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spine Pain Management, Inc. Reports 2011 Financial Results and Furnishes
Corporate Updates
--Net Revenue up 53% for 2011, Net Income up 20% --Shareholder
Conference Call: Spine Pain Management, Inc. will host an Investors Conference
Call Monday, April 2 at 11:00 AM EDT
HOUSTON, March 30, 2012 /PRNewswire via COMTEX/ -- Spine Pain Management, Inc.
(OTC Bulletin Board: SPIN), through its Chief Executive Officer, William F.
Donovan, M.D., is pleased to report financial results for the year ended
December 31, 2011. This year's report covers the second full year of operations
in which results were totally derived from SPIN's business model put into
operation in August 2009. During the twelve month period ended December 31,
2011, the company's operations focused on continued development of its spine
injury diagnostic business in the Houston and McAllen area as well as expanding
into the Florida market with four new Centers in Tampa, Orlando, Jacksonville
and Sarasota by year end.
2011 Full Year ResultsFor 2011, net revenue was $5,212,165, an increase of 53%
over 2010 net revenue of $3,389,581. Net income was $1,315,004 or $.08 per
share, up 20% over 2010 net income of $1,101,550 or $.06 per share. While the
company's year over year net revenue increased by 53% for 2011, the increase in
net income was less pronounced. Net income for 2011 was significantly affected
by certain expenses, including approximately $227,000 in temporary factoring
expense (the company is no longer factoring) and $393,000 in legal expenses
attributable to the defense of lawsuits brought against the company before the
implementation of the current business model. Had these charges not been
incurred, net income would have been approximately $1,935,000 or $.11 per share
for 2011, an increase of 76% over the prior year.
Q4 2011 ResultsFor Q4 2011 net revenue was up 60% to $1,349,162 from $843,841 in
2010. Net income for Q4 2011 showed a small loss of $13,163 or $.00 per share
vs. net income of $208,304 or $.01 a share in Q4 2010. The expenses described
above in "2011 Full Year Results" were recognized primarily in Q4 2011, which is
a seasonally slow period. This negatively affected net income in spite of a
significant increase in net revenue for the quarter. Adding back charges of
approximately $180,000 in temporary factoring expense and $78,000 in legal
expenses relating to the lawsuits described above would result in net income of
$244,837 or $.01 per share, an increase of 18% over Q4 2010.
2011 Gross ProfitThe company recorded $5,212,165 in net revenues with $2,120,800
in costs of services and gross profit of $3,091,365 for the year ended December
31, 2011. For the same period in 2010, the company recorded $3,389,581 in net
revenues with $1,425,399 in costs of services and gross profit of $1,964,182.
Accordingly, 2011 gross profit increased 57% over 2010.
The company recognizes revenue by reference to "net revenue," which is gross
amounts billed using CPT (Current Procedural Terminology) codes less account
discounts that are expected to result when individual cases are ultimately
settled. Accordingly, the company had gross revenues of $10,594,259 for the year
ended December 31, 2011, versus gross revenues of $6,528,194 for the year ended
December 31, 2010. (The full SEC Filing can be accessed
at:http://www.sec.gov/edgar/searchedgar/companysearch.html (Type in "Spine Pain
Management")
Corporate UpdatesOn February 17, 2012, Northshore Orthopedics, Assoc., an
independent service provider to SPIN and its largest creditor, elected to
exchange $1,020,200 of debt to the company into common shares at a price of
$1.83 per share. Northshore Orthopedics is owned by the company's CEO, William
Donovan, M.D.
Discussions are active and ongoing with potential investors in the previously
disclosed exploration of secured debt placement to enable further expansion of
case volumes. At this point, availability of such growth capital appears ample
but terms that generate clear shareholder value and avoid dilution are taking
time to achieve. As the company has said before, there can be no assurance any
financing will be completed.
Spine Pain Management will present and meet with investors on April 10, 2012 in
New York City at the 23rd annual Analyst Conference run by The Wall Street
Forum. This is one of the largest non-brokerage firm-sponsored investor
conferences, and is for institutional investors. As such, it broadens the
company's investor relations outreach. In addition, Spine Pain is finalizing
plans to participate in another major institutional investor conference in the
Northeast around the middle of the year.
Management Commentary on Results and Guidance"Q411 gross revenues were on plan,
and it was an accomplishment to come in about even with Q311 gross revenues
despite the typical seasonality impact whereby the holidays slow SPIN's
activities," said Dr. William Donovan, CEO. "We achieved significant growth in
revenues for both Q4 and the year, vs. the same periods a year ago. We believe
the legal and other expenses that affected net income are behind us. We are
optimistic for 2012 and beyond, and anticipate we will achieve earnings in line
with previous guidance of $0.30-35 excluding a potential new financing which we
believe would be accretive. At this juncture to be prudent, we are planning for
the low end of the guidance range, with earnings weighted toward the second half
of the year." Dr. Donovan added, "I would like to extend a personal invitation
to all shareholders to join me and the rest of management on Monday's conference
call, where more detail on the results will be addressed."
