Union Dental Reports Three and Six Month Revenues
August 25 2011 - 7:46AM
Union Dental Holdings, Inc. (Pink Sheets:UDHI) -
http://www.uniondental.com/ir - a Company that operates and manages
a network of dentists throughout the United States for union
members announced the unaudited financial results for the quarter
ending June 30, 2011. In the Consolidated Statement of earnings the
Company reported a loss of income from operations of $22,865 on
revenues of $917,990 as compared to a profit of $324,522 on
revenues of $1,144,655 during the same period in 2010. For the six
months ending June 30, 2011 the Company reported a loss of $9,890
on revenues of $2,028,346 as compared to a profit of $167,668 on
revenues of $1,755,815 for the same period ending in 2010.
Recently Union Dental implemented an expansion program to double
the size of its dental facility in Coral Springs and received a
$1,480,000 loan from Flagler Bank with an SBA guarantee at the
current rate of six percent which is adjusted quarterly on the
basis of Wall Street Prime Rate plus 2.25%. This loan
consolidated all of the long term debt of the company plus included
the funds for the built out of the new facility which includes all
dental equipment to be fully operational upon opening. The new
facility will be open in the fourth quarter of this year.
Dr. George Green, President and CEO stated: "Due to the downturn
in the economy and uncertainty of financial markets our revenues
were down in this quarter as compared to a year ago as patients put
some of their health care needs on hold. In addition, part of the
loss is directly related to one time costs with building the
infrastructure for the expansion in addition to costs associated
with our Flagler Bank/SBA loan, SBA fees, consulting fees and
additional legal and accounting fees with obtaining the loan."
Contact Information:
jhough@jcglobalsecurities.com
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.uniondental.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: Dr. George D. Green, President
info@uniondentalcorp.com
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