Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

/ 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.

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
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
"What we see what happens when you have a completely networked society and the potential to now drive the value creation and the collaboration and the ecosystems that are possible when you start to be able to connect people and industries together in ways that have never been possible before," explained Esmeralda Swartz, VP of Marketing Enterprise & Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. 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.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.