HASCO MEDICAL INC
ADDISON, TX--(Marketwired - Feb 17, 2015) - HASCO Medical, Inc. (
Based on preliminary unaudited information, HASCO Medical expects record fourth quarter 2014 total net revenues of approximately $22.7 million, up 15% from $19.7 million in the year-ago quarter. The increase marks the seventh sequential quarter with record revenue. For the twelve months ended December 31, 2014, total net revenue is expected to total approximately $91.2 million, up 25% from $73.1 million for the prior year. The company also expects to report continued growth in profitability.
Service sales in the fourth quarter of 2014 are expected to total approximately $4.2 million, up 36% from $3.1 million from the prior year. The increase in service sales is attributed to increased repairs, lift installs, and sales of high-end Electronic Mobility Controls (EMC) driving equipment.
Hal Compton, CEO of HASCO Medical, said, "Our team's relentless execution in the 4th quarter led to an unprecedented 25% growth in sales for the year in spite of the cold weather and mid-year retirement of the Ford E-series line of vans. The growth was mostly organic as we increased awareness about our vehicular solutions to healthcare providers, physical therapists and groups specializing in disabilities. Results were further helped with the completed implementation of our new Customer Relationship Management solution and in-store enhancements aided by our partners at BraunAbility, Harmar, Pride and Q'Straint."
"In Q4 we formed a new Commercial Sales department with specialized Commercial Mobility Consultants that focus on the needs of assisted living, rehabilitation centers and commercial fleet owners," Compton said. "For 2015 I expect continued growth from this group with the introduction of the Dodge Promaster and Ford Transit wheelchair accessible vehicles. These vehicles offer improved fuel economy and myriad configuration options for our customers and we are bullish on their growth prospects. As a consolidator, we are poised in 2015 to make acquisitions and find new locations that support our growth plan."
About HASCO Medical, Inc.
HASCO Medical is a leading provider of wheelchair accessible vehicles, parts, and service that dramatically improves the quality of living of its customers. The company operates 20 locations from Maine to Florida. The company's mobility brands include Ride-Away® (www.Ride-Away.com), Mobility Freedom (www.MobilityFreedom.com) and wheelchair van rental company Wheelchair Vans of America (www.wcvans.com). To learn more, go to www.hascomed.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
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