Full Press Release Details
Apollo Medical Holdings Announces Record
Fiscal Year-End Results
Glendale, CA - (PR Newswire)
- May 3, 2013 - Apollo Medical Holdings, Inc.
("ApolloMed") (OTCQB: AMEH), an integrated physician-driven healthcare delivery company that puts Patients
First,' today announced its fiscal year-end results for the three and twelve months ended January 31, 2013.
Financial Highlights for Full Fiscal
Year 2013 Compared to Full Fiscal Year 2012:
Financial Highlights for Three Months
Ended January 31, 2013 Compared to Three Months Ended January 31, 2012:
As of January 31, 2013, the Company had
$1.18 million in cash and cash equivalents, $1.58 million in accounts receivable and total stockholders' deficit of approximately
Key Operational Highlights for Fiscal
Commenting on the yearend results, ApolloMed
CEO Warren Hosseinion, M.D. stated, "On reflection, fiscal 2013 was a very rewarding year for us - a year in which
we made vital progress on the expansion of our three core business units; saw material growth in the number of hospitals, physicians
and patients we now serve; and gained meaningful traction with our market penetration efforts in Southern and Central California.
Moreover, we are very proud of our many notable accomplishments in the last year that helped us close fiscal 2013 on a $10+ million
revenue run rate, which firmly positions us to deliver yet another record year in 2014. Practicing strict expense discipline and
aggressively ramping sales are among are chief priorities in the current fiscal year and are goals that we believe we are well
For more details on ApolloMed's fiscal
2013 year-end results, please refer to the Company's 10-K filed with the U.S. Securities Exchange Commission and accessible
FINANCIAL CHARTS TO FOLLOW
| APOLLO MEDICAL HOLDINGS, INC. |
| CONSOLIDATED BALANCE SHEETS |
| January 31, 2013 | January 31, 2012 | |||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 1,176,727 | $ | 164,361 | ||||
| Accounts receivable, net | 1,582,505 | 994,118 | ||||||
| Advances | - | 2,140 | ||||||
| Due from affiliates | 5,648 | 5,504 | ||||||
| Prepaid expenses | 72,628 | 45,601 | ||||||
| Deferred financing costs, current | 34,614 | 37,500 | ||||||
| Total current assets | 2,872,122 | 1,249,224 | ||||||
| Deferred financing costs, non-current | 218,640 | - | ||||||
| Property and equipment, net | 68,142 | 43,261 | ||||||
| Goodwill | 33,200 | 32,000 | ||||||
| Other assets | 30,981 | 39,563 | ||||||
| TOTAL ASSETS | $ | 3,223,085 | 1,364,048 | |||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and accrued liabilities | $ | 950,651 | $ | 163,476 | ||||
| Notes payable | 594,765 | - | ||||||
| Convertible notes payable, net | - | 596,366 | ||||||
| Derivative liability | - | 653,026 | ||||||
| Stock issuable | 159,334 | 90,000 | ||||||
| Due to officers | - | 12,400 | ||||||
| Total current liabilities | 1,704,750 | 1,515,268 | ||||||
| Convertible notes payable, net | 1,909,714 | 150,000 | ||||||
| Warrant liability | - | 120,000 | ||||||
| Total liabilities | 3,614,464 | 1,785,268 | ||||||
| STOCKHOLDERS' DEFICIT | ||||||||
| Preferred stock, par value $0.001 ; 5,000,000 shares authorized; none issued | - | - | ||||||
| Common Stock, par value $0.001; 100,000,000 shares authorized, 34,843,441 and 29,335,774 shares issued and outstanding as of January 31, 2013 and 2012, respectively | 34,844 | 29,336 | ||||||
| Prepaid consulting | (616,014 | ) | - | |||||
| Additional paid-in-capital | 11,248,566 | 1,429,051 | ||||||
| Accumulated deficit | (11,022,272 | ) | (2,117,708 | ) | ||||
| Total | (354,876 | ) | (659,321 | ) | ||||
| Non-controlling interest | (36,503 | ) | 238,101 | |||||
| Total stockholders' deficit | (391,379 | ) | (421,220 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 3,223,085 | $ | 1,364,048 |
| APOLLO MEDICAL HOLDINGS, INC. |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| Years ended January 31, | ||||||||
| 2013 | 2012 | |||||||
| NET REVENUES | $ | 7,776,131 | $ | 5,110,806 | ||||
| COST OF SERVICES | 6,316,164 | 4,132,399 | ||||||
| GROSS PROFIT | 1,459,967 | 978,407 | ||||||
| Operating expenses: | ||||||||
| General and administrative | 3,517,536 | 1,379,153 | ||||||
| Depreciation | 20,918 | 12,589 | ||||||
| Total operating expenses | 3,538,454 | 1,391,742 | ||||||
| LOSS FROM OPERATIONS | (2,078,487 | ) | (413,335 | ) | ||||
| Other income (expense) | ||||||||
| Loss on change in fair value of derivative liabilities | (5,853,855 | ) | - | |||||
| Interest expense | (930,176 | ) | (304,034 | ) | ||||