Investor Conference CallFourth Quarter/Year End investor conference call will be
held on Monday, April 2 at 11:00 AM Eastern Time. In a new practice for the
company, there will be direct telephone access with interactive Q&A time
available after management's prepared remarks. By that morning, slides to be
referenced in the conference call will be available for view under the investor
tab of the corporate website, spinepaininc.com.
Participants may dial (480) 629-9712 and reference Conference ID 4528254. A
replay will be available for 90 days at (877) 870-5176, or for international
callers (858) 384-5517; the pin # is 4528254. Alternatively, investors may
access a live webcast or archive at: http://viavid.net/dce.aspx?sid=00009577
About Spine Pain Management:We are a medical marketing, management, billing and
collection company facilitating diagnostic services for patients who have
sustained spine injuries resulting from traumatic accidents. We deliver turnkey
solutions to spine surgeons, orthopedic surgeons and other healthcare providers
that provide necessary and appropriate treatment of musculo-skeletal spine
injuries resulting from automobile and work-related accidents. Our care
management services help reduce the financial burden on healthcare providers
that provide patients with early-stage diagnostic testing and non-invasive
surgical care, preventing many patients from being unnecessarily delayed or
inhibited from obtaining needed treatment. We believe that our patient advocacy
will be rewarding to patients who obtain needed relief from painful conditions.
Additional information about the company, along with a video can be found at its
website at 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, healthcare services demands, changes in healthcare
practices, government regulation, 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.
For Further Information Contact: Gary M. GiblenDirector of Strategic
Development, Finance & Communicationsggiblen@spinepaininc.com (203) 324-2022
SOURCE Spine Pain Management, Inc.
www.prnewswire.com
Copyright (C) 2012 PR Newswire. All rights reserved
-0-
KEYWORD: Texas
INDUSTRY KEYWORD: HEA
OTC
FIN
SUBJECT CODE: ERN
CCA
I added some at 1.74.....
Nice find.......thx.
OUCH
Bioflamex Corp. (BFLX) Flames Out! Massive Sell-Off Under Way as All
Hands Abandon Ship. Stock Tanks on "Good News", What Gives?
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(BFLX) falls back to earth. At RocketAlerts we have watched this shooting star
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There goes .15 wall.
This stock is a steal anywhere under .20 IMHO.
opps
Hmmm I just got 2 alerts on GRVY for news, but cant find anything.
Anyone know?
PRESS RELEASE: In-Touch Survey Systems Ltd. announces 91% growth in revenues in
Q4 2011
OTTAWA, Feb. 14, 2012 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch")
(TSXV: INX) announces unaudited financial results for Q4 2011. The Company
expects to release its consolidated FY 2011 audited financial results by
April 26 2012. These results are preliminary in nature, prepared by the
Company without audit and could differ from our final audited results.
Q4 2011 revenue increased 91% to $3,016,534 compared to $1,578,627 in Q4
2010. The Company had net earnings of $184,200, an increase of 29% compared
to net earnings of $143,139 in Q4 2010. The Company-defined adjusted EBITDA
increased 18% to approximately $370,000 in Q4 2011, compared to an EBITDA of
$315,000 in Q4 2010.
"We are extremely pleased with our superb revenue growth in Q4 and our 8(th)
consecutive profitable quarter. We achieved growth in all our business
segments while continuing to invest more resources in product development
and marketing. Growth in 2012 will be dependent on a number of internal and
external factors. We are targeting to grow revenues again by at least 25%
from organic growth and we are searching for another 25% growth from
acquisitions or joint ventures. In-Touch is forecasting revenues in 2012 in
the $11,250,000 to $13,500,000 range", said Michael Gaffney, Chief Executive
Officer.
The Company believes that there are substantial opportunities for continued
revenue growth that it can seize if it continues to invest in both marketing
and its proprietary In-Touch Apps software technology. While maintaining
profitability, the Company intends to invest much of the contribution margin
generated by current sales on product development and marketing on an
on-going basis. Net earnings will be reduced accordingly by this continued
investment in our potential to grow. The IMS division, in its first full
year of operation, exceeded revenue targets of $1.25M and we are predicting
100% revenue growth for this division in 2012. The Service Intelligence
("SI") outsourcing agreement and subsequent acquisition of their customers
has been a great success and the Company will complete full integration of
the former customers of SI onto In-Touch technology by mid-year, which will
result in significant gross margin improvement. In addition, the royalty
that we are paying to SI of 10% of revenue from SI's former customers will
reduce to 5% in August 2012 and disappear entirely in July 2013; this too
will enhance our margins substantially.
In-Touch designs, develops and deploys data capture software technology and
data capture services - especially for mobile or offsite applications. It
was one of the first companies in the world to develop HTML 5 applications
to solve the non-persistent nature of wireless networks to enable customers
to continue working without connectivity. The Company's vision of "Perfect
Information. Instantly." resonates powerfully with our customers' needs.
