Revenue for nine-month period improved 10.7 percent year over year
Nine-month EBITDA increased 8.4 percent year over year
Third quarter results impacted by lower reimbursement rates
Board declared 1 percent stock dividend payable in December
DALLAS, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Ascendant Solutions, Inc. (Pink Sheets:ASDS) ("Ascendant" or the "Company") today announced its results for the third quarter of fiscal 2016. The Company reported third quarter Consolidated Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $162,000 compared to consolidated EBITDA of $326,000 in 2015. For the nine months ended September 30, 2016, the Company reported Consolidated Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $503,000 compared to consolidated EBITDA of $464,000 in 2015. For the third quarter ended September 30, 2016, the Company reported a consolidated net loss of $221,000, or $0.01 per share, compared to a net loss of $27,000, or less than $0.01 per share, for the same period of 2015. Consolidated net loss for the nine months ended September 30, 2016 was $760,000 compared to net loss of $306,000 for the nine months ended 2015. "Revenues and gross margins for the third quarter have declined in 2016 due to the impact of lower reimbursements from Medicare and insurers, which is also affecting the broader pharmaceutical industry," said Mark Heil, President and CFO. "In addition, unexpected direct and indirect remuneration fees (DIR) associated with Medicare Part D also impacted our gross margins for the quarter. We have been working diligently to address this situation and believe we will see positive impact from these initiatives and improved margins for our fourth quarter." Healthcare The Company's subsidiary, Dougherty's Holding, Inc. ("DHI"), which owns and operates multiple Dougherty's Pharmacies, reported EBITDA of $280,000 for the third quarter ended September 30, 2016, compared to $464,000 in 2015, a decrease of 39.7%. EBITDA for the nine months ended September 30, 2016, was $906,000 compared to $938,000 in 2015, a decrease of 3.4%.