Forterus Announces Fiscal Year 2009 Financial Results
January 22 2010 - 7:39PM
PR Newswire (US)
MURRIETA, Calif., Jan. 22 /PRNewswire-FirstCall/ -- On January 22,
2010, Forterus, Inc. (Pink Sheets: FTER) announced its results of
its 2009 Fiscal Year. Paul Howarth, Forterus's CEO, stated, "This
has been a transformational year for Forterus and we are pleased
with the Company's achievements. Even more so, we believe we have a
strong foundation from which to grow our business and capitalize on
future prospects and we remain focused in our determination to
build shareholder value. While the struggling economy has impacted
our business, we have continued to build upon our insurance
contracts. We were delighted to have achieved positive net income
of $383,937 and earnings per share of $.03 for the fiscal year
2009. Looking forward through 2010, if we continue to execute our
key strategic initiatives and continue to adhere to the disciplines
of our core business model, we should continue to see a steady
increase in our core business. Furthermore, we will continue to
make strategic investments in qualified and experienced staff, the
major asset of any quality organization, to complement the
investments to grow our bed count as we continue on a sustainable,
scalable and profitable growth path in fiscal 2010." Key Financial
Highlights $383,937 in Net Income for Fiscal 2009 compared to a
loss of $1,671,525 in Fiscal 2008. $5,842,182 in Revenue For Fiscal
2009 compared to revenue of $4,089,139 in Fiscal 2008. 435%
increase in Net Income from Fiscal 2008 to Fiscal 2009. 43%
increase in Revenue from Fiscal 2008 to Fiscal 2009. $0.43 Revenue
Per Share (on share count of 13,513,264). $0.03 Earnings Per Share
(on share count of 13,513,264). The company reported a consolidated
net profit of 383,937 or $.03 per share and revenue of $5,842.182,
or $0.43 per share, for the 2009 fiscal year. Business Overview For
fiscal year 2009, the Company reported revenues of $5,842,182 from
its continuing operations (healthcare services business), compared
to revenues from continuing operations of $4,989,139 during the
comparable period in 2008. The Company has received numerous
requests for comparable public companies in our industry. The
Company has provided the shareholders with Hythiam, Inc. as a
comparable. Hythiam is traded on NASDAQ. Hythiam reported a net
loss of $10,714,000 for the nine months ending September 30, 2009
on $1,346,000 in revenue for the same time period. "When looking at
Hythiam's market capitalization of $28,358,896 as of January 15,
2010 and their performance against Forterus's, we are excited about
the possible increase in our matrices, including shareholder
equity," stated CEO Paul Howarth. "We did not actively seek out or
receive any financing through the issuance of our common stock in
2009. However, we may begin to explore such possibilities based on
Hythiam's $7,000,000 capital raise in 2009. However, Forterus's
Board feels the current market price and price throughout 2009 does
not warrant the Company raising money through the issuance of its
stock at this time." About Forterus, Inc. Forterus Inc. and its
subsidiaries engage in diverse business activities, including drug
and alcohol rehabilitation, and finance. For more information about
Forterus and A Better Tomorrow, please visit their respective
websites at http://www.forterushealthcare.com/ and
http://www.abttc.com/. Forward Looking Statements Application of
the Safe Harbor of the Private Securities Litigation Reform Act of
1995: This press release contains, and Forterus may from time to
time make, written or oral 'forward-looking statements' within the
meaning of the U.S. federal securities laws, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All forward-looking statements rely
on a number of assumptions concerning future events and are subject
to a number of uncertainties and other factors, many of which are
outside Forterus's and/or its subsidiaries control that could cause
actual results to differ materially from such statements. In
particular, statements using words such as 'may,' 'should,'
'estimate,' 'expect,' 'anticipate,' 'intend,' 'believe,' 'predict,'
'potential,' or words of similar import generally involve
forward-looking statements. CONTACT: Paul Howarth, 1-888-257-8345,
DATASOURCE: Forterus, Inc. CONTACT: Paul Howarth of Forterus, Inc.,
1-888-257-8345, Web Site: http://www.forterushealthcare.com/
http://www.abttc.com/
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