Attached files
| file | filename |
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| 8-K - FORM 8-K CURRENT REPORT - LIBERATOR MEDICAL HOLDINGS, INC. | f8k121614_8k.htm |
EXHIBIT 99.1
Press Release | Source: Liberator Medical Holdings, Inc. |
Liberator Medical Reports Revenue of $74.5 Million for its Fiscal Year Ended September 30, 2014
Monday, December 15, 8:00 am ET
The Company Reports Net Income of $7.8 Million, or $0.15 per share, for the Year
STUART, Fla., December 15, 2014 (MARKETWIRED) -- Liberator Medical Holdings, Inc. (NYSE MKT:LBMH - News) today announced the financial results for its fiscal year ended September 30, 2014. Financial highlights are summarized below:
In thousands, except per share data |
| FY 2014 |
| FY 2013 |
| Change | ||
|
|
|
|
|
|
|
|
|
Net Sales |
| $ | 74,569 |
| $ | 69,111 |
| 7.9% |
Operating income |
|
| 12,709 |
|
| 11,759 |
| 8.1% |
Net income |
|
| 7,802 |
|
| 7,078 |
| 10.2% |
Earnings per diluted share |
|
| 0.15 |
|
| 0.14 |
| 7.1% |
Dividends declared per share |
| $ | 0.12 |
| $ | 0.08 |
| 50% |
Net sales for fiscal year 2014 increased by $5,458,000, or 7.9%, to $74,569,000, compared with sales of $69,111,000 for fiscal year 2013. The increase in sales was primarily due to our continued emphasis on our direct response advertising campaign to acquire new customers and our emphasis on customer service to maximize the reorder rates for our recurring customer base.
Income from operations for fiscal year 2014 increased by $950,000, or 8.1%, to $12,709,000, compared with fiscal year 2013. The increase in operating income was primarily attributed to increased gross profits driven by our increased sales volumes, as well as reductions in payroll costs as a percentage of net sales.
Net income for fiscal year 2014 was $7,802,000, or $0.15 per diluted share, compared with net income of $7,078,000, or $0.14 per diluted share, for fiscal year 2013.
The Company had cash of $12,261,000 at September 30, 2014, compared with $12,453,000 at September 30, 2013, a decrease of $192,000. The decrease in cash during fiscal year 2014 was due to $5,528,000 of cash provided by operating activities, offset by $360,000 of cash used in investing activities and $5,360,000 of cash used in financing activities.
Other Significant Events for Fiscal Year 2014
·
Our shares were selected to join the Russell Global, Russell 3000 and Russell Microcap Indexes
·
The average annual order value for recurring customers increased to $1,982 per customer
·
Liberator Medical Supply, Inc. named as the 21st largest Medicare provider in 2013 from 26th largest in 2012 by HME News
·
During fiscal year 2014, the Company declared four quarterly cash dividends totaling $0.1225 per common share for its shareholders. The dividend for shareholders of record September 26, 2014 was increased 8.3% to $0.0325 per common share
Mark Libratore, the Company's President and CEO, commented, “I am pleased to report that we were able to grow sales and profits in fiscal 2014. During the year we made investments in critical business systems, staff skills and financial controls while returning over $6.3 million to our shareholders. In fiscal 2014 we expanded the scope and reach of our sales and marketing activities. We increased our participation in commercial insurance plans and launched a sales initiative to healthcare professionals. In fiscal 2015 we will work to grow our customer base by leveraging our direct response advertising. We will continue to evaluate potential acquisitions that are accretive to earnings and assess new products and services that fit our model.”
Stay up-to-date with current events by visiting Liberator Medical's website at www.liberatormedical.com or by joining the Company’s E-Mail Alert List. Join by clicking the following link www.LBMH-IR.com
About Liberator Medical Holdings, Inc.
Liberator Medical Holdings, Inc.'s subsidiary, Liberator Medical Supply, Inc., established the Liberator brand as a leading national direct-to-consumer provider of quality medical supplies to Medicare-eligible seniors. Accredited by The Joint Commission, our Company’s unique combination of marketing, industry expertise and customer service has demonstrated success over a broad spectrum of chronic conditions. Liberator is recognized for offering a simple, reliable way to purchase medical supplies needed on a regular, ongoing, repeat-order basis, with the convenience of direct billing to Medicare and private insurance. Liberator's revenue primarily comes from supplying products to meet the rapidly growing requirements of general medical supplies, personal mobility aids, diabetes supplies, catheters, ostomy supplies and mastectomy fashions. Liberator communicates with patients and their doctors on a regular basis regarding prescriptions and supplies. Customers may purchase by phone, mail or internet, with repeat orders confirmed with the customer and shipped when needed.
