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Spine Pain Management, Inc. Reports Q2 2010 Financial Results

Aug 17, 2010 09:00:00 (ET)


HOUSTON, Aug 17, 2010 /PRNewswire via COMTEX/ -- Spine Pain Management, Inc. (SPIN, Trade ), through its Director and Chief Executive Officer, Dr. William F. Donovan, is pleased to report financial results for the fiscal quarter ended June 30, 2010. Revenues for the second quarter increased to $1,732,126, or 19% over the prior quarter ended March 31, 2010. Net income for the second quarter was $270,232 or $0.02 per share, a decrease of 24% from the first quarter. This decrease in net income is attributable to a one-time non-cash charge for stock based compensation of $210,000 occurring during the second quarter. For the six months ended June 30, 2010, revenues were $3,184,259 and net income was $625,355 or $0.04 per share. The company did not open its first clinic until August 2009; thus, there is no useful comparison to first half year numbers.

Company Highlights for Q2

On June 19, 2010, the company opened its second treatment clinic in McAllen, Texas. Accordingly, the McAllen clinic was only in operation for 11 days during the second quarter 2010. It is anticipated that the McAllen clinic will have a positive impact on results for the third quarter. Company costs for the opening of this new clinic were reflected in second quarter results.

On May 11, 2010, the company appointed John A. Talamas as Chief Operating Officer. Mr. Talamas was previously serving as Director of Operations. Mr. Talamas has a strong background in national marketing to both the medical and legal professions.

On July 13, 2010, the company held its Annual Meeting of Stockholders. At the meeting, the company's stockholders re-elected Dr. Donovan and Richard Specht as Directors and elected three new members to the Board of Directors. The three new Directors are:

Jerry Bratton, J.D., MBA age 57 Mr. Bratton has served as President of Bratton Steel, L.P. since 2006 and previously with Bratton Steel, Inc. (its predecessor) since 1991. Bratton Steel is a structural steel fabricating company. As President, Mr. Bratton has grown the company from a startup to a company that employs up to approximately 75 employees. He has significant experience in overseeing sales, estimating, project management and contracting. Mr. Bratton served as President of the Texas Structure Steel Institute from 2007 to 2008. He is also a member of the American Institute of Steel Construction. Mr. Bratton has a business and investment background in medical software, personal medical information records storage, RFID security products and energy ventures. Mr. Bratton is a licensed attorney in the State of Texas and previously served as an assistant general counsel in the construction industry. Mr. Bratton earned Juris Doctorate and Master of Business Administration degrees from Texas Tech University in 1977.

Franklin A. Rose, M.D. age 58 Dr. Rose is a Board Certified plastic and reconstructive surgeon. He has been in private practice since 1984 and currently has hospital affiliations in Houston, Texas with First Street Surgical Center, Woman's Hospital of Texas, Memorial Hermann Hospital-Northwest and Twelve Oaks Hospital. Dr. Rose is an experienced surgeon, well acquainted with various surgical and medical procedures. He has also been involved in investing with multiple micro-cap medical companies. Dr. Rose earned a Doctor of Medicine degree from the University of Colorado in 1977, and a Bachelor of Science degree from the University of Wisconsin, Madison in 1973. He is a member of the American Medical Association, the American Society of Plastic Surgeons, the Lipolysis Society of North America and the American Society of North America. He is also the attending plastic surgeon to The Texas Institute of Plastic Surgery.

John Bergeron, CPA age 53 Mr. Bergeron currently serves as President of Jolpeg Inc., a private firm that consults on financial matters in service industries, a position he has held since May 2008. Also since May 2008, he has worked as Controller of Christian Brothers Automotive Corporation, of which he also currently owns and operates a franchise. From May 2005 until May 2008, Mr. Bergeron served as Divisional Controller of Able Manufacturing, a division of NCI Group, Inc, where his responsibilities included financial reporting, budgeting and Sarbanes-Oxley Act compliance. Prior to that, Mr. Bergeron worked as controller of different internet companies and as an accounting manager for several other private firms. He has also worked as an auditor for Arthur Andersen. Mr. Bergeron has more than thirty years experience in financial management and corporate development of manufacturing and service industry companies. He has extensive experience in financial reporting of public companies, risk management, business process re-engineering, structuring and implementing accounting procedures and internal control programs for Sarbanes-Oxley Act compliance. Mr. Bergeron is a Certified Public Accountant. He received a Bachelor of Business Administration in Accounting from Lamar University in 1979. He is also currently the President of the Montgomery County MUD #83.

