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CFWH FINRA deleted symbol:
http://otce.finra.org/DLDeletions
CFWH SEC Suspension:
http://www.sec.gov/litigation/suspensions/2015/34-75896.pdf
The Center for Wound Healing Postpones Annual Meeting of Stockholders
Jun 3, 2009 6:23:00 PM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesTARRYTOWN, N.Y.--(BUSINESS WIRE)-- The Center for Wound Healing, Inc. (OTCBB:CFWH) (CFWH), a leading operator of comprehensive wound care treatment centers that offer hyperbaric oxygen therapy as well as other advanced wound care treatment modalities, today announced that its Annual Meeting of Stockholders, scheduled to be held on June 4, 2009 at 10:00 a.m. Eastern time at 1185 Avenue of the Americas, New York, NY, has been postponed indefinitely. Stockholders will be advised as and when the meeting is rescheduled.
About The Center for Wound Healing
The Center for Wound Healing, Inc. is a leading manager of comprehensive wound care treatment centers that offer hyperbaric oxygen therapy (HBO) as well as traditional wound care treatment modalities. The Company manages 35 wound care centers in the eastern United States in partnership with local acute care hospitals. CFWH was founded by physicians in 1997 with a focus on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. The Company's centers have consistently achieved high treatment success rates, resulting in a dramatic increase in patient quality of life and significant cost savings to the healthcare system.
Source: The Center for Wound Healing, Inc.
----------------------------------------------
Andrew G. Barnett
Chief Executive Officer
The Center for Wound Healing
Inc.
(914) 372-3152
andrew.barnett@centerwh.com
or
Lippert/Heilshorn & Associates
Inc.
Don Markley (investors)
(dmarkley@lhai.com)
(310) 691-7100
Jules Abraham (media)
(jabraham@lhai.com)
(212) 838-3777
The Center for Wound Healing, Inc. Announces Financial Results for Third Quarter and Nine Months of Fiscal Year 2009
Conference Call Begins at 4:30 p.m. EDT Today
May 13, 2009 4:05:00 PM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesTARRYTOWN, N.Y.--(BUSINESS WIRE)-- The Center for Wound Healing, Inc. (OTCBB:CFWH) (CFWH), a leading manager of comprehensive wound care treatment centers that offer wound care and hyperbaric oxygen therapy (HBO), today announced financial results for the third quarter and nine months of fiscal 2009 ended March 31, 2009.
Financial highlights for the third quarter of fiscal 2009 include the following:
-- Total revenue of $6.9 million, up 6 percent
-- Gross margin of 47.1 percent
-- HBO treatments per center per day increased 23 percent
-- EBITDA of $1.8 million
-- Cash flow from operations of $1.2 million
Other highlights of the third quarter and to date include:
-- The opening of two Centers for Wound Healing, each of which was
designed, built and financed by CFWH:
o A 2,900 square foot facility at The Jameson Hospital Center for Wound
Healing in New Castle, Pennsylvania in February, which contains three
wound treatment rooms and two hyperbaric oxygen chambers; and
o A 1,724 square foot facility at the University Medical Center at
Princeton in Princeton, New Jersey in April, which contains two
treatment rooms and two hyperbaric oxygen chambers.
-- Maintaining a high rate of treatment success, as better than 80 percent
of the patients treated in CFWH hyperbaric chambers have healed.
-- Attendance at the Symposium on Advanced Wound Care in Dallas in April;
this is one the largest conferences dedicated solely to wound care,
attended by more than 2,500 clinicians. During the event, CFWH chairman
and medical director John V. Capotorto was elected Secretary of the
American Association for Wound Care Management.
-- The rollout of WoundDocs, the company's web-based Electronic Medical
Records (EMR) application, throughout the company's portfolio of 35
centers.
"Our revenue continued to grow in the third quarter as we increased utilization rates across the entire portfolio, while ramping up operations at two recently opened centers in Pennsylvania and closing three underperforming centers prior to the end of the quarter (the company had 34 centers in operation as of March 31). Our performance demonstrates the quality and consistency of our staffing, marketing and education efforts in the hospital markets we serve," commented Andrew G. Barnett, The Center for Wound Healing's Chief Executive Officer. "In addition, by generating cash flow from operations of $1.2 million in the quarter and $3.6 million in the first nine months of the fiscal year, we are well positioned to continue our expansion with current capital resources.
