Business Editors / Health/Medical Writers
NEW YORK, N.Y.--(BUSINESS WIRE)--May 23, 2006--
instaCare Corp. (OTCBB:ISCR), a leading distributor of
life-saving prescription drugs and a developer of patent-pending
technologies for e-health and EMR applications, today reported
financial results for the first quarter ended March 31, 2006.
Financial highlights include:
-- First quarter of profitability in Company's history
-- Revenues increased 255% from year-ago quarter
-- Positive operating income reported
-- Reverse stock split and ticker symbol change completed
For the first quarter of 2006, instaCare reported revenues of
$7,466,921, a 255% gain from the $2,099,390 recorded during the first
quarter of 2005. The increase in revenues was due primarily to sales
from the distribution and claims fulfillment of medical diagnostic and
medical disposable products for patients with diabetes which were not
included in the company's product mix during the first quarter of
2005. Total expenses for the quarter ended March 31, 2006 were
$540,064, a 55% decline compared with total expenses of $1,195,307
incurred during the quarter ended March 31, 2005. The decrease in
operating expenses was mainly a result of management's ability to
control overhead costs. During the prior year quarter, the Company
experienced non-recurring costs required to support the commencement
of significant operations and to write down certain costs associated
with its acquisition of CareGeneration, Inc.
The Company reported net operating income (EBITDA) of $119,037 or
$.02 per share issued and outstanding, during the first quarter of
2006, compared with an operating loss of $(998,658) or $(.19) per
share issued and then outstanding, recorded during the first quarter
2005.
The Company's net income for the three months ended March 31, 2006
was $39,764, or $0.01 per share issued and outstanding, compared with
a net loss of $(1,484,909) or $(0.29) per share issued and then
outstanding as reported for the year-ago quarter.
On February 3, 2006, instaCare completed a 1 for 80 reverse stock
split. After the split, there were approximately 7,299,763 shares
outstanding. instaCare's ticker symbol was changed from INCA to ISCR.
Robert Cox, chief executive officer of instaCare, commented, "It
is very exciting to report our first profitable quarter. We believe
2006 will witness the genesis of instaCare into a market leader in the
fastest growing segment of the prescription drug market. The sales of
the disposable diabetic and asthma control products we distribute grew
even faster than our expectations, while at the same time we were able
to implement our tight cost control program. This business model has
proven successful, and we continue to focus on improving margins
across the board while gaining leverage from our efficient cost
structure. While we expect some seasonality to this business, with the
first and fourth quarter expected to be the strongest, we anticipate
that the pace of sales will continue to accelerate through the next
few quarters as we gain market share and expand our product lines."
instaCare had cash and equivalents of $643,910 as of March 31,
2006.
Financial Guidance
instaCare established financial guidance regarding revenues for
the remainder of 2006. Management based this guidance using such
factors as the current revenue run rate and the market demand for its
products at certain price and profit levels. Management also took into
account the seasonality of the business. Based on management's
estimate, it is believed that revenues for fiscal 2006 will be within
a range at the lower end of $20 million and the higher end of $26
NEW YORK, N.Y.--(BUSINESS WIRE)--May 23, 2006--
instaCare Corp. (OTCBB:ISCR), a leading distributor of
life-saving prescription drugs and a developer of patent-pending
technologies for e-health and EMR applications, today reported
financial results for the first quarter ended March 31, 2006.
Financial highlights include:
-- First quarter of profitability in Company's history
-- Revenues increased 255% from year-ago quarter
-- Positive operating income reported
-- Reverse stock split and ticker symbol change completed
For the first quarter of 2006, instaCare reported revenues of
$7,466,921, a 255% gain from the $2,099,390 recorded during the first
quarter of 2005. The increase in revenues was due primarily to sales
from the distribution and claims fulfillment of medical diagnostic and
medical disposable products for patients with diabetes which were not
included in the company's product mix during the first quarter of
2005. Total expenses for the quarter ended March 31, 2006 were
$540,064, a 55% decline compared with total expenses of $1,195,307
incurred during the quarter ended March 31, 2005. The decrease in
operating expenses was mainly a result of management's ability to
control overhead costs. During the prior year quarter, the Company
experienced non-recurring costs required to support the commencement
of significant operations and to write down certain costs associated
with its acquisition of CareGeneration, Inc.
The Company reported net operating income (EBITDA) of $119,037 or
$.02 per share issued and outstanding, during the first quarter of
2006, compared with an operating loss of $(998,658) or $(.19) per
share issued and then outstanding, recorded during the first quarter
2005.
The Company's net income for the three months ended March 31, 2006
was $39,764, or $0.01 per share issued and outstanding, compared with
a net loss of $(1,484,909) or $(0.29) per share issued and then
outstanding as reported for the year-ago quarter.
On February 3, 2006, instaCare completed a 1 for 80 reverse stock
split. After the split, there were approximately 7,299,763 shares
outstanding. instaCare's ticker symbol was changed from INCA to ISCR.
Robert Cox, chief executive officer of instaCare, commented, "It
is very exciting to report our first profitable quarter. We believe
2006 will witness the genesis of instaCare into a market leader in the
fastest growing segment of the prescription drug market. The sales of
the disposable diabetic and asthma control products we distribute grew
even faster than our expectations, while at the same time we were able
to implement our tight cost control program. This business model has
proven successful, and we continue to focus on improving margins
across the board while gaining leverage from our efficient cost
structure. While we expect some seasonality to this business, with the
first and fourth quarter expected to be the strongest, we anticipate
that the pace of sales will continue to accelerate through the next
few quarters as we gain market share and expand our product lines."
instaCare had cash and equivalents of $643,910 as of March 31,
2006.
Financial Guidance
instaCare established financial guidance regarding revenues for
the remainder of 2006. Management based this guidance using such
factors as the current revenue run rate and the market demand for its
products at certain price and profit levels. Management also took into
account the seasonality of the business. Based on management's
estimate, it is believed that revenues for fiscal 2006 will be within
a range at the lower end of $20 million and the higher end of $26
