Union Dental Reports an 11% Increase in Revenues for 9 Months 2010
November 16 2010 - 7:10AM
Union Dental Holdings, Inc. (Pink Sheets:UDHI) -
http://www.uniondental.com/ir - a national provider of a suite of
dental services to union members and dentists has announced its
revenues for the nine months ending 9/30/2010. The revenues from
operations as compared to the same period for 2009 increased 11.25
percent to $2,856,501 from $2,534,864. The revenues for the quarter
ending 9/30/2010 were $1,100,686 down from $1,176,604 for the same
period in 2009.
The Company's Consolidated Statements of Operations for
September 30, 2010 reflects a profit of $366,281 from operating
income as compared to a profit of $365,681 during the comparable
nine month period in 2009. The profits for the third quarter 2010
were $198,613 as compared to $454,414.
Dr. Green, President and CEO, commented: "I am pleased we are
again profitable especially in this dramatic worldwide economic
downturn we are facing. We now have converted a good portion of
debt into equity showing the confidence our debt holders have in
the Company's future. The downturn of profits in the 3rd quarter
were directly attributed to building the certified surgical, staff
of the surgical unit and expenses attributed to the specialists'
pay during that time."
Union Dental, in an ongoing effort to provide shareholders with
transparency and a greater understanding of the Company's business
operations, has released the latest Income Statement and Balance
Sheet for the three months and nine months 2010.
|
UNION DENTAL HOLDINGS,
INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
|
|
For the Three Months Ended |
For the Nine Months Ended |
|
September 30, |
September 30, |
|
2010 |
2009 |
2010 |
2009 |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
Revenues, net |
$ 1,100,686 |
$ 1,176,604 |
$ 2,856,501 |
$ 2,534,864 |
|
|
|
|
|
Total Revenues |
1,100,686 |
1,176,604 |
2,856,501 |
2,534,864 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of services performed |
242,529 |
142,678 |
601,325 |
340,446 |
Salaries and related taxes and
stock-based compensation |
436,586 |
338,411 |
1,196,875 |
1,104,013 |
Depreciation and amortization |
25,037 |
43,469 |
81,043 |
130,485 |
Professional fees |
10,988 |
12,610 |
22,721 |
46,326 |
Consulting fees |
-- |
-- |
-- |
22,600 |
Other general and administrative |
186,933 |
181,022 |
588,256 |
525,313 |
|
|
|
|
|
Total operating expenses |
902,073 |
718,190 |
2,490,220 |
2,169,183 |
|
|
|
|
|
Income from operations |
198,613 |
454,414 |
366,281 |
365,681 |
|
|
|
|
|
Other income (expense): |
|
|
|
|
Gain from settlement of litigation |
-- |
-- |
-- |
3,000 |
Gain (loss) from valuation of derivatives
liability |
-- |
(69,787) |
(165,512) |
(375,347) |
Interest income |
-- |
1 |
-- |
17 |
Interest expense |
(9,689) |
(18,983) |
(28,562) |
(82,430) |
|
|
|
|
|
Total other income (expense) |
(9,689) |
(88,769) |
(194,074) |
(454,760) |
|
|
|
|
|
Income (loss) before provision for income
taxes |
188,924 |
369,645 |
172,207 |
(89,079) |
|
|
|
|
|
Income tax expense |
-- |
-- |
-- |
-- |
|
|
|
|
|
Net Income (Loss) |
$ 188,924 |
$ 365,645 |
$ 172,207 |
$ (89,079) |
|
|
|
|
|
Net Income (loss) per common share: |
|
|
|
|
Net Income (loss) per common share -
basic |
$ 0.00 |
0 |
$ 0.00 |
$ (0.00) |
Net Income (loss) per common share -
diluted |
$ 0.00 |
0 |
$ 0.00 |
$ (0.00) |
|
|
|
|
|
Weighted average common shares
outstanding - basic |
203,658,932 |
144,844,732 |
190,725,217 |
144,844,732 |
Weighted average common shares
outstanding - diluted |
203,658,932 |
144,844,732 |
190,725,217 |
144,844,732 |
|
|
UNION DENTAL HOLDINGS,
INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEET |
UNAUDITED |
|
|
|
|
|
Year ended |
|
September 30, |
December 31, |
|
2010 |
2009 |
ASSETS |
Unaudited |
Unaudited |
|
|
|
CURRENT ASSETS: |
|
|
Cash |
$ 120,234 |
$ 51,674 |
Accounts receivable, net |
913,514 |
919,446 |
Inventory of supplies |
39,354 |
39,354 |
|
|
|
Total current assets |
1,073,102 |
1,010,474 |
|
|
|
Property and equipment, net |
436,340 |
513,168 |
|
|
|
Total Assets |
$ 1,509,442 |
$ 1,523,642 |
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
(DEFICIT) |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Convertible notes payable |
$ -- |
$ 467,413 |
Convertible debenture payable |
-- |
226,873 |
Notes payable |
618,810 |
768,524 |
Loan payable - related party |
216,498 |
263,867 |
Line of credit |
50,650 |
50,650 |
Accounts payable |
76,583 |
64,988 |
Accrued expenses |
246,119 |
239,749 |
Unearned membership fees |
144,144 |
308,419 |
Derivative liability |
-- |
635,463 |
|
|
|
Total current liabilities |
1,352,804 |
3,025,946 |
|
|
|
Commitments and contingencies |
-- |
-- |
|
|
|
SHAREHOLDERS' EQUITY (DEFICIT): |
|
|
Preferred stock ($.0001 Par value;
25,000,000 shares authorized; 8,000,000 shares issued and
outstanding) |
800 |
300 |
Common stock ($.0001 Par
value; 300,000,000 share authorized; 203,658,932 shares and
177,572,510 issued and outstanding at September 30, 2010 and
December 31, 2009, respectively) |
20,366 |
17,757 |
Common stock issuable
(1,000,000 shares) |
|
|
Additional paid-in
capital |
5,830,023 |
4,346,396 |
Accumulated deficit |
(4,204,840) |
(4,377,046) |
Shareholder transactions |
(1,489,711) |
(1,489,711) |
Less: Deferred
compensation |
-- |
-- |
|
|
|
Total shareholders' equity
(deficit) |
156,638 |
(1,502,304) |
|
|
|
Total liabilities and
shareholders' equity (deficit) |
$ 1,509,442 |
$ 1,523,642 |
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.
The Union Dental Holdings Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8310
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.
WEBSITE: www.uniondental.com/ir
CONTACT: Union Dental Holdings Inc.
Dr. George D. Green, President
info@uniondentalcorp.com
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