"The company's operating results reflect our intense focus on improving center performance and prudently investing in people and systems to support the expansion of our services and partnerships with hospitals. I am pleased to report that we have completed the rollout of our state-of-the-art web-based electronic medical record application called 'WoundDocs,' which will contribute to our ability to improve patient service, utilization and control costs for ourselves and our hospital partners," continued Barnett. "We also have made significant progress on our objective of increasing the company's visibility and name awareness in the healthcare community. For example, we recently added clinical liaison associates who are building strong referral relationships among key physician groups, including podiatrists and vascular surgeons. We also recently attended one of the most important events for wound care clinicians and professionals, the Symposium on Advanced Wound Care, where our presentation booth received significant attention and traffic. I am also proud that during the symposium the Center for Wound Healing's chairman and medical officer, John Capotorto, was elected secretary of the American Association for Wound Care Management.
"Looking forward, we believe our demonstrated patient treatment success and increased market development efforts will continue to drive the number of wound care treatments at our centers, delivering higher revenue and contribution per center. We have also reignited our business development efforts and we are evaluating a number of opportunities to expand our operations through new center development and other means, including acquiring existing wound center operations," Barnett said.
Third Quarter Fiscal 2009 Financial Results
Revenue for the quarter ended March 31, 2009 was $6.9 million, a 6 percent increase compared with revenue of $6.5 million for fiscal 2008 third quarter. Revenue growth is the result of significant increases in wound care treatments and revenue per treatment plus higher HBO volumes at existing centers.
Gross margin for the quarter ending March 31, 2009 was 47.1 percent compared with gross margin of 48.8 percent for the same period a year ago. The reduced margin reflects investments in personnel, systems and equipment necessary to support future growth.
EBITDA, a critical measure of the Company's financial performance, was $1.8 million, and cash flow from operations was $1.2 million.
For the three months ended March 31, 2009, the Company reported a net loss of $1.0 million or ($0.04) per share, compared to a net loss of $1.1 million or ($0.05) per share for the 2008 three-month period.
Nine Month Financial Results
Revenue for the first nine months of fiscal 2009 was $21.5 million, a 14 percent increase compared with total revenue of $18.9 million for the first nine months of fiscal 2008.
Gross margin for the nine months ending March 31, 2009 was 48.6 percent, compared with gross margin of 48.9 percent for the same period a year ago.
The Company generated nine-month fiscal 2009 EBITDA of $6.3 million compared to $6.5 million in the prior period. The slightly lower EBITDA is due to the reduced gross margin (as stated above) plus increases in the bad debt reserve in response to the more difficult economic environment. The Company's EBITDA margin was 29 percent. The company generated $3.6 million of cash from operations for the nine months ended March 31, 2009 compared to generating $1.2 million of cash from operations for the nine months ended March 31, 2008. For the fiscal year ended June 30, 2008 the company generated $2.0 million from operations.
For the nine months ended March 31, 2009, the Company reduced its net loss by 13 percent, posting a net loss of $3.0 million or ($0.13) per share, compared with a net loss of $3.4 million or ($0.15) per share for the fiscal 2008 nine-month period.
Conference Call
Management will host a conference call to review the Company's financial results, provide an update on its corporate development programs and answer questions on Wednesday, May 13, 2009 at 4:30 p.m. Eastern time. To access the live call, please dial 888-443-9985 at least five minutes prior to the start of the call. The participant pass code is 97300372. For two days following the conclusion of the call, an audio replay can be accessed by dialing 800-642-1687 and using the pass code 97300372.
A live audio webcast of the call will be available on the Company's website at www.centerwh.com. The call will also be archived for 90 days at www.streetevents.com, www.fulldisclosure.com and www.centerwh.com.
About The Center for Wound Healing, Inc.
