Welcome!

.NET Authors: Lori MacVittie, Yeshim Deniz, Ivan Antsipau, Liz McMillan, Michael Bushong

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
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have spoken with, or attended presentations from, utilities in the United States, South America, Asia and Europe. This session will provide a look at the CREPE drivers for SmartGrids and the solution spaces used by SmartGrids today and planned for the near future. All organizations can learn from SmartGrid’s use of Predictive Maintenance, Demand Prediction, Cloud, Big Data and Customer-facing Dashboards...
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Whether you're a startup or a 100 year old enterprise, the Internet of Things offers a variety of new capabilities for your business. IoT style solutions can help you get closer your customers, launch new product lines and take over an industry. Some companies are dipping their toes in, but many have already taken the plunge, all while dramatic new capabilities continue to emerge. In his session at Internet of @ThingsExpo, Reid Carlberg, Senior Director, Developer Evangelism at salesforce.com, to discuss real-world use cases, patterns and opportunities you can harness today.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Noted IoT expert and researcher Joseph di Paolantonio (pictured below) has joined the @ThingsExpo faculty. Joseph, who describes himself as an “Independent Thinker” from DataArchon, will speak on the topic of “Smart Grids & Managing Big Utilities.” Over his career, Joseph di Paolantonio has worked in the energy, renewables, aerospace, telecommunications, and information technology industries. His expertise is in data analysis, system engineering, Bayesian statistics, data warehouses, business intelligence, data mining, predictive methods, and very large databases (VLDB). Prior to DataArchon, he served as a VP and Principal Analyst with Constellation Group. He is a member of the Boulder (Colo.) Brain Trust, an organization with a mission “to benefit the Business Intelligence and data management industry by providing pro bono exchange of information between vendors and independent analysts on new trends and technologies and to provide vendors with constructive feedback on their of...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...