SCRC CORE SHAREHOLDERS : > POWERFULL REVENUE NEWS
Post# of 7769
Posted On: 05/21/2014 8:27:35 AM
SCRC CORE SHAREHOLDERS : > POWERFULL REVENUE NEWS OUT THIS MORNING!!!.....OUR JOURNEY BEGINS: > ....May 21, 2014 - 8:00 AM EDT
ScripsAmerica Reports 126% Quarterly Revenue Growth YoY During Q1 2014
Company Records Over $5 Million in Revenue During Q1 2014 and CEO Comments on Revenue Recognition
TYSONS CORNER, VA--(Marketwired - May 21, 2014) - ScripsAmerica Inc. (OTCBB: SCRC) today announced the filing of its 10Q for the quarter that ended March 31, 2014.
The Company reported $5,097,000 in revenue during Q1 2014 compared to $2,256,000 in Q1 2013, marking a 126% increase in quarterly revenue year over year. ScripsAmerica's 2014 first quarter revenue from operations as reported in the 'Statement of Operations' in the Company's latest 10Q filing was $823,859, marking an increase of 187% over the same period in 2013 when it was reported at $287,374.
Gross profit during Q1 2014 was $598,000 compared to a loss of $11,000 for Q1 2013. The Company generated $3,687,222 in revenue from its joint government contract during the first quarter of 2014 compared to $1,955,345 during Q1 2013. This increase of $1,731,877 in quarterly revenue equals an 88% YoY growth rate for this contract.
This revenue is reported on page 30 of ScripsAmerica's 10Q in the 'Products Sold' column in the 'Revenue Net' section in addition to $793,000 in Q1 revenue from its pharmaceutical partner. Due to financial reporting requirements, ScripsAmerica can report only the net profits from its joint government contract and pharmaceutical partner, Wholesale Rx and not its top line revenue.
Commenting on ScripsAmerica's first quarter results, CEO Bob Schneiderman stated, "ScripsAmerica is pleased to report very positive financial results during the first quarter of 2014, marking the strong start we expected for what we believe will be a breakout year for the Company and its shareholders.
"It is also very important to remind the investment community that the Company's necessary accounting method has a significant impact on the reportable revenues from our government joint venture and Wholesale Rx investment, both of which will continue to generate revenue and profits for ScripsAmerica.
"The Company experienced tremendous growth across the business from our pharmaceutical equity venture with WRx to receiving an initial order for RapiMed in Asia as well as taking on the management of a specialty pharmacy that generated revenues of $494,643 in March before nearly doubling to $958,234 in April.
"We expect to see continued revenue growth in the upcoming quarters from our managed specialty pharmacy, equity ventures with WRx and PIMD International and our joint government contract which should lead to a sizeable increase in shareholder value."
About ScripsAmerica, Inc.
ScripsAmerica, Inc. is a supplier of prescription, OTC and nutraceutical drugs, delivering pharmaceutical products to a wide range of end users across the health care industry. End users include retail pharmacies, hospitals, long-term care facilities and government and home care agencies. For more information, visit www.ScripsAmerica.com.
ScripsAmerica Reports 126% Quarterly Revenue Growth YoY During Q1 2014
Company Records Over $5 Million in Revenue During Q1 2014 and CEO Comments on Revenue Recognition
TYSONS CORNER, VA--(Marketwired - May 21, 2014) - ScripsAmerica Inc. (OTCBB: SCRC) today announced the filing of its 10Q for the quarter that ended March 31, 2014.
The Company reported $5,097,000 in revenue during Q1 2014 compared to $2,256,000 in Q1 2013, marking a 126% increase in quarterly revenue year over year. ScripsAmerica's 2014 first quarter revenue from operations as reported in the 'Statement of Operations' in the Company's latest 10Q filing was $823,859, marking an increase of 187% over the same period in 2013 when it was reported at $287,374.
Gross profit during Q1 2014 was $598,000 compared to a loss of $11,000 for Q1 2013. The Company generated $3,687,222 in revenue from its joint government contract during the first quarter of 2014 compared to $1,955,345 during Q1 2013. This increase of $1,731,877 in quarterly revenue equals an 88% YoY growth rate for this contract.
This revenue is reported on page 30 of ScripsAmerica's 10Q in the 'Products Sold' column in the 'Revenue Net' section in addition to $793,000 in Q1 revenue from its pharmaceutical partner. Due to financial reporting requirements, ScripsAmerica can report only the net profits from its joint government contract and pharmaceutical partner, Wholesale Rx and not its top line revenue.
Commenting on ScripsAmerica's first quarter results, CEO Bob Schneiderman stated, "ScripsAmerica is pleased to report very positive financial results during the first quarter of 2014, marking the strong start we expected for what we believe will be a breakout year for the Company and its shareholders.
"It is also very important to remind the investment community that the Company's necessary accounting method has a significant impact on the reportable revenues from our government joint venture and Wholesale Rx investment, both of which will continue to generate revenue and profits for ScripsAmerica.
"The Company experienced tremendous growth across the business from our pharmaceutical equity venture with WRx to receiving an initial order for RapiMed in Asia as well as taking on the management of a specialty pharmacy that generated revenues of $494,643 in March before nearly doubling to $958,234 in April.
"We expect to see continued revenue growth in the upcoming quarters from our managed specialty pharmacy, equity ventures with WRx and PIMD International and our joint government contract which should lead to a sizeable increase in shareholder value."
About ScripsAmerica, Inc.
ScripsAmerica, Inc. is a supplier of prescription, OTC and nutraceutical drugs, delivering pharmaceutical products to a wide range of end users across the health care industry. End users include retail pharmacies, hospitals, long-term care facilities and government and home care agencies. For more information, visit www.ScripsAmerica.com.
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