The Center for Wound Healing, Inc. is a leading manager of comprehensive wound care treatment centers that offer hyperbaric oxygen therapy (HBO) as well as traditional wound care treatment modalities. The Company manages 35 wound care centers in the eastern United States in partnership with local acute care hospitals. CFWH was founded by physicians in 1997 with a focus on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. The Company's centers have consistently achieved high treatment success rates, resulting in a dramatic increase in patient quality of life and significant cost savings to the healthcare system.
Forward-Looking Statements
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors. The Center for Wound Healing undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in The Center for Wound Healing's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact The Center for Wound Healing's success are more fully disclosed in The Center for Wound Healing's most recent public filings with the U.S. Securities and Exchange Commission.
THE CENTER FOR WOUND HEALING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For The Three Months Ended For The Nine Months Ended
March 31, March 31,
2009 2008 2009 2008
REVENUES
Treatment fees $ 6,884,971 $ 6,498,789 $ 21,489,871 $ 18,911,023
OPERATING
EXPENSES
Cost of services 3,642,684 3,330,333 11,045,076 9,657,058
Sales and 41,116 7,794 133,934 44,888
marketing
General and 2,254,664 2,244,197 7,538,282 6,408,455
administration
Depreciation and 251,388 117,781 732,975 297,632
amortization
Bad debts 240,000 1,902 684,006 216,458
TOTAL OPERATING 6,429,852 5,702,007 20,134,273 16,624,491
EXPENSES
OPERATING INCOME 455,119 796,782 1,355,598 2,286,532
OTHER EXPENSES
Interest expense 1,404,067 1,563,156 4,291,637 5,433,643
Interest Income (5,555 ) - (18,888 ) -
Minority
interest in net
(income) loss of 62,270 275,138 (6,214 ) 181,770
consolidated
subsidiaries
Loss on disposal
of property and - - - 68,880
equipment
Other Expenses - 20,866 - 20,866
TOTAL OTHER 1,460,782 1,859,160 4,266,535 5,705,159
EXPENSES
LOSS BEFORE
PROVISION FOR (1,005,663 ) (1,062,378 ) (2,910,937 ) (3,418,627 )
INCOME TAXES
PROVISION FOR
INCOME TAXES - 17,897 7,140 75,904 18,845
CURRENT
NET LOSS $ (1,023,560 ) $ (1,069,518 ) $ (2,986,841 ) $ (3,437,472 )
NET LOSS PER
COMMON SHARE
BASIC
AND DILUTED $ (0.04 ) $ (0.05 ) $ (0.13 ) $ (0.15 )
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES - BASIC 23,373,281 22,985,781 23,373,281 22,932,108
AND DILUTED
THE CENTER FOR WOUND HEALING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS AT
ASSETS
March 31, June 30,
2009 2008
(Unaudited)
CURRENT ASSETS
Cash in bank $ 249,846 $ 55,139
Accounts receivable, net of allowance for
doubtful accounts of $2,423,203 and $2,941,917 16,393,988 14,563,325
respectively
Notes Receivable 449,584 460,872
Income tax refunds receivable - 2,090
Prepaid expenses and other current assets 198,317 398,631
Total current assets 17,291,735 15,480,058
Notes Receivable - 134,295
Property and equipment, net 8,240,780 8,886,005
Intangible assets 3,018,017 4,402,495
Goodwill 751,957 751,957
Other assets 2,722,780 2,822,687
TOTAL ASSETS $ 32,025,269 $ 32,477,495
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 3,199,037 $ 3,844,541
Current maturities of capital leases 182,720 526,107
Short-term borrowings 2,054,989 4,200,000
15% senior secured note payable 2,462,109 939,856
Payable to former Majority Members 268,033 618,033
Due to affiliates 257,950 261,006
Total current liabilities 8,424,838 10,389,542
15% senior secured note payable, net of 17,713,336 15,291,782
current maturities
Notes payable, net of current maturities 1,608,215 782,133
Capital lease obligations, net of current 25,512 131,774
maturities
Minority interest in consolidated subsidiaries 490,839 558,205
TOTAL LIABILITIES 28,262,740 27,153,437
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value; 10,000,000 - -
shares authorized;
none outstanding
Common stock, $0.001 par value; 290,000,000
shares authorized;
23,373,281 issued and outstanding 23,373 23,373
Additional paid-in capital 27,645,600 26,220,288
Accumulated deficit (23,906,444 ) (20,919,603 )
TOTAL STOCKHOLDERS' EQUITY 3,762,529 5,324,058
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 32,025,269 $ 32,477,495
Source: The Center for Wound Healing, Inc.
