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STUART, Fla., Nov. 19, 2010 (GLOBE NEWSWIRE) -- Liberator Medical Holdings, Inc. (OTCBB:LBMH) today announced record net revenues of approximately $11.49 million for its fiscal fourth quarter ended September 30, 2010, and $40.92 million for the fiscal year ended September 30, 2010.
Net revenues for the fourth fiscal quarter 2010 increased 51.5% from $7.586 million for the quarter ended September 30, 2009, and up 8.2% sequentially from $10.62 million for the quarter ended June 30, 2010. For fiscal year 2010, the Company reported net revenues of $40.92 million, representing an increase of 58.5% over fiscal year 2009 net revenues of $25.82 million.
Mark Libratore, the Company's President and CEO, commented, "Despite difficult advertising conditions due to the aggressive election spending on direct response time slots, this is the tenth consecutive quarter we have reported record net revenues. I am also very pleased that we have achieved our internal revenue growth objective of increasing net revenue for fiscal year ended 2010 by 50% over fiscal year ended 2009. Liberator's substantial sales growth is a result of our continued commitment to our direct marketing efforts and dedication to customer service. In addition, we are starting to see the benefits from the completion of our new facility and our 75 new employees. During the last quarter of the calendar year, we expect our strong sales trends to continue driven by proven advertising methods and additional staff members."
Appointment of new Board Member
On October 21, 2010, the Company announced the appointment of Tyler Wick to the Board of Directors. Mr. Wick co-founded Ticonderoga Capital and has over thirteen years of industry tenure in the financial markets including eleven years of private equity experience. His private equity experience includes serving as an Associate at Dillon Read Venture Capital and ten years at Ticonderoga Capital. Previously, Mr. Wick was an Associate in the healthcare practice of the investment-banking group of Advest, Inc., where he focused on private placements and mergers and acquisitions for middle market healthcare services companies.