HASC .03 lots of shares outstanding.
Q2 2014 Financial Summary
Net revenues for the second quarter of 2014 totaled a record $24.0 million, up 28% from $18.7 million in the same year-ago quarter. The improvement was primarily due to the increase in private-pay business for van sales, as well as the contribution of Auto Mobility Sales that the company acquired last September. Service and other revenue totaled $4.0 million, up 11% from the same year-ago quarter.
Gross profit was $5.1 million or 21.4% of total net revenues, compared to $4.3 million or 23.2% of total net revenues in the same year-ago quarter. The gross margin decrease is due to more competitive pricing in the marketplace, taking more deals from the competitors and pushing more business in the commercial/taxi arena versus retail only sales.
Net income totaled $260,000, as compared to net income of $251,000 in the same year-ago quarter.
First Half 2014 Financial Summary
Net revenues for the first half of 2014 totaled a record $44.5 million, up 32% from $33.7 million in the first half of 2013. Service and other revenue totaled $7.9 million, up 22% from the same year-ago period.
Gross profit was $10.4 million or 23.2% of total net revenues, compared to $7.8 million or 23.1% of total net revenues in the same year-ago period.
Net income totaled $455,000, as compared to net income of $52,000 in the same year-ago period.
Management Commentary
"In the second quarter of 2014, strong sales of handicap accessible vehicles across all of our East Coast dealerships resulted in a record topline with bottom line growth sequentially and year-over-year," said Hal Compton, CEO of HASCO Medical. "Subsequent to the quarter, we divested our durable medical equipment business, becoming a pure-play vehicular mobility provider. Based on our full focus on our leading mobility brands, strong tailwinds of a growing market and two new dealerships we're planning to open in the fall with the support of major brands like BraunAbility and VMI, we continue to expect record topline growth for the year."
About HASCO Medical, Inc
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