----------------------------------------------
Andrew G. Barnett
Chief Executive Officer
The Center for Wound Healing
Inc.
(914) 372-3152
andrew.barnett@centerwh.com
or
Lippert/Heilshorn & Associates
Inc.
Don Markley (investors)
(dmarkley@lhai.com)
(310) 691-7100
Jules Abraham (media)
(jabraham@lhai.com)
(212) 838-3777
The Center for Wound Healing, Inc. To Host Third Quarter 2009 Financial Results Conference Call Wednesday, May 13, 2009 at 4:30 PM Eastern Time
May 6, 2009 11:26:00 AM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesTARRYTOWN, N.Y.--(BUSINESS WIRE)-- The Center for Wound Healing, Inc. (OTCBB:CFWH) (CFWH), a leading operator of comprehensive wound care treatment centers that offer hyperbaric oxygen therapy as well as other advanced wound care treatment modalities, today announced that the Company will release financial results for the third quarter and nine months of fiscal 2009, which ended March 31, 2009, following the close of the market Wednesday, May 13, 2009.
Andrew G. Barnett, President and Chief Executive Officer, will host a conference call for investors beginning at 4:30 p.m. Eastern Time on Wednesday, May 13, 2009. The call will review the Company's financial results, provide an update on its corporate development programs and answer questions.
Shareholders and other interested parties may participate in the conference call by dialing +1 (888) 443 - 9985 (domestic) or +1 (706) 679-4718 (international) and entering conference ID number 97300372 a few minutes before 4:30 p.m. ET on Wednesday, May 13, 2009.
A live audio webcast of the call will be available at www.streetevents.com, www.fulldisclosure.com and on the Company's website at www.centerwh.com. The call will also be archived for 90 days at www.streetevents.com, www.fulldisclosure.com and www.centerwh.com.
A replay of the conference call will be accessible two hours after its completion through February 20, 2009 by dialing +1 (800) 642-1687 (domestic) or +1 (706) 645-9291 (international) and entering conference ID number 97300372. The call will also be archived for 90 days at www.streetevents.com, www.fulldisclosure.com and www.centerwh.com.
About The Center for Wound Healing
The Center for Wound Healing, Inc. is a leading manager of comprehensive wound care treatment centers that offer hyperbaric oxygen therapy (HBOt) as well as traditional wound care treatment modalities. The Company manages 35 wound care centers in the eastern United States in partnership with local acute care hospitals. CFWH was founded by physicians in 1997 with a focus on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. The Company's centers have consistently achieved high treatment success rates, resulting in a dramatic increase in patient quality of life and significant cost savings to the healthcare system.
Source: The Center for Wound Healing, Inc.
----------------------------------------------
Andrew G. Barnett
Chief Executive Officer
The Center for Wound Healing
Inc.
(914) 372-3152
andrew.barnett@centerwh.com
or
Lippert/Heilshorn & Associates
Inc.
Don Markley (investors)
(dmarkley@lhai.com)
(310) 691-7100
Jules Abraham (media)
(jabraham@lhai.com)
(212) 838-3777
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The Center for Wound Healing, Inc. Announces Record Financial Results for Fiscal Year 2008
Company Qualifies to Trade in Over The Counter Market
TARRYTOWN, N.Y., Sep 25, 2008 (BUSINESS WIRE) -- The Center for Wound Healing, Inc. (OTCBB:CFWH) ("CFWH"), a leading manager of comprehensive wound care treatment centers that offer hyperbaric oxygen therapy ("HBOt") as well as traditional wound care treatment modalities, today announced financial results for its fourth quarter and fiscal year ended June 30, 2008. Financial highlights for fiscal year 2008 include the following (all comparisons are with the fiscal year 2007):
-- Record total revenue of $26.4 million, up 33 percent
-- HBOt treatments increased 26 percent
-- Operating income of $3.1 million compared with an operating loss of $7.0 million
-- Gross margin of 50.1 percent, up nearly 900 basis points
-- EBITDA increased to $8.6 million; FY 2007 EBITDA was $180,000
Other highlights include:
-- Completed $17.5 million investment by Bison Capital Asset Management, LLC, on March 31, 2008
-- Opened its 35th wound care center in August at Monmouth Medical Center in Monmouth County, N.J.
