Published:
InstaCare Corp. Continues Turnaround & Reports 291% Revenues Increase in 2Q 2008
LOS ANGELES, Aug. 20 /PRNewswire-FirstCall/ -- InstaCare Corp.,
(OTC Bulltein Board: ISCR), a leading distributor of at-home testing
diagnostics for the chronically ill, life-saving prescription drugs and a
developer of patent-pending technologies for e-health and EMR applications,
reported financial results for the second quarter period-ended June 30, 2008.
Recent highlights include:
-- Revenues grew by 291% in 2Q 2008 vs. 2Q 2007 as sales and orders for
at-home diagnostics and medical surgical product continued to surge
-- ISCR reports 2Q 2008 operating profit of $140,513 and enhanced
operating margins vs. 2Q 2007
-- Company implements New Letters of Commitment executed with two medical
surgical products companies and a new diabetic products manufacturer
For the second quarter of 2008, InstaCare reported revenues of $3,020,694,
a gain of 291% from $1,036,849 recorded during the second quarter of 2007. The
increase in revenues was due primarily to sales from the distribution of
medical diagnostic and medical disposable products for patients with chronic
diseases. Total operating expenses for the quarter ended June 30, 2008 were
$204,118, a decrease of $98,554 over the quarter ended June 30, 2007. The
Company reported an operating profit of $140,513 during the second quarter of
2008 compared with an operating loss of $174,475 recorded during the second
quarter 2007. The Company incurred a net profit of $17,652, or nil per basic
share for the quarter ended June 30, 2008, compared with a net loss of
$150,570 or ($0.01) per basic and diluted share reported for the quarter ended
June 30, 2008. InstaCare had current assets of $1,353,874 as of June 30, 2008.
Keith Berman, Chief Financial Officer of InstaCare, commented, "We are
pleased to report another exceptional quarter for InstaCare as our businesses
grew and remained profitable, on a continued surge in sales. We have
successfully implemented our medical diagnostics and medical disposable
products distribution plans and these businesses have generated almost six
million dollars in sales during the first half of fiscal 2008, quite an
accomplishment even in a slowing national economy. We are currently
maintaining momentum in what is usually our slowest quarter, perhaps
signifying further developments later this year."
For the first six months of fiscal 2008, InstaCare reported revenues of
$5,818,076, a gain of 174% from $2,120,131 recorded during the first six
months of fiscal 2007. The Company reported an operating profit of $287,034
during the first six months of fiscal 2008 compared with an operating loss of
$430,140 recorded during the first six months of fiscal 2007. The Company
reported net income of $59,381 for the first six months of fiscal 2008,
compared with a net loss of $553,756 reported for the first six months of
fiscal 2007.
Forward-Looking Statements:
This release contains forward-looking statements about our business or
financial condition that reflect our assumptions and beliefs based on
information currently available. We can give no assurance that the
expectations indicated by such forward-looking statements will be realized.
There may be other risks and circumstances that we are unable to predict. When
used in this release, words such as "believes," "expects," "forecasts,"
"intends," "projects," "plans," "anticipates," "estimates" and similar
expressions are intended to identify forward-looking statements, although
there may be certain statements not accompanied by such expressions.
For further information, visit the company's Web Site:
http://www.instacare.net.
Company Contact:
InstaCare Corp.
Keith Berman
(805) 446-1973
info@instacare.net
InstaCare Corp.
Condensed Consolidated Balance Sheets
June 30, December 31,
2008 2007
Assets
Current assets:
Cash $113,167 $4,353
Accounts receivable 966,126 669,041
Inventory 270,450 96,450
Prepaid expenses 4,131 3,816
Total current assets 1,353,874 773,660
Fixed assets, net of accumulated depreciation
of $163,126 and $145,000, respectively 18,124 36,250
Other assets:
Deposits 3,412 3,412
Amortizable loan fees 41,669
Total other assets 45,081 3,412
Total assets $1,417,079 $813,322
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $40,806 $120,107
Accrued expenses 195,905 199,265
Accrued interest 502,335 412,837
Line of credit 586,923 467,044
Demand note - related party 280 280
Notes payable, current portion 183,361 181,021
Convertible notes payable 1,452,688 1,377,689
Total current liabilities 2,962,298 2,758,243
Long-term debt, net of current portion 57,831 85,109
Total liabilities 3,020,129 2,843,352
Stockholders' (deficit):
Preferred stock, $0.001 par value, 3,249,000
shares authorized, 207,526 shares issued
and outstanding as of June 30, 2008 and
December 31, 2007, respectively 207 207
Preferred series "A" stock, $0.001 par value,
750,000 shares authorized, no shares issued
and outstanding as of June 30, 2008 and
December 31, 2007, respectively - -
Preferred series "C" stock, $0.001 par value,
1,000,000 shares authorized, 17,860 and 20,000
shares issued and outstanding as of June 30,
2008 and December 31, 2007, respectively 18 18
Preferred series "D" stock, $0.001 par value,
1,000 shares authorized, no shares issued and
outstanding as of June 30, 2008 and December
31, 2007, respectively - -
Preferred series "E" stock, $0.001 par value,
1,000,000 shares authorized, no shares issued
and outstanding as of June 30, 2008 and December
31, 2007, respectively - -
Common stock, $0.001 par value, 1,750,000,000
shares authorized, 39,962,071 and 29,200,026
shares issued and outstanding as of June 30,
2008 and December 31, 2007, respectively 39,962 29,200
Additional paid-in capital 17,713,847 17,354,200
Shares authorized and unissued, 725,720
and 3,700,294 726 3,700
Dividends payable 386,475 292,392
Accumulated (deficit) (19,744,285) (19,709,747)
(1,603,050) (2,030,030)
Total liabilities and stockholders'
(deficit) $1,417,079 $813,322
InstaCare Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Revenue $3,020,694 $1,036,849 $5,818,076 $2,120,131
Cost of sales 2,676,063 908,652 5,025,946 1,797,304
Gross profit 344,631 128,197 792,130 322,827
Expenses:
General &
administrative 64,558 78,967 125,304 181,526
Consulting 28,442 119,810 93,735 378,077
Payroll expense 79,815 34,664 200,335 87,898
Professional fees 22,240 57,486 67,596 81,976
Depreciation and
amortization 9,063 11,745 18,126 23,490
Total expenses 204,118 302,672 505,096 752,967
Net operating income
(loss) 140,513 (174,475) 287,034 (430,140)
Other income
(expense):
Contingent expenses - 81,600 - -
Financing costs (66,786) (1,907) (116,260) (11,123)
Interest expense,
net (56,075) (55,788) (111,393) (112,493)
Total other
income
(expense) (122,861) 23,905 (227,653) (123,616)
Net income (loss) 17,652 (150,570) 59,381 (553,756)
Add: Dividends
declared on
preferred - - - -
Income (loss)
available to
common
shareholders' $17,652 $(150,570) $59,381 $(553,756)
Weighted average
number of
common shares
outstanding-
diluted 216,264,003 11,341,941 211,122,433 10,768,735
Net income (loss)
per share-diluted $0.00 $(0.01) $0.00 $(0.05)
Weighted average
number of Common
shares
outstanding -
basic 38,546,597 11,341,941 36,297,301 10,768,735
Net income (loss)
per share - basic $0.00 $(0.01) $0.00 $(0.05)
SOURCE InstaCare Corp.
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