In-Touch's customers range from United States and Canadian governments to
some of the worlds largest auto and insurance brands to numerous Fortune
1,000 retail companies. The Company's overall strategy is to continue to
invest in and search for market verticals needing onsite mobile data capture
and real time business intelligence.
Certain statements included in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties and other factors that may cause 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 statements reflect the Company's current
views with respect to future events, and are based on information currently
available to the Company and on hypotheses which it considers to be
reasonable; however, management warns the reader that hypotheses relative to
future events which are beyond the control of management could prove to be
false, given that they are subject to certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither
approved or disapproved the contents of this press release.
/CONTACT: George Pretli gpretli@intouchsurvey.com Controller and
Corporate Secretary 613-270-7916
Copyright CNW Group 2012
I haven't heard that in about 40 years.
Thanks
Interesting story.
RIP Etta, and Johnny.
Van Morrison...TB Sheets
Merry Christmas all
Happy New year....
Merry Christmas all
Happy New year....
Steve Marriott Five long years.
The Marvelettes. The hunter gets captured by the game
OT I haven't had any of those problems since I started using Google chrome..
OT I haven't seen one of those in years, I thought they when out of business. I took one for spring break back in the late 70s to Florida, $50 round trip. Not bad as long as there isn't any crying baby's in the middle of the night.
Thanks.. So I take it this is either good, or the same as before.
I just noticed this stock got promoted to IPMN.ob, from .PK.
when did that happen?
PS I have been buying too.
Were there more then 250 @ .58?
I got 250 of my order, but thats it so far.
I had UVE but I dont see it on the list..thx eom
This stock is NOT investment grade.
The only thing it is good for is a flip.
When will I buy? Never...but if someone wants to get me a job at the boiler room, pushing this dud. I might consider it as long as the shares aren't restricted.
Good move...I got out when I found out
they were working out of a house worth about 25K
50 Lawrence Street
Lyman, South Carolina 29365 (USA)
http://maps.google.com/maps?rlz=1C1GPCK_enUS439US439&q=50+Lawrence+Street+Lyman,+South+Carolina+29365+(USA)&um=1&ie=UTF-8
Thanksgiving Week 2011 Contest Pick..UVE
Thanksgiving Week 2011 Contest Pick..UVE
Hey board thanks for all the great posts
John 15:18-21
“If the world hates you, you know that it hated Me before it hated you. If you were of the world, the world would love its own. Yet because you are not of the world, but I chose you out of the world, therefore the world hates you. Remember the word that I said to you... If they persecuted Me,? they will also persecute you... because they do not know Him who sent Me."
Agreed with you....I just added
@.6428
I don't...can't be.
That stock looks like CCME juinior.
Looks like Ragnarok has been declining in membership since 2005.
Isn't ragnarok2 just an upgrade of R1?
ITEM 3.D. RISK FACTORS
RISKS RELATING TO OUR BUSINESS
We currently depend on one online game product, Ragnarok Online, for most of our revenues.
Most of our revenues have been and are currently derived from a single online game product, Ragnarok Online, which was commercially introduced in August 2002 and currently commercially offered in 59 countries and markets. We derived Won 42,290 million (US$37,385 thousand) in revenues from Ragnarok Online in 2009 and Won 38,949 million in revenues from Ragnarok Online in 2008, representing approximately 73.7% and 73.3% of our total revenues in 2009 and 2008, respectively.
Ragnarok Online has been in the market for nearly eight years and has reached maturity in most of our principal markets. The life cycle of an online game generally lasts from four to seven years and reaches its peak popularity within the first two years of its introduction after which usage gradually stabilizes and begins to decrease over time. The number of users of Ragnarok Online worldwide reached its peak in the first quarter of 2005 and has continued to decline since such time. Our failure to maintain, improve, update or enhance Ragnarok Online in a timely manner or successfully introduce it in attractive new markets is likely to lead to a continual decline in Ragnarok Online???s user base and subscription revenues and royalties. This will likely lead to a decline in our overall revenues, which would materially and adversely affect our business, financial condition and results of operations.
happy 11-11-11
Tigers could have used him in the playoffs
I think he hit like .070 all through the playoffs.
Maybe
He was a victim of police brutality. Just saying
What did these people do to deserve what they got?
http://en.wikipedia.org/wiki/Kent_State_shootings
Stevia products have been on the shelfs in America for 20+ years.
Nothing new here ...this is not even a good scam IMHO.
A loss after all those record breaking months of profitability?
Southern Home Medical Achieves Seventh Consecutive Month of Profitability and Record Revenues in July
Date : 08/31/2011 @ 8:30AM
Source : MarketWire
Stock : Southern Home Medical Equipment, Inc. (SHOM)
Quote : 0.0072 0.0018 (33.33%) @ 2:29PM
An Interesting Commentary
http://canadafreepress.com/index.php/article/41112