First Choice Healthcare Reports Record First Quarter 2014 Results
May 15 2014 - 8:58AM
Marketwired
First Choice Healthcare Reports Record First Quarter 2014 Results
MELBOURNE, FL--(Marketwired - May 15, 2014) - First Choice
Healthcare Solutions, Inc. (OTCQB: FCHS) ("FCHS" or "First
Choice"), a diversified holding company focused on delivering
clinically superior, patient-centric, multi-specialty care through
state-of-the-art medical centers of excellence, today announced its
first quarter financial results for the three months ended March
31, 2014.
Financial Highlights
for the Three Months Ended March 31, 2014 Compared to the Three
Months Ended March 31, 2013:
- Total revenues climbed 59% to $2,234,753, up from $1,401,681.
- Net patient service revenue from the Company's Medical Center
of Excellence, First Choice Medical Group of Brevard, rose 74% to
$1,972,830 from $1,135,012.
- Net income from operations doubled, increasing 102% to $199,310
from $98,908.
- Notwithstanding non-cash expenses for depreciation and
amortization of $134,719, net income from operations for the first
quarter of 2014 totaled $334,028, as compared to net income from
operations in the first quarter of 2013 of $221,428 after deducting
non-cash expenses for depreciation and amortization expenses of
$122,620.
- Net loss decreased 86% to $35,099, or $0.00 per basic and
diluted share, as compared to a net loss of $255,069, or $0.02 loss
per basic and diluted share, for the same period in the prior
year.
- As of March 31, 2014, the Company had cash and restricted cash
totaling approximately $614,389; and accounts receivable of $1.75
million.
Chris Romandetti, Chairman, President and Chief Executive
Officer of First Choice, noted, "Growth momentum that began in
early 2013 in our Medical Center of Excellence, First Choice
Medical Group of Brevard, LLC, located in Melbourne continues to be
encouraging. With net income from operations showing strong,
positive growth, we are very pleased with our overall financial
performance and believe that it demonstrates that our strategy is
on course and the focused execution of our business plan is indeed
getting results. We are optimistic that, assuming these favorable
trends continue, we will be able to execute our expansion strategy
as our resources allow."
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| FIRST CHOICE HEALTHCARE SOLUTIONS, INC. |
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| CONDENSED CONSOLIDATED BALANCE SHEETS |
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March 31, |
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December 31, |
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2014 |
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2013 |
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(unaudited) |
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| ASSETS |
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| Current assets |
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| Cash |
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$ |
310,617 |
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$ |
739,158 |
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| Cash-restricted |
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|
303,772 |
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|
256,246 |
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| Accounts receivable |
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|
1,747,000 |
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|
|
1,272,155 |
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| Prepaid and other current assets |
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|
153,159 |
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|
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140,580 |
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| Capitalized financing costs, current portion |
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|
57,348 |
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|
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57,348 |
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Total current assets |
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2,571,896 |
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2,465,487 |
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| Property, plant and equipment, net of accumulated
depreciation of $2,084,066 and $1,959,127, respectively |
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8,548,115 |
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8,662,057 |
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| Other assets |
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| Capitalized financing costs, long term portion |
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110,855 |
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131,540 |
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| Patient list, net of accumulated amortization of
$40,000 and $35,000, respectively |
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260,000 |
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265,000 |
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| Patents |
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286,500 |
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286,500 |
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| Deposits |
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2,713 |
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2,713 |
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Total other assets |
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660,068 |
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685,753 |
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| Total assets |
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$ |
11,780,079 |
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$ |
11,813,297 |
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| LIABILITIES AND STOCKHOLDERS' DEFICIT |
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| Current liabilities |
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| Accounts payable and accrued expenses |
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$ |
536,038 |
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$ |
459,000 |
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| Stock based payable |
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144,100 |
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166,340 |
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| Line of credit, short term |
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900,000 |
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|
800,000 |
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| Convertible note payable, short term portion |
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598,666 |
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- |
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| Notes payable, current portion |
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782,978 |
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743,787 |
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| Unearned revenue |
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49,754 |
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74,934 |
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Total current liabilities |
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3,011,536 |
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2,244,061 |
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| Long term debt: |
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| Deposits held |
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72,901 |
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72,901 |
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| Convertible note payable, long term portion |
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1,795,998 |
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2,347,403 |
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| Notes payable, long term portion |
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8,699,044 |
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8,935,473 |
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Total long term debt |
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10,567,943 |
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11,355,777 |
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| Total liabilities |
