SOURCE: HASCO Medical, Inc.

HASCO Medical, Inc.

October 22, 2014 08:31 ET

HASCO Medical Expects Record Third Quarter 2014 Total Net Revenues of Approximately $23.8 Million, up 22%

Service Sales Expected to Total Approximately $3.9 Million, up 32%

ADDISON, TX--(Marketwired - Oct 22, 2014) - HASCO Medical, Inc. (PINKSHEETS: HASC), a leading provider of handicap-accessible vans, parts and service, reported preliminary results for the third quarter ended September 30, 2014.

Based on preliminary unaudited information, HASCO Medical expects record third quarter 2014 total net revenues of approximately $23.8 million, up 22% from $19.5 million in the year-ago quarter. The increase marks the sixth sequential quarter with record revenue. For nine months ended September 30, 2014, total net revenues is expected to total approximately $68.5 million, up 29% from $53.2 million in the same year-ago period. The company also expects to report continued growth in profitability.

Service sales in the third quarter of 2014 are expected to total approximately $3.9 million, up 32% from $2.9 million. The increase in service sales is attributed to increased repairs, lift installs, and sales of high-end Electronic Mobility Controls (EMC) driving equipment.

"Our record growth and profitably are primarily attributed to strong double-digit sales growth across our major stores and brands," said Hal Compton, CEO of HASCO Medical. "To support continued sales momentum, we've recently expanded our mobility product lines, including power lift chairs and mobility scooters from Pride Mobility, and added a new line of Harmar® lifts for wheelchairs and scooters. Harmar is also helping us with more installs at VA supported hospitals."

The company also recently implemented a new CRM software program to better manage leads and customer interaction, as well as plans to roll out in the fourth quarter new store demos designed to provide more interactivity and up-sell opportunities. In South Florida, the company has completed the transition of its Auto Mobility Sales stores to Ride-Away stores.

"Our recently announced dealership for servicing the Baltimore metro area emphasizes our commitment to becoming the nation's leading pure-play vehicular mobility solutions provider," continued Compton. "We also recently increased our floor plan at our Ride-Away® commercial taxi location in NYC to accommodate increased customer demand.

"We have also been taking steps to further increase our bottom line, including restructuring our bank interest and securing a new deal with our vendors to reduce interest on select floor plans. As we move forward in 2014 and beyond, we will remain opportunistic for additional stores in the large and expanding mobility market."

About HASCO Medical, Inc.
HASCO Medical is a leading provider of handicap accessible vans, parts, and service that dramatically improve the quality of living of its customers. The company operates 20 locations 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
    Email Contact

    Investor Relations Contacts:
    Liolios Group, Inc.
    Ron Both, Senior Managing Director
    949-574-3860
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