SOURCE: MIT Holding Inc.

August 26, 2015 08:30 ET

MIT Holding's Successful Re-Organization Generates First Profit in Company History

LOS ANGELES, CA--(Marketwired - Aug 26, 2015) - MIT HOLDING, INC. (OTC: MITD), operating through its agents, facilitators and contractual obligations to offer professional outpatient medical care with ambulatory infusion therapies, home infusion services, and medical equipment delivery, today reports its financial results for the 2015 second quarter, marking the company's first quarter of profitability.

Key points include:

  • MITD's sales for the first six months were $851,724, an increase over sales of $473,153 for the same period of 2014. Adjusted net income for the period was $265,967, or $0.0027 per diluted share.

  • On a GAAP basis, MITD's first six months of 2015 earned a gross profit of $631,725 compared to $312,240 for the comparable period of 2014.

  • Receivables increased to $286,853 as compared to $208,269 for the same period of 2014.

  • The six-month period ended June 30, 2015, produced a per share profit on 202% increase in revenues, as compared to the same period of 2014, reflecting a 37% increase in receivables.

  • MITD is currently in the process of completing corporate audits to become fully compliant with the SEC by year-end 2015.

Tommy Duncan, president of MIT Holding, added, "After implementing our corporate goals on January 1, 2014, we experienced normal growing pains and produced a profitable and solid company in 18 months. The business plan is now firmly entrenched in the expansion phase. In addition to organic growth goals of 20-25% per year on existing business, we expect acquisitions and the opening of new facilities in untapped geographic locations throughout the United States. When we cannot locate a sound acquisition for purchase within a target market, MIT Holding has the ability to 'open from scratch' facilities that will host our products and services."

MIT Holding Chief Executive Officer Walter Drakeford added, "We are pleased with the strong financial and operational performance of our reorganization strategy. The first six months of profit and growth validate our strategy and approach to our business model. The unabated growth in the medical industry is creating headwinds, contributing to our continued growth and profitability. The MITD concept of bringing together all necessary services and products under one umbrella for a patient's post-medical event recovery is, to our knowledge, the first in the industry."

MIT Holding would like to alert shareholders and readers of an upcoming investors conference call to be scheduled prior to the end of third quarter September 30, 2015. Date, time and dial-in instructions will be released two weeks prior to the call.

ABOUT MIT HOLDING, through its agents, facilitators and contractual obligations, offers professional outpatient medical care with ambulatory infusion therapies, home infusion services, and medical equipment delivery. The company is also pursuing government contacts to obtain approval to import pharmaceutical products into the Americas.

In support of these core services, MIT Holding provides expert legal, accounting, advisory and educational services to physicians, medical centers, hospitals, small and large businesses regarding the Affordable Care Act; offers travel and transportation services of medically challenged patients for medical needs and personal travel; and through its contracts is approved to, conduct and administer FDA clinical trials.

Collectively, these services contribute to MIT Holding's strategy to provide custom prescription solutions in a variety of methods and generate multiple revenue streams. Following a successful reorganization initiative in January, 2014, MIT Holding is positioned to achieve 32% minimum net profits and has maintained profitability in its fiscal second and third quarters. This profitability validates the company's business model and its approach to the evolving Affordable Health Care Act and its impact on the health services industry.

MIT Holding meets and/or exceeds major U.S. health insurance requirements and is therefore able to direct bill and receive payments from carriers on behalf of the patient its agents and its facilitators. This ability marks an important step in the company's goal of developing the first-of-its-kind seamless transition for patient needs from hospital discharge to complete home recovery. This and other corporate initiatives are spearheaded by a management team committed to building shareholder value, revenues and corporate expansion while providing viable solutions to the perpetual changes in the health care sector.

Forward-Looking Statements:
This news release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements regarding beliefs, plans, expectations or intentions contain reasonable expectations, there can be no assurance that such beliefs, plans, expectations, and intentions will prove to be accurate.

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