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13,579,479 |
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13,599,838 |
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| Stockholders' deficit |
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| Preferred stock, $0.01 par value; 1,000,000 shares
authorized, Nil issued and outstanding |
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- |
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- |
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| Common stock, $0.001 par value; 100,000,000 shares
authorized, 16,793,248 and 16,747,248 shares issued and outstanding
as of March 31, 2014 and December 31, 2013, respectively |
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16,793 |
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16,747 |
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| Additional paid in capital |
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11,582,443 |
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11,560,249 |
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| Accumulated deficit |
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(13,398,636 |
) |
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(13,363,537 |
) |
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Total stockholders' deficit |
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(1,799,400 |
) |
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(1,786,541 |
) |
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| Total liabilities and stockholders' deficit |
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$ |
11,780,079 |
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$ |
11,813,297 |
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| FIRST CHOICE HEALTHCARE SOLUTIONS, INC. |
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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| (unaudited) |
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Three Months Ended March 31, |
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2014 |
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2013 |
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| Revenues: |
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| Patient service revenue |
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$ |
2,010,974 |
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$ |
1,135,012 |
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| Provision for bad debts |
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(38,144 |
) |
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- |
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| Net patient service revenue |
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1,972,830 |
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1,135,012 |
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| Rental revenue |
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261,923 |
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266,669 |
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Total revenue |
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2,234,753 |
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1,401,681 |
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| Operating expenses: |
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| Salaries & benefits |
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1,065,521 |
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622,759 |
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| Other operating expenses |
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|
429,291 |
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|
304,475 |
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| General & administrative |
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405,912 |
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|
253,019 |
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| Depreciation and amortization |
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|
134,719 |
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|
122,620 |
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Total operating expenses |
|
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2,035,443 |
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1,302,873 |
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| Net income from operations |
|
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199,310 |
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|
98,808 |
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| Other income (expense): |
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| Miscellaneous income |
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|
750 |
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|
750 |
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| Loss on change in fair value of derivative
liability |
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|
- |
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(40,649 |
) |
| Amortization financing costs |
|
|
(15,906 |
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(14,337 |
) |
| Interest expense, net |
|
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(219,253 |
) |
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(299,641 |
) |
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Total other income (expense) |
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(234,409 |
) |
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(353,877 |
) |
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| Net loss before provision for income taxes |
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(35,099 |
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(255,069 |
) |
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| Income taxes (benefit) |
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|
- |
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- |
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| NET LOSS |
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$ |
(35,099 |
) |
|
$ |
(255,069 |
) |
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| Net loss per common share, basic and diluted |
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$ |
(0.00 |
) |
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$ |
(0.02 |
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| Weighted average number of common shares outstanding,
basic and diluted |
|
|
16,756,648 |
|
|
|
12,751,906 |
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About First Choice Healthcare Solutions, Inc. Headquartered in
Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is
actively engaged in developing a network of multi-specialty medical
centers of excellence throughout the southeastern U.S., which are
distinguished as premier destinations for clinically superior,
patient-centric care. Through its wholly owned subsidiary FCID
Medical, Inc., the Company currently operates one Medical Center of
Excellence, First Choice Medical Group of Brevard, which
specializes in the delivery of musculoskeletal medicine and
rehabilitative care. FCHS' commercial real estate interests, which
house its medical centers of excellence, are managed by its wholly
owned subsidiary, FCID Holdings, Inc. For more information, please
visit www.myfchs.com or www.myfcmg.com.
Safe Harbor Statement Certain information set forth in this news
announcement may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of First
Choice Healthcare Solutions, Inc. Such forward-looking statements
are based on current expectations, estimates and projections about
the Company's industry, management beliefs and certain assumptions
made by its management. Readers are cautioned that the assumptions
used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on
forward-looking statements. Information concerning factors that
could cause the Company's actual results to differ materially from
those contained in these forward-looking statements can be found in
the Company's periodic reports on Form 10-K and Form 10-Q, and in
its Current Reports on Form 8-K, filed with the Securities and
Exchange Commission. Unless required by law, the Company undertakes
no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events, or otherwise
to reflect future events or circumstances or reflect the occurrence
of unanticipated events.
For additional information, please contact: HANOVER|ELITE Kathy
Addison Chief Operating Officer Phone: 407-585-1080 Email:
FCHS@hanoverelite.com
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