Union Dental Reports a Profit for Year End 2009 and a 21 Percent Increase in Revenues
April 06 2010 - 7:30AM
Marketwired
Union Dental Holdings, Inc. (PINKSHEETS: UDHI)
www.uniondental.com/ir -- a provider of multi-state dental services
for union members, announced today its revenues for the year ending
December 31, 2009. The revenues from operations as compared to the
same period for 2008 increased 21 percent to $3,148,724 from
$2,593,821. The profitability is partially attributed to a loan
modification, lowering of IR consulting fees, professional fees and
general operating expenses while increasing its revenue base.
The Company's Consolidated Statements of Operations for December
31, 2009 reflects a profit of $329,200 from operating income as
compared to a profit of $226,292 during the comparable period in
2008.
Dr. Green, President and CEO, commented: "I am pleased we are
again profitable especially in this dramatic worldwide economic
downturn we are facing. Again, a majority of our losses in the past
were related to the interest expense, increased IR consulting fees,
Professional Fees and a derivative issue for some of our
financing."
About Union Dental Holdings, Inc., Direct
Dental Services, Inc. and Union Dental Corp.
Direct Dental Services and Union Dental Corp. are wholly owned
subsidiaries. Direct Dental Services provides dentists with "areas
of exclusivity" to participate with various unions including the
Communications Workers of America (CWA) and the International
Brotherhood of Electrical Workers (IBEW), United Association of
Plumbers and Pipe Fitters (UA) and The Association of Flight
Attendants - Communications Workers of America (AFA-CWA). Direct
Dental Services receives annual management fees from the dentists
in exchange for practicing in these "areas of exclusivity" where
CWA and IBEW members use the dentists' services. Union Dental
manages a dental practice in Coral Springs, Florida.
WEBSITE: www.uniondentalcorp.com/ir
"Safe-Harbor" Statement: Under the Private Securities Litigation
Reform Act of 1995. This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), including
all statements that are not statements of historical fact regarding
the intent, belief or current expectations of the Company, its
directors or its officers with respect to, among other things: (i)
the Company's financing plans; (ii) trends affecting the Company's
financial condition or results of operations; (iii) the Company's
growth strategy and operating strategy; and (iv) the declaration
and payment of dividends. The words "may," "would," "will,"
"expect," "estimate," "anticipate," "believe," "intend," and
similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
Company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors.
CONTACT INFORMATION: Dr. George D. Green President Email Contact
WEBSITE: www.uniondental.com/ir
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