SOURCE: HASCO Medical, Inc.

HASCO Medical, Inc.

March 30, 2015 08:31 ET

HASCO Medical Reports Record 2014 Results

2014 Total Net Revenues up 24.8% to $91 Million, Driving Record Net Income of $2.1 Million

ADDISON, TX--(Marketwired - Mar 30, 2015) - HASCO Medical, Inc. (OTCQB: HASC), a company that conducts sales of wheelchair accessible vehicles, parts, service and rentals, reported audited results for the year ended December 31st, 2014.

2014 Audited Financial and Operational Highlights

  • Revenues up 24.8% to $91 million over YTD 2013
  • Service and other revenue up 26.3% to $16.2 million vs YTD 2013
  • Gross profit increased 29.8% to $23.3 million as compared to YTD 2013
  • Net income increased 160% to a record $2.1 million vs. YTD 2013
  • EBITDA increased 73.9% to a record $5.2 million vs. YTD 2013

2014 Financial Summary
Record revenues of $91.0 million as compared to revenues of $72.9 million for the year ended December 31, 2013, an increase of $18.1 million or approximately 24.8%.

Service and other revenues of $16.2 million as compared to revenues of $12.8 million for the year ended December 31, 2013, an increase of $3.4 million or 26.3%.

Overall gross profit increased to $23.3 million or 25.6% for the year ended December 31, 2014 from $18.0 million or 24.7% for the year ended December 31, 2013, an increase of $5.3 million or 29.8%.

Net income was recorded at a record high $2.1 million for the year ended December 31, 2014 compared to net income of $0. 8 million for the year ended December 31, 2013 an increase of 160% or $1.3 million.

EBITDA for the year ended December 31,2014 was $5,194,216 an increase of $2,207,305 or 73.9% as compared to $2,986,911 for the year ended December 31, 2013.

Management Commentary
"Our team continues its excellent execution by driving sales in our wheelchair vehicle sales and service business. These results are a testament to the increasing success of our brands and the successful delivery of our growth plan by our management team," said Hal Compton, CEO of HASCO Medical. "This year we are anxious to launch the new Ford Explorer based BraunAbility MXV Sport Utility wheelchair accessible SUV and the Chevrolet Suburban based Mobility SVM SUV. These vehicles represent a paradigm shift in the wheelchair accessible vehicle market and Ride-Away® and Mobility Freedom are positioned with trained Mobility Consultants to deliver on customer expectations. I see these vehicles as increasing the accessible market."

"Our new Commercial Sales Department has already seen success in 2015 with a series of wins in our Boston, Mid-Atlantic and South Florida markets. The new Ford Transit and Dodge ProMaster vehicles are reinvigorating a market that is looking to replace aging Ford E Series vehicles."

"We are eager to grand open our Parkville, Maryland location on April 17th and 18th, and our new Miami location is currently under construction and we expect it to be complete by Q2 2015."

"This year represents a number of unique opportunities with vehicle introductions, new Commercial Sales division and store openings. These drivers will enhance our sales and bottom line by better meeting the needs of our customers."

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.

EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to operating income or net income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity.

 
 
Hasco Medical, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Years Ended December 31,
 
    2014     2013  
                 
Product sales   $ 73,498,940     $ 58,800,359  
Rental revenue     1,307,053       1,276,154  
Service and other     16,213,515       12,837,102  
  Total net revenues     91,019,508       72,913,615  
                 
Cost of sales     67,684,020       54,935,899  
                 
Gross profit     23,335,488       17,977,716  
                 
Operating expenses:                
  Selling and marketing     4,169,497       3,350,612  
  General and administrative     14,228,076       11,905,466  
  Amortization and depreciation     964,330       1,053,808  
    Total operating expenses     19,361,903       16,309,886  
                 
Income from operations     3,973,585       1,667,830  
                 
Other income (expense):                
  Other income     6,525       487,311  
  Interest expense     (1,103,517 )     (1,068,971 )
    Total other income (expense)     (1,096,992 )     (581,660 )
                 
Income from continuing operations before income taxes     2,876,593       1,086,170  
                 
Provision for income taxes     1,045,966       62,578  
Income from continued operations     1,830,627       1,023,592  
Gain(Loss) from discontinued operations     249,776       (222,038 )
Net income   $ 2,080,403     $ 801,554  
                 
Earnings per share:                
  Basic and dilutive - continued operations   $ 0.00     $ 0.00  
  Basic and dilutive - discontinued operations   $ 0.00     $ 0.00  
                 
Weighted average shares outstanding                
  Basic and dilutive     1,000,518,665       989,545,590  
                   
                   

Contact Information

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