STUART, Fla., Jan. 18, 2011 (GLOBE NEWSWIRE) -- Liberator Medical Holdings, Inc. (OTCBB:LBMH) announced net revenues for fiscal year 2010 of $40,919,000, an increase of $15,101,000, or 58.5%, compared with fiscal year 2009. The increase in sales was primarily due to the Company's continued emphasis on its direct response advertising campaign. Liberator's direct response advertising expenditures for fiscal year 2010 increased by $6,617,000, or 157.9%, to $10,808,000, compared with fiscal year 2009.
For the fourth fiscal quarter 2010, the Company reported net revenues of $11.49 million representing an increase of $3.79 million, or 49%, over fourth fiscal quarter 2009 net revenues of $7.70 million.
The Company's gross profit for fiscal year 2010 increased by $9,802,000, or 58.5%, to $26,570,000, compared with fiscal year 2009. The increase was attributed to increased sales volume for fiscal year 2010 compared to fiscal year 2009. As a percentage of net sales, gross profit for fiscal year 2010 was 64.9%, unchanged from fiscal year 2009.During fiscal year 2010, the Company added seventy-five employees, including several key management personnel hired to focus on new product opportunities, increased sales within its existing product lines, additional distribution channels within the insurance industry, and improved productivity within its operations, lead management, and accounting groups. As of September 30, 2010, the Company had 214 active employees, compared to 139 at September 30, 2009. Financial Condition The Company had cash of $7,428,000 at September 30, 2010, compared to $3,798,000 at September 30, 2009, an increase of $3,630,000. This increase in cash during fiscal year 2010 was primarily due to net proceeds of $6,593,000 from the sale of common stock in March 2010, proceeds of $1,592,000 from the exercise of warrants during fiscal year 2010, and net proceeds of $500,000 from the sale of certificates of deposit. The Company used $2,336,000 of cash for operations, $1,812,000 for purchases of property and equipment and other investing activities, and $1,031,000 to pay debt obligations.