ScripsAmerica Comments on Financial Results for the Third Quarter of 2014
TYSONS CORNER, VA--(Marketwired - Nov 19, 2014) - ScripsAmerica Inc. (OTCBB: SCRC), today commented on the Company's recent 10-Q filing for the third quarter ended September 30, 2014.
ScripsAmerica reported $12,817,000 in Net Revenue during the three months ended September 30, 2014 compared to $73,000 reported during the same period in 2013, marking an increase of $12,744,000 in quarterly revenue YoY as reported on Page 31 of the Company's latest 10-Q filing. The Company's Net Revenue from operations during the three quarters ended September 30, 2014 was reported as $17,342,000 compared to $452,000 over the same nine month period in 2013, marking an increase of $16,890,000 or 3,737%.
Gross profit for ScripsAmerica for the three months ended September 30, 2014 was $11,604,000 compared to $43,000 for the same period in 2013, which is an increase of $11,561,000 or 26,886%. For the nine month period ended September 30, 2014, gross profit for the Company was approximately $15,525,343, which was 90% of its net sales as compared to a gross profit of approximately $27,783 for the same period in 2013 for an increase of approximately $15,497,560.
The Company's increase in gross profit from 2014 to 2013 can be attributed to its management of Main Avenue Pharmacy, which generated significant sales in the first nine months of 2014 and has a gross margin percentage ranging from 85% to 91% as noted on Page 34 of its most recent 10-Q.
"Scrips recorded significant growth in revenues and gross profit during the third quarter just as it did in the second quarter, which is line with management's expectations that the Company would have a breakout year in 2014. The revenue growth we experienced during this quarter was once again primarily driven by the steadily increasing sales of Main Avenue Pharmacy which is now a wholly owned subsidiary of ScripsAmerica per our recent announcement," commented ScripsAmerica's CEO, Bob Schneiderman.
He continued, "With ScripsAmerica's specialty pharmacy partnerships, licenses to distribute prescription drugs in several states and the projected worldwide growth of the oral delivery technology market that includes our RapiMed(R) product, management is confident that 2015 will be a very successful year of continued growth for the Company. We expect the next few quarters to be pivotal for our shareholders and the value of our stock as ScripsAmerica increases its exposure to financial institutions, brokers and the investment community at large."
For the nine month period ended September 30, 2014, general and administrative expenses ("G&A"
excluding share-based compensation were approximately $1.5 million compared to approximately $2.6 million for the same nine month period in 2013. This decrease of $1.1 million represents a 42% YoY decrease in G&A expenses for the Company.
ScripsAmerica recently announced that the Company will host a conference call on Wednesday, December 3, 2014 at 10 a.m. Eastern Time to discuss the Company's recent 10-Q filing for the third quarter ended September 30, 2014 and conduct a question and answer session. The Company's senior management including CEO, Bob Schneiderman and CFO, Jeffrey Andrews will host the call, also commenting on ScripsAmerica's current business conditions, market drivers and various initiatives.
Interested parties can access ScripsAmerica's conference call live through a webcast on the Investor Relation section of its corporate website, where it will be archived following the call.
TYSONS CORNER, VA--(Marketwired - Nov 19, 2014) - ScripsAmerica Inc. (OTCBB: SCRC), today commented on the Company's recent 10-Q filing for the third quarter ended September 30, 2014.
ScripsAmerica reported $12,817,000 in Net Revenue during the three months ended September 30, 2014 compared to $73,000 reported during the same period in 2013, marking an increase of $12,744,000 in quarterly revenue YoY as reported on Page 31 of the Company's latest 10-Q filing. The Company's Net Revenue from operations during the three quarters ended September 30, 2014 was reported as $17,342,000 compared to $452,000 over the same nine month period in 2013, marking an increase of $16,890,000 or 3,737%.
Gross profit for ScripsAmerica for the three months ended September 30, 2014 was $11,604,000 compared to $43,000 for the same period in 2013, which is an increase of $11,561,000 or 26,886%. For the nine month period ended September 30, 2014, gross profit for the Company was approximately $15,525,343, which was 90% of its net sales as compared to a gross profit of approximately $27,783 for the same period in 2013 for an increase of approximately $15,497,560.
The Company's increase in gross profit from 2014 to 2013 can be attributed to its management of Main Avenue Pharmacy, which generated significant sales in the first nine months of 2014 and has a gross margin percentage ranging from 85% to 91% as noted on Page 34 of its most recent 10-Q.
"Scrips recorded significant growth in revenues and gross profit during the third quarter just as it did in the second quarter, which is line with management's expectations that the Company would have a breakout year in 2014. The revenue growth we experienced during this quarter was once again primarily driven by the steadily increasing sales of Main Avenue Pharmacy which is now a wholly owned subsidiary of ScripsAmerica per our recent announcement," commented ScripsAmerica's CEO, Bob Schneiderman.
He continued, "With ScripsAmerica's specialty pharmacy partnerships, licenses to distribute prescription drugs in several states and the projected worldwide growth of the oral delivery technology market that includes our RapiMed(R) product, management is confident that 2015 will be a very successful year of continued growth for the Company. We expect the next few quarters to be pivotal for our shareholders and the value of our stock as ScripsAmerica increases its exposure to financial institutions, brokers and the investment community at large."
For the nine month period ended September 30, 2014, general and administrative expenses ("G&A"
excluding share-based compensation were approximately $1.5 million compared to approximately $2.6 million for the same nine month period in 2013. This decrease of $1.1 million represents a 42% YoY decrease in G&A expenses for the Company. ScripsAmerica recently announced that the Company will host a conference call on Wednesday, December 3, 2014 at 10 a.m. Eastern Time to discuss the Company's recent 10-Q filing for the third quarter ended September 30, 2014 and conduct a question and answer session. The Company's senior management including CEO, Bob Schneiderman and CFO, Jeffrey Andrews will host the call, also commenting on ScripsAmerica's current business conditions, market drivers and various initiatives.
Interested parties can access ScripsAmerica's conference call live through a webcast on the Investor Relation section of its corporate website, where it will be archived following the call.
