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Liberator Medical Reports Record Revenue For Its First Fiscal Quarter Ended December 31, 2010

Stocks in this article: LBMH

STUART, Fla., Feb. 23, 2011 (GLOBE NEWSWIRE) -- Liberator Medical Holdings, Inc. (OTCBB:LBMH) today announced the financial results for its fiscal first quarter ended December 31, 2010. Sales for the three months ended December 31, 2010, increased by $3,046,000, or 33.3%, to $12,204,000, compared with sales of $9,158,000 for the three months ended December 31, 2009. The increase in sales was primarily due to the Company's continued emphasis on its direct response advertising campaign to obtain new customers and its dedication to customer service to retain its recurring customer base.

Gross profit for the three months ended December 31, 2010, increased by $1,958,000, or 33.1%, to $7,868,000, compared with gross profit of $5,910,000 for the three months ended December 31, 2009. The increase was attributed to increased sales volume for the three months ended December 31, 2010 compared to the three months ended December 31, 2009.

Advertising expenses increased by $1,095,000, or 135.9%, to $1,901,000 for the three months ended December 31, 2010 compared to the three months ended December 31, 2009. The majority of its advertising expenses were associated with the amortization of previously capitalized direct response advertising costs. General and administrative expenses decreased by $100,000, or 9.8%, to $925,000 for the three months ended December 31, 2010, compared to the three months ended December 31, 2009.

Financial Condition

The Company had cash of $7,430,000 at December 31, 2010, compared to cash of $7,428,000 at September 30, 2010, an increase of $2,000. Income from operations for the three months ended December 31, 2010, decreased by $17,000 to $1,143,000, compared to the three months ended December 31, 2009. The decrease in operating income is attributed to its increased investments in payroll, facilities, and advertising costs, partially offset by a reduction in general and administrative costs.

On October 15, 2010, the $2.5 million convertible note was converted into shares of the Company's common stock at a conversion price of $0.75 per share. This was the last remaining convertible note on the Company's balance sheet. As a result of the conversion, the Company no longer faces any additional exposure to changes in fair value of the derivative liabilities associated with the convertible debt issued in May and October 2008. These non-cash charges reduced income before taxes by $902,000 (or $0.02 per share) in the quarter ended December 31, 2010.

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