-- Construction started on three additional centers projected to be opened by January 1, 2009
-- Operational and organizational restructuring completed including realigned portfolio management; "go-live" with financial reporting application suite; rollout of new, proprietary state-of-the-art electronic medical records systems; recruitment of talented individuals to execute and support the company's planned growth strategies.
"We are especially proud of our employees, our most important asset, without whom we would not have delivered the outstanding, record performance for the quarter and fiscal year. We achieved records in revenue levels and year-over-year growth; gross margin dollars and percent of net revenue; and cash flow from operations. We have made significant progress improving treatment volumes which, in combination with implementing corporate and financial controls, have resulted in substantial operating leverage. The result is a 33% increase in sales, a 50% gross margin and an EBITDA that is 33% of net revenue," commented Andrew G. Barnett, The Center for Wound Healing's Chief Executive Officer.
"During fiscal 2008, we restructured our balance sheet and negotiated revised terms of our senior bank debt, completed the long-term financing with Bison Capital, retired extended commitments and eliminated otherwise onerous debt. Consequently, we now have in place substantial financing capacity and long-term capital to continue our expansion and to provide leading edge care to patients.
"Moving forward, we are very excited by the opportunities we have for growth and expansion. In addition to the considerable opportunity we have to further improve treatment levels in our existing portfolio, we believe we will continue to garner benefits from the operating leverage we have; we also have a strong pipeline of new hospital opportunities in varying stages of negotiation. We expect to open three new centers by January 2009, and to close contracts on and open an additional eight new centers in 2009. We now have the infrastructure in place to support this expansion while maintaining our overhead costs.
"We are confident of the growing potential for comprehensive wound care and HBOt therapy: Eighty percent of our patients are diabetic; today, in the United States, the diabetic population exceeds 24 million and is growing by one million new patients per year. HBOt delivered across the CFWH portfolio has served as a life altering treatment modality, reducing the need for amputation for 80% of those diabetic patients facing limb amputation as their only alternative," concluded Barnett.
Fiscal Year 2008 Financial Results
Total treatment revenue for the fiscal year ending June 30, 2008, was $26.4 million, a 33 percent increase compared with revenue of $19.8 million for fiscal 2007. The increase in revenue reflects improved performance throughout the portfolio -- average daily HBOt treatments at existing centers were up 16 percent year-over-year -- plus four new centers came on line during the fiscal year.
Operating income for fiscal 2008 was $3.1 million compared with a fiscal 2007 operating loss of $7.0 million. The gross margin for fiscal year 2008 increased nearly 900 basis points to 50.1 percent from 41.3 percent in the prior year as a result of increased revenue, an operational restructuring and the implementation of significant corporate and financial controls. The net loss for fiscal year 2008 narrowed to $4.3 million or $0.19 per common share from the prior year's net loss of $9.4 million or $0.41 per common share. The difference between operating income and the net loss is due to $10.5 million of charges including $4.0 million of fixed asset and equipment depreciation, $4.2 million of noncash interest expense and $2.3 million of amortization of deferred financing costs and warrants issued in connection with two private placements.
About The Center for Wound Healing
The Center for Wound Healing, Inc. is a leading manager of comprehensive wound care treatment centers that offer hyperbaric oxygen therapy ("HBOt") as well as traditional wound care treatment modalities. The Company manages 35 wound care centers in the eastern United States in partnership with local acute care hospitals. CFWH was founded by physicians in 1997 with a focus on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. The Company's centers have consistently achieved high treatment success rates, resulting in a dramatic increase in patient quality of life and significant cost savings to the healthcare system.
