Full Press Release Details
Medical Holdings Reports Strong Fiscal 2014 First Quarter Results
Revenues Climb 50% to $2.45 Million Compared to $1.63 Million for
Three Month Reporting Period in Prior Fiscal Year
Glendale, CA - (PR Newswire)
- June 14, 2013 - Apollo Medical Holdings, Inc. ("ApolloMed") (OTCQB: AMEH), an integrated physician-driven
healthcare delivery company that puts Patients First,' today announced its fiscal 2014 first quarter results for the
three months ended April 30, 2013.
Financial Highlights for Three Months
Ended April 30, 2013 Compared to Three Months Ended April 30, 2012:
As of April 30, 2013, ApolloMed had $1.58
million in cash and cash equivalents, $1.32 million in accounts receivable and total stockholders' deficit of approximately
$935,000. For the first three months of fiscal 2014, the Company's operating activities provided $12,972 in net cash, which
compared to $131,160 in net cash used in operations in the same three months ended April 30, 2012.
ApolloMed CEO Warren Hosseinion, M.D. stated,
"Our strong revenue growth in the first fiscal quarter points to the success we continue to achieve in executing our growth
strategies and tactical expansion initiatives - all of which are centered on establishing ApolloMed as a top-tier performing
integrated healthcare company in the rapidly evolving healthcare industry."
Continuing, he added, "With Accountable
Care Organizations expected to play a significant role in reshaping how care is delivered in this country, ApolloMed ACO is hard
at work developing innovative, coordinated care models that best leverage the noted hospitalist experience and expertise and the
strength and depth of our newly launched Independent Physician Association, Maverick Medical Group. We believe fiscal 2014 will
indeed prove to be a banner year for ApolloMed and based on our performance, thus far, we're off to a very good start."
For more details on ApolloMed's
fiscal 2014 first quarter results, please refer to the Company's 10-Q filed with the U.S. Securities Exchange Commission
and accessible at www.sec.gov.
FINANCIAL CHARTS TO FOLLOW
MEDICAL HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| April 30, 2013 | January 31, 2013 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 1,575,500 | $ | 1,176,727 | ||||
| Accounts receivable, net | 1,320,087 | 1,582,505 | ||||||
| Due from affiliates | - | 5,648 | ||||||
| Prepaid expenses | 85,200 | 72,628 | ||||||
| Deferred financing costs, current | 67,113 | 34,614 | ||||||
| Total current assets | 3,047,900 | 2,872,122 | ||||||
| Deferred financing costs, non-current | 211,375 | 218,640 | ||||||
| Property and equipment, net | 64,689 | 68,142 | ||||||
| Goodwill | 33,200 | 33,200 | ||||||
| Other assets | 30,981 | 30,981 | ||||||
| TOTAL ASSETS | $ | 3,388,145 | $ | 3,223,085 | ||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and accrued liabilities | $ | 863,782 | $ | 950,651 | ||||
| Notes payable | 594,745 | 594,765 | ||||||
| Stock issuable | 828,709 | 159,334 | ||||||
| Total current liabilities | 2,287,236 | 1,704,750 | ||||||
| Convertible notes payable, net | 2,035,828 | 1,909,714 | ||||||
| Total liabilities | 4,323,064 | 3,614,464 | ||||||
| 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 shares issued and outstanding as of April 30, 2013 and January 31, 2013, respectively | 34,844 | 34,844 | ||||||
| Prepaid consulting | (554,050 | ) | (616,014 | ) | ||||
| Additional paid-in-capital | 11,489,102 | 11,248,566 | ||||||
| Accumulated deficit | (11,871,387 | ) | (11,022,272 | ) | ||||
| Total | (901,491 | ) | (354,876 | ) | ||||
| Non-controlling interest | (33,428 | ) | (36,503 | ) | ||||
| Total stockholders' deficit | (934,919 | ) | (391,379 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 3,388,145 | $ | 3,223,085 |
APOLLO MEDICAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
| Three months ended April 30, | ||||||||
| 2013 | 2012 | |||||||
| NET REVENUES | $ | 2,446,566 | $ | 1,631,844 | ||||
| COST OF SERVICES | 1,860,493 | 1,328,659 | ||||||
| GROSS PROFIT | 586,073 | 303,185 | ||||||
| Operating expenses: | ||||||||
| General and administrative | 1,291,393 | 351,547 | ||||||
| Depreciation | 6,652 | 4,791 | ||||||
| Total operating expenses | 1,298,045 | 356,338 | ||||||
| LOSS FROM OPERATIONS | (711,972 | ) | (53,153 | ) | ||||
| Other income (expense) | ||||||||
| Gain on change in fair value of derivative liabilities | - | 123,838 | ||||||
| Interest expense | (127,493 | ) | (224,036 | ) | ||||
| Other expense | (246 | ) | (5 | ) | ||||
| Total other expenses | (127,739 | ) | (100,203 | ) | ||||
| LOSS BEFORE INCOME TAXES | (839,711 | ) | (153,356 | ) | ||||
| Provision for Income Tax | 9,404 | 4,000 | ||||||
| NET LOSS | $ | (849,115 | ) | $ | (157,356 | ) | ||
| WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - BASIC AND DILUTED | 34,843,441 | 29,965,878 | ||||||
| BASIC AND DILUTED NET LOSS PER SHARE | $ | (0.02 | ) | $ | (0.01 | ) |
*APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
- ADJUSTED EBITDA RECONCILIATION
| Three months ended April 30, | ||||||||
| 2013 | 2012 | |||||||
| LOSS FROM OPERATIONS | $ | (711,972 | ) | $ | (53,153 | ) | ||
| Depreciation and amortization expense | 6,652 | 4,791 | ||||||
| EBITDA | (705,320 | ) | (48,362 | ) | ||||
| Stock-based compensation expense | 623,226 | 104,134 | ||||||
| ADJUSTED EBITDA | $ | (82,094 | ) | $ | 55,772 |
*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.
Headquartered in Glendale, California
and dedicated to putting the Patient First,' ApolloMed is a leading provider of physician-driven integrated healthcare
management services, 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 comprised of three affiliated and complementary physician groups:
ApolloMed Hospitalists, ApolloMed ACO (Accountable Care Organization) and Maverick Medical Group (Independent Physician Association).
This platform combines hospitalist medicine, critical care medicine, 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, Chief Operating Officer
407-585-1080 or via email at AMEH@hanoverelite.com