SOURCE: HASCO Medical, Inc.

November 14, 2013 08:30 ET

HASCO Medical, Inc. Q3 Shareholder Update

ADDISON, TX--(Marketwired - Nov 14, 2013) - HASCO Medical, Inc. (OTCQB: HASC), www.HascoMed.com, a company that conducts sales of handicap accessible vans, parts, service and rental operations in eighteen locations from Maine to Florida and sales of medical equipment and supplies in Florida announced today its update on operational results for the third quarter of 2013.

  • HASCO Medical, Inc.'s net revenues for the quarter ended September 30, 2013 were approximately $19.5 million, an increase of approximately $1.4 million compared to the same three months of 2012. Net revenues for the nine months ended September 30, 2013 were $53.4 million, an increase of approximately $6.8 million over the comparable period in 2012.

  • HASCO's net income for the quarter ended September 30, 2013 was approximately $351 thousand, an increase of approximately $348 thousand compared to the same three months of 2012. Net income for the nine months ended September 30, 2013 was approximately $452 thousand, an increase of approximately $195 thousand over the comparable period in 2012.

  • As previously announced, HASCO completed its acquisition of Auto Mobility Sales, Inc. on September 4, 2013. The acquisition of Auto Mobility adds two locations in southeast Florida. In 2012, Auto Mobility's revenues were approximately $8.4 million. 

  • HASCO completed the closure and has ceased operations of its Southern Medical subsidiary in September 2013. Net revenues related to Southern Medical in the quarter ended September 30, 2013 were approximately $13 thousand.

  • HASCO will not file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 prior to our filing deadline of November 14, 2013. The Company has received a comment letter from the Securities and Exchange Commission relating to prior SEC filings and is still in the process of assessing the impact of these comments and questions regarding its historical financial statements. Until this assessment is complete, the Company will not file the third quarter Form 10-Q. The SEC's comments are primarily focused on the purchase accounting treatment of two of the Company's acquisitions -- Ride-Away Handicap Equipment Corporation and Mobility Freedom, Inc.

  • The financial information contained in this press release could be subject to change based upon management's assessment of the SEC's comments.

About HASCO Medical, Inc.
HASCO Medical (www.HascoMed.com ) provides products and services that dramatically improve the quality of living for its customers. The Company consists of Ride-Away (www.Ride-Away.com) , Auto Mobility Sales (www.automobilitysales.com) Mobility Freedom (www.MobilityFreedom.com) and Wheelchair Vans of America (www.wcvans.com) on the Van Conversion/Rental side of the company and Certified Medical on the durable medical equipment side.

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.

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