| Other (expense) income | (37,246 | ) | 2,842 | |||||
| Total other expenses | (6,821,277 | ) | (301,192 | ) | ||||
| LOSS BEFORE INCOME TAXES | (8,899,764 | ) | (714,527 | ) | ||||
| Provision for Income Tax | 4,800 | 5,819 | ||||||
| NET LOSS | $ | (8,904,564 | ) | $ | (720,346 | ) |
APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended January 31 , | Year Ended January 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| LOSS FROM OPERATIONS | $ | (525,083 | ) | $ | (268,754 | ) | $ | (2,078,487 | ) | $ | (413,335 | ) | ||||
| Depreciation and amortization expense | 6,133 | 2,775 | 20,918 | 12,589 | ||||||||||||
| EBITDA | (518,950 | ) | (265,979 | ) | (2,057,569 | ) | (400,746 | ) | ||||||||
| Issuance of shares for service | 133,355 | 89,400 | 1,355,708 | 152,400 | ||||||||||||
| Non-cash stock option expense | 196,072 | 7,334 | 706,020 | 29,333 | ||||||||||||
| ADJUSTED EBITDA | $ | (189,523 | ) | $ | (169,245 | ) | $ | 4,159 | $ | (219,013 | ) |
*Use of Non-GAAP Financial Measures
In addition to containing results that
are determined in accordance with accounting principles generally accepted in the United States of America (GAAP), this press release
also contains non-GAAP financial measures. Adjusted EBITDA, as used in this press release, represents Loss from Operations before
depreciation, adjusted for issuance of shares for service, stock option expense, amortization of debt discount and impairment of
intangibles and losses on discontinued operations. Adjusted EBITDA is a key indicator used by management to evaluate operating
performance. While adjusted EBITDA is not intended to replace any presentation included in the consolidated financial statements
under GAAP and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of
liquidity, the Company believes this measure is useful to investors in assessing the Company's ongoing operating performance
and working capital requirements. This calculation may differ in method of calculation from similarly titled measures used by other
companies. A reconciliation of adjusted EBITDA to the nearest comparable GAAP financial measure is included in the financial schedules
accompanying this press release. The Non-GAAP financial measures, as well as other information in this press release, should be
read in conjunction with the Company's financial statements filed with the Securities and Exchange Commission.
About Apollo Medical Holdings, Inc.
in Glendale, California and dedicated to putting the Patient First,' ApolloMed is a physician-driven integrated healthcare
delivery company, fueled by its commitment to provide exceptional multi-disciplinary care in the communities it serves in Southern
and Central California. ApolloMed is addressing the healthcare needs of the nation's largest population center by leveraging
its integrated healthcare delivery platform through its complementary physician groups: ApolloMed Hospitalists and ApolloMed
ACO (Accountable Care Organization). This platform combines hospitalist medicine, critical care medicine, patient care coordination,
case management and transition management that enable healthcare organizations to engage in performance payments for utilization
efficiency, quality of care objectives and shared accountability arrangements. ApolloMed strives to improve medical
outcomes with high quality, cost efficient care. For more information, please visit www.apollomed.net.
Forward Looking Statements
This press release may contain forward-looking
statements, including information about management's view of Apollo Medical Holdings, Inc. ("the Company") future expectations,
plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects,"
"intends," "plans," "anticipates," or "may," and similar conditional expressions are intended
to identify forward-looking statements. Any statements made in this press release other than those of historical fact, about an
action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and
other factors, which may cause the results of the Company, its subsidiaries and concepts to be materially different than those
expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on the Company's
future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company
cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance
on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of
this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties
that are not paid for by Apollo Medical Holdings, Inc.
More Information, PLEASE CONTACT:
Kathy Addison or Dodi Handy
407-585-1080 or via email at AMEH@hanoverelite.com