Forward-Looking Statements
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors. The Center for Wound Healing undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in The Center for Wound Healing's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact The Center for Wound Healing's success are more fully disclosed in The Center for Wound Healing's most recent public filings with the U.S. Securities and Exchange Commission.
THE CENTER FOR WOUND HEALING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF JUNE 30
ASSETS
2008 2007
CURRENT ASSETS
Cash in bank $ 55,139 $ 216,458
Accounts receivable, net of allowance for doubtful accounts of 14,563,325 10,754,557
$2,941,917 and $2,202,510 respectively
Notes Receivable 460,872 367,484
Income tax refunds receivable 2,090 883,596
Prepaid expenses and other current assets 398,631 157,801
Total current assets 15,480,058 12,379,896
Notes Receivable 134,295 385,478
Property and equipment, net 8,886,005 7,970,325
Investment in unconsolidated affiliates - 75,702
Intangible assets 4,402,495 3,131,184
Goodwill 751,957 447,531
Other assets 2,822,687 1,959,717
TOTAL ASSETS $ 32,477,495 $ 26,349,833
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 3,844,541 $ 5,661,811
Current maturities of capital leases 526,107 1,530,862
Short-term borrowings 4,200,000 5,500,000
Notes payable 939,856 2,429,260
8% Secured convertible debentures - 6,485,601
Payable to former Majority Members 618,033 771,357
Due to affiliates 261,006 206,082
Total current liabilities 10,389,542 22,584,973
15% senior secured note payable 15,291,782 -
Notes payable, net of current maturities 782,133 65,254
Capital lease obligations, net of current maturities 131,774 498,688
Minority interest in consolidated subsidiaries 558,205 908,202
TOTAL LIABILITIES 27,153,437 24,057,117
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares authorized; - -
non-outstanding
Common stock, $0.001 par value; 290,000,000 shares authorized; 23,373 22,656
23,373,281 and 22,655,781 issued and outstanding at June 30, 2008
and 2007, respectively
Additional paid-in capital 26,220,288 18,866,478
Accumulated deficit (20,919,603 ) (16,596,418 )
TOTAL STOCKHOLDERS' EQUITY 5,324,058 2,292,716
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 32,477,495 $ 26,349,833
THE CENTER FOR WOUND HEALING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the years ended June 30,
2008 2007
REVENUES
Treatment fees $ 26,357,619 $ 19,842,064
OPERATING EXPENSES
Cost of Services 13,157,728 11,642,333
Sales and marketing 180,367 287,060
General and administration 8,466,779 11,785,313
Abandonment & Impairment Loss 189,992 2,076,266
Depreciation and amortization 443,581 59,917
Bad debt expense 796,027 965,553
TOTAL OPERATING EXPENSES 23,234,475 26,816,442
OPERATING INCOME (LOSS) 3,123,144 (6,974,378 )
OTHER EXPENSE
Interest expense 7,245,961 3,595,044
Interest income (41,344 ) (25,281 )
Minority interest in net loss of consolidated subsidiaries 131,901 (172,390 )
Equity in net loss of unconsolidated affiliates - -
Loss on disposal of property and equipment 68,880 29,270
Other expenses 20,865 432,500
TOTAL OTHER EXPENSE 7,426,264 3,859,143
(LOSS) BEFORE INCOME TAXES (4,303,121 ) (10,833,521 )
PROVISION (BENEFITS) FOR INCOME TAXES
Current taxes 20,065 (356,511 )
Deferred taxes - (1,094,984 )
TOTAL PROVISION FOR INCOME TAXES (BENEFITS) 20,065 (1,451,495 )
NET (LOSS) $ (4,323,186 ) $ (9,382,026 )
NET (LOSS) PER COMMON SHARE BASIC AND DILUTED $ (0.19 ) $ (0.41 )
WEIGHTED AVERAGE NUMBER OF COMMON SHARES - BASIC AND DILUTED 22,997,476 22,655,781
SOURCE: The Center for Wound Healing, Inc.
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