Dr. Donovan stated: "Aside from the impressive numbers we have been able to achieve in the first half of this year, which have far outperformed our expectations, the addition of our new Directors and COO John Talamas is really the 'crowning' endorsement for the future of SPIN's business model going forward. With their strong business and accounting backgrounds, both in and out of the medical field, paired with the recession resistant business we are in, I am confident that our strong growth to date will only get better for the foreseeable future."

Mr. Talamas said: "I have known and worked with Dr. Donovan as a consultant for some ten years. In my professional career, I have never met a harder working, more success driven individual. Over the years, I have worked as a marketing consultant to many successful companies, both private and public. Serving as COO of SPIN was an opportunity that I could not pass up. I am very familiar with the company and its business. I was a co-architect with Dr. Donovan in developing the original business model."

Details of Spine Pain Management, Inc.'s financial results can be found on its Form 10-Q filed with the SEC at www.sec.gov . The Form 10-Q can also be found on the company's website at www.spinepaininc.com (go to the "Investor Information" tab and click on the "EDGAR Filings" link under the "Corporate SEC Filings" heading).

About Spine Pain Management:

Spine Pain Management is a medical marketing, management, billing and collection company facilitating treatment for patients who have sustained spine injuries resulting from traumatic accidents. Our mission is to deliver turnkey solutions to spine surgeons, orthopedic surgeons and other health care providers for necessary and appropriate treatment for musculo-skeletal spine injuries resulting from automobile and work-related accidents. The goal of the company is to become a leader in providing care management services to spine surgeons and orthopedic surgeons to facilitate proper treatment of their injured clients. By providing early treatment, the company believes that spine injuries can be managed, and injured victims can be quickly placed on the road to recovery. The company believes its advocacy will be rewarding to patients who obtain needed relief from painful conditions . The company provides a care management program that advocates for the injured victims by moving treatment forward to conclusion without the delay and hindrance of the legal process.

Additional information about the company, along with a video can be found at its website at http://www.spinepaininc.com .

Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and other factors over which the company has little or no control. The company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the company's recent filings with the SEC.



Contact:
Spine Pain Management, Inc.
William F. Donovan, M.D.
CEO and Director
713-521-4220
[e-mail]





SPINE PAIN MANAGEMENT, INC. (FORMERLY "VERSA CARD, INC.")
UNAUDITED STATEMENTS OF OPERATIONS





FOR THE FOR THE
------- -------
THREE SIX
MONTHS MONTHS
ENDED ENDED
------ -------
JUNE 30, JUNE 30,
-------- --------
2010 2009 2010 2009
---- ---- ---- ----

REVENUE $1,732,126 $ - $3,184,259 $ -

COST OF
SALES
Service
costs 368,400 - 687,100 -
------- --- ------- ---

GROSS
PROFIT 1,363,726 - 2,497,159 -

OPERATING
EXPENSES
General
and
administrative
expenses $297,738 394,029 382,178 1,050,903
Bad and
Doubtful
Debts
expense 799,246 - 1,494,616 -
------- --- --------- ---

Total
Operating
Expenses 1,096,984 394,029 1,876,794 1,050,903
--------- ------- --------- ---------

NET INCOME
(LOSS)
FROM
OPERATIONS 266,742 (394,029) 620,365 (1,050,903)

Other
income 3,490 - 4,990 -
----- --- ----- ---

NET INCOME
(LOSS) $270,232 $(394,029) $625,355 $(1,050,903)

NET INCOME
(LOSS)
PER
SHARE:
Basic and
Diluted $0.02 $(0.02) $0.04 $(0.07)
===== ====== ===== ======

WEIGHTED-
AVERAGE
SHARES:
Basic and
Diluted 17,118,467 16,317,682 16,993,767 15,356,356
========== ========== ========== ==========





SOURCE Spine Pain Management, Inc.