ------------- ------------- Cash flow from financing activities: Proceeds from employee stock purchase plan - 42 Proceeds from exercise of stock options and warrants 531 - Cash dividends paid (3,141) - Costs associated with credit line facility (21) (21) Income tax benefit related to exercise of stock options 171 - Payments of capital lease obligations (41) (35) ------------- ------------- Net Cash Flow Used in Financing Activities (2,501) (14) ------------- ------------- Net increase (decrease) in cash (2,880) 3,709 Cash at beginning of period 12,453 3,326 ------------- ------------- Cash at end of period $ 9,573 $ 7,035 ============= ============= Supplemental disclosure of cash flow information: Cash paid for interest $ 27 $ 42 Cash paid for income taxes $ 3,411 $ 47 Supplemental schedule of non-cash financing activities: Cash dividends declared, but not yet paid $ 1,584 $ -
See accompanying notes to unaudited condensed consolidated financial statements.
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