caught my attention
HearAtLast Amends Q2 Financials and Reports 53% Year Over Year Reduction in Operating Expenses
MISSISSAUGA, ON -- (Marketwire) -- 11/02/09 -- (PINKSHEETS: HRAL) HearAtLast Holdings, Inc., a leading provider of suitable affordable solutions to clients with hearing needs in the billion dollar hearing loss market, announced today that the Company has posted its amended earnings report on pinksheets.com.
The posted earnings reflect the fiscal second quarter period covering 04/01/2009 - 06/30/2009.
The Company recorded gross profits of USD $382,463 for Q2 of FY2009, a 19% increase compared to Q2 FY2008 gross profits of US $320,564. Operating expenses for the same period Q2 of FY2009 decreased 53% to US $738,403 compared to Q2 FY2008 of US $2,051,150. HearAtLast also reduced their debt ratio. The debt ratio is the proportion of a firm's total assets that are being financed with borrowed funds.
"We are very pleased with the direction of our company. We expect gross profits from all stores to continue to increase while operating expenses and debt ratio decline due to aggressive restructuring and reduced overheads. Despite the reduction in overhead, clinic performance has been enhanced as the companies' clinic base has entered year two of their operations. We still maintain our focus on becoming Canada's largest network of hearing stores," stated Matthew Sacco, President and CEO.
About HearAtLast
HearAtLast Holdings, Inc. is a Nevada corporation that owns and operates its wholly-owned subsidiary of hearing stores co-located within select Wal-Mart stores throughout Canada. Their chain of hearing stores specializes in the sale of digital hearing aids and testing services. The Company is the affordable hearing solution for Canadians, combining the most sought after retail space in North America with convenience and location. HearAtLast provides State of the Art Hearing Testing and Dispensing services to individuals with all types of measurable hearing loss.
HearAtLast facilities sell a selection of high quality brand name hearing aids and also offer complimentary screening tests, clinical hearing tests, high end ear buds and assistive listening devices. The Company's mission is to consolidate the highly fragmented hearing services industry while providing unparalleled service to the estimated 30+ million hearing impaired individuals throughout North America. After a prescription is approved, the independent on-site audiologists and hearing aid practitioners at HearAtLast utilize a refined process to dispense the latest in Name Brand digital hearing aids.
For more information please visit www.hearatlast.com
Safe Harbor
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby.
The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management, as well as assumptions made by any information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties.
Investor Relations:
HearAtLast Holdings, Inc.
Aldo Rotondi
416-436-3795
investorrelations@hearatlast.com
