Health & Fitness
Health and Fitness
Health and Fitness
Thu, May 13, 2010
Wed, May 12, 2010 
LOS ANGELES, CA--(Marketwire - May 12, 2010) - HemaCare Corporation (
Commenting on the results, Pete van der Wal, the Company's Chief Executive Officer, stated, "While we are pleased to start 2010 debt-free and with a strong cash position, we are not satisfied with the operating results from our first quarter. We are intently focused on revenue growth and stringent expense control, and expect to see results of these efforts in the coming quarters."
About HemaCare Corporation
Founded in 1978, HemaCare provides the customized delivery of blood products and services. The Company collects, processes, purchases and distributes blood products to hospital and research related organizations and provides blood related services, principally therapeutic apheresis procedures, stem cell collection and other blood treatments to patients with a variety of disorders. HemaCare is licensed by the FDA and accredited by the AABB.
This press release also contains "forward-looking statements" under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Statements herein that are not historical facts are forward-looking statements pursuant to the safe harbor provisions referenced above. You may also identify forward-looking statements by use of the words "anticipates," "expects," "intends," "plans" and similar expressions. The forward-looking statements in this press release include statements that HemaCare expects to see in the coming quarters the initial results of its efforts to resume revenue growth and control costs. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified. Such risks and uncertainties include, without limitation, the following: a reduction in operating margins occasioned by costs increasing more rapidly than market prices, the reduced demand for blood products, declining blood donations, the loss of customers or the inability to pass on cost increases due to increased competition, an increase in operating costs due to changes in industry regulations and standards, a decrease in reimbursement rates; our competitive position may decline due to the potential adverse effect from changes in the healthcare industry, including consolidations, which could affect access to customers, our inability to attract, retain and motivate management and other skilled employees, an increased emphasis by our competitors on customer service may diminish the advantages we enjoy from our service-focused operations, and our competitors' not-for-profit status gives them advantages in acquiring customers; and the other risks and uncertainties discussed from time to time in the documents HemaCare files with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlined in the forward-looking statements contained herein. The Company undertakes no obligation to update any of these forward-looking statements to reflect actual results or events or circumstances after the date hereof.
| HemaCare Corporation | |||||||||
| Condensed Consolidated Data | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended March 31, | |||||||||
| 2010 | 2009 | ||||||||
| Statements of (Operations) Income: | |||||||||
| Revenue | $ | 7,847,000 | $ | 9,711,000 | |||||
| Gross Profit | $ | 1,388,000 | $ | 1,535,000 | |||||
| General and administrative expenses | $ | 1,580,000 | $ | 1,451,000 | |||||
| (Loss) income before income taxes and discontinued operations | $ | (192,000 | ) | $ | 84,000 | ||||
| Provision for income taxes | $ | - | $ | 3,000 | |||||
| Net (loss) income before discontinued operations | $ | (192,000 | ) | $ | 81,000 | ||||
| Loss from discontinued operations, net of tax | $ | (12,000 | ) | $ | (12,000 | ) | |||
| Net (loss) income | $ | (204,000 | ) | $ | 69,000 | ||||
| Basic and diluted (loss) earnings per share | $ | (0.02 | ) | $ | 0.01 | ||||
| Weighted average shares outstanding - basic | 10,050,000 | 9,904,000 | |||||||
| Weighted average shares outstanding - diluted | 10,050,000 | 9,975,000 | |||||||
| 3/31/10 | 12/31/09 | |||||
| Assets | ||||||
| Cash and cash equivalents | $ | 1,619,000 | $ | 1,007,000 | ||
| Other current assets | 5,467,000 | 5,368,000 | ||||
| Non-current assets | 4,070,000 | 4,200,000 | ||||
| Total assets | $ | 11,156,000 | $ | 10,575,000 | ||
| Liabilities and Shareholders' Equity | ||||||
| Current liabilities | $ | 5,190,000 | $ | 4,450,000 | ||
| Long-term liabilities | 584,000 | 600,000 | ||||
| Shareholders' equity | 5,382,000 | 5,525,000 | ||||
| Total liabilities and shareholders' equity | $ | 11,156,000 | $ | 10,575,000 | ||
