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Liberator Medical Reports Net Revenues Of $15.0 Million For Third Fiscal Quarter Of 2012

Stocks in this article: LBMH

STUART, Fla., Aug. 15, 2012 (GLOBE NEWSWIRE) -- Liberator Medical Holdings, Inc. (OTCBB:LBMH) announced net revenues of $15.0 million for the three months ended June 30, 2012, an increase of $1.7 million, or 12.3%, compared with sales of $13.3 million for the three months ended June 30, 2011. Sales for the nine months ended June 30, 2012, increased by $6.2 million, or 16.3%, to $44.4 million, compared with sales of $38.2 million for the nine months ended June 30, 2011. 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 customer service to maximize the reorder rates for its recurring customer base.

Income from operations for the three months ended June 30, 2012, increased by $0.8 million, or 203.9%, to $1.2 million, compared with income from operations of $0.4 million for the three months ended June 30, 2011. Income from operations for the nine months ended June 30, 2012, increased by $1.0 million, or 46.2%, to $3.1 million, compared with income from operations of $2.1 million for the nine months ended June 30, 2011. The increase in operating income was due to increased gross profits driven by our increased sales volumes as well as a reduction as a percentage of sales in advertising, bad debt, and general and administrative expenses, partially offset by an increase in payroll expenses.

Third Quarter 2012 Highlights

  • Net revenues of $15.0 million for the third fiscal quarter of 2012, an increase of $1.7 million, or 12.3%, compared with the third fiscal quarter of 2011.
  • Income from operations for the third fiscal quarter of 2012 increased by $0.8 million, or 203.9%, to $1.2 million, compared with the third fiscal quarter of 2011.
  • Net Income of $676,000 for the third fiscal quarter of 2012, an increase of $586,000, or 651%, compared with the third fiscal quarter of 2011. For the nine months ended June 30, 2012, net income increased $1.6 million, or 813% (including a $902,000 non-cash expense for embedded derivatives in the first quarter of FY2011), compared with the nine months ended June 30, 2011.
  • At June 30, 2012, current assets of $17.8 million exceeded current liabilities of $6.5 million by $11.3 million.

Mark Libratore, CEO, stated: "We have continued to increase our sales and have increased our profitability during the first three quarters of fiscal year 2012 compared with fiscal year 2011. Our direct-response advertising campaign has generated new customers at lower costs per acquired customer this year compared with last year's advertising results, which has driven our increased sales and profitability. I am confident that our overall advertising strategy and continued emphasis on operational efficiencies will enable us to continue to attract new customers in a growing medical supply market, retain our existing customer base, and deliver positive financial results."

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