SOURCE: HASCO Medical, Inc.

HASCO Medical, Inc.

April 06, 2015 08:31 ET

CEO Open Letter to Shareholders of HASCO Medical, Inc.

ADDISON, TX--(Marketwired - Apr 6, 2015) - HASCO Medical, Inc. (OTCQB: HASC)

Team Members and Shareholders:

2014 was a very exciting year for HASCO. As I look back on what was our best year in the history of our company, I would like to discuss some of the highlights.

Commentary on 2014 Performance
Our top line growth of almost 25% was a huge number and I believe these numbers reflect that the management team executed and that our customers believe that we are definitely providing outstanding customer service. As a company, in 2014, we helped over 4000 customers, many of them veterans and baby boomers, live a more enriched life through our mobility solutions. Whether you are a HASCO Team Member or an investor it should make each of you feel great knowing that you had a part in changing someone's life.

Another major accomplishment was the company surpassed $91 million in sales. We also exceeded over $2 million in net income and achieved an EBITDA of over $5 million. Again, I hope our shareholders are as thrilled by our performance as I am based on our company's growth in the last 4 years. It has been a big accomplishment for everyone involved to go from a $2.5 million dollar company to more than a $90 million company.

We had several other major accomplishments in 2014. First, we opened our Parkville store outside of Baltimore, Maryland. This store is unique in that it was not part of an acquisition, but was HASCO's first "ground up" location. Next, we implemented a new Commercial Sales Department to provide expert sales support in the livery and paratransit industry to drive top line sales. We put in place new programs with multiple vendors establishing closer relationships that will continue our growth and improve margins.

2015 Updates
As we kick off our 2015 year I am pleased to report we are already seeing traction from our new Commercial Sales Department. Currently we have almost $3 million in pending orders on our new commercial products from Ford and Dodge. This is incremental business that we have not been involved in before and we see it being a positive addition to the top line growth for the company.

On April 17th and 18th we will be celebrating the Grand Opening of our Parkville, Maryland store (www.Ride-Away.com/md) which has been in a soft open mode since October. Shortly we will be announcing the Grand Opening dates for an additional new store in Miami, Florida, which is another "ground up" store. Both of these stores continue the company's philosophy of growth while also adding more locations to better serve our customers.

Looking Forward
HASCO will continue to find ways to grow the company throughout 2015 especially in our service departments. We believe more and more of our customers need a one stop shop to take care of their service needs. With the help of our largest vendor, BraunAbility (www.BraunAbility.com), we are currently working on a program with an outside consultant to find more ways to increase our service income and deliver freedom to our customers in new and convenient ways. HASCO Medical is constantly pursuing acquisition targets and we anticipate an increasingly aggressive growth strategy moving forward aided by our new line of credit from Hancock Bank.

I could not be more proud of what our company has accomplished in the last year and look forward to a strong 2015. Thank you for all of your support.

Hal Compton
CEO HASCO Medical, Inc.

About HASCO Medical, Inc.
HASCO Medical is a leading provider of wheelchair accessible vehicles, parts, and service that dramatically improve the quality of living of its customers. Founded in 2008, HASCO Medical is headquartered in Addison, TX. The company operates 20 locations in 11 states from Maine to Florida. The company's mobility brands include Ride-Away (www.Ride-Away.com), Mobility Freedom (www.MobilityFreedom.com) and Wheelchair Vans of America (www.WCVans.com). To learn more, go to www.HASCOMed.com.

Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.

Contact Information

  • Company Contact:
    HASCO Medical, Inc.
    214-302-0930
    15928 Midway Road
    Addison, TX 75001
    investor@hascomed.com