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/ CORRECTION - Liberator Medical Holdings, Inc.

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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