Safe Harbor Statement
In this press release and in related comments by our management, our use of the words "expect," "anticipate," "possible," "potential," "target," "believe," "commit," "intend," "continue," "may," "would," "could," "should," "project," "projected," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to, regulatory limitations on the medical industry in general, working capital constraints, fluctuations in customer demand and commitments, fluctuation in quarterly results, introduction of new services and products, commercial acceptance and viability of new services and products, pricing and competition, reliance upon subcontractors and vendors, the timing of new technology and product introductions, and the risk of early obsolescence of our products. Liberator's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provide information about these and other factors, which we may revise or supplement in future reports filed with the Securities and Exchange Commission.
Liberator Medical Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
As of September 30, 2014 and 2013
(In thousands, except dollar per share amounts)
See accompanying notes to consolidated financial statements
Liberator Medical Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
For the fiscal years ended September 30, 2014 and 2013
(In thousands, except dollar per share amounts)
* Four and three quarterly dividends were declared during fiscal years 2014 and 2013, respectively
See accompanying notes to consolidated financial statements
Liberator Medical Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the fiscal years ended September 30, 2014 and 2013
(In thousands)
|
| 2,014 |
| 2,013 | ||
|
|
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
|
|
Net income |
| $ | 7,802 |
| $ | 7,078 |
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
| 10,473 |
|
| 9,404 |
Stock-based compensation |
|
| 201 |
|
| 76 |
Provision for doubtful accounts and contractual adjustments |
|
| 3,506 |
|
| 3,407 |
Deferred income taxes |
|
| 1,532 |
|
| 3,321 |
Reserve for inventory obsolescence |
|
| 14 |
|
| 126 |
Changes in operating assets and liabilities, net of acquisition: |
|
|
|
|
|
|
Accounts receivable |
|
| (4,535) |
|
| (787) |
Deferred advertising |
|
| (14,043) |
|
| (9,000) |
Inventory |
|
| 255 |
|
| 368 |
Other assets |
|
| (205) |
|
| 40 |
Income taxes prepaid and payable |
|
| (1,024) |
|
| 1,104 |
Accounts payable |
|
| 1,171 |
|
| (1,724) |
Accrued liabilities |
|
| 405 |
|
| 235 |
Other liabilities |
|
| (24) |
|
| (15) |
|
|
|
|
|
|
|
Net Cash Flows Provided by Operating Activities |
|
| 5,528 |
|
| 13,633 |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchase of property and equipment and other |
|
| (194) |
|
| (367) |
Proceeds from sale of property and equipment |
|
| 4 |
|
| − |
Acquisition of business, net of cash acquired |
|
| (170) |
|
| (319) |
|
|
|
|
|
|
|
Net Cash Flows Used in Investing Activities |
|
| (360) |
|
| (686) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Repayments to credit line facility |
|
| − |
|
| (1,000) |
Costs associated with credit line facility |
|
| (21) |
|
| (21) |
Proceeds from employee stock purchase plan |
|
| − |
|
| 48 |
Proceeds from exercise of options and warrants |
|
| 896 |
|
| 270 |
Income tax benefit related to exercise of stock options |
|
| 178 |
|
| − |
Cash dividends paid |
|
| (6,314) |
|
| (2,616) |
Purchase of treasury stock |
|
| − |
|
| (430) |
Payments of capital lease obligations |
|
| (99) |
|
| (71) |
|
|
|
|
|
|
|
Net Cash Flows Used in Financing Activities |
|
| (5,360) |
|
| (3,820) |
|
|
|
|
|
|
|
Net (decrease) increase in cash |
|
| (192) |
|
| 9,127 |
|
|
|
|
|
|
|
Cash at beginning of period |
|
| 12,453 |
|
| 3,326 |
|
|
|
|
|
|
|
Cash at end of period |
| $ | 12,261 |
| $ | 12,453 |
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
| $ | 51 |
| $ | 84 |
Cash paid for income taxes |
| $ | 4,170 |
| $ | 171 |
|
|
|
|
|
|
|
Supplemental schedule of non-cash investing and financing activities: |
|
|
|
|
|
|
Capital expenditures funded by capital lease borrowings or term notes |
| $ | 562 |
| $ | 23 |
Cash dividends declared, but not yet paid |
| $ | 1,728 |
| $ | 1,569 |
See accompanying notes to consolidated financial statements
Contacts:
Individual Investor Relations Contact
WSR Communications
772-219-7525
IR@WSRcommunications.com
http://wsrcommunications.ir.stockpr.com/liberatormedical
Institutional Investor Contact
Robert Davis
Liberator Medical Holdings, Inc.
772-463-3737
bdavis@liberatormedical.com
www.liberatormedical.com
Source: Liberator Medical Holdings, Inc.