LYMAN, S.C., April 12, 2011 /PRNewswire/ -- Southern Home
Medical Equipment, Inc. (PINKSHEETS: SHOM), a Holding Company
providing healthcare services, healthcare professionals and
equipment to medical institutions, announced today that the
previously reported unaudited results from operations for fiscal
year 2010 have been restated to reflect franchise fees and
royalties from Encore Medical Staffing.
In a previous announcement dated April
4th, 2011 Southern Home Medical recorded revenues for 2010
of $809,884 with a net income of
$1,820. The figures in that report
did not reflect the franchise fees and royalties from Encore
Medical Staffing. With the Company's consolidation improvements and
accounting procedures, all of the Encore Medical Staffing franchise
fees and royalties can now be reported as income for fiscal year
2010.
The restatement reports an additional $120,771.32 to the Company's previous reported
income of $809,884 totaling
$930,655.32 of combined gross income
for fiscal year 2010. In addition, Southern Home Medical
restates its net income adding an additional $36,645.88 to its previously stated $1,820 totaling $38,465.88 of combined net income for fiscal year
2010.
Encore Medical Staffing provides medical staffing needs to
hospitals, rehab centers, nursing homes, mental health centers and
other medical facilities. The majority of the professionals consist
of RNs, LPNs, CNAs, billing specialists, customer service
specialists, delivery techs, marketing reps and other healthcare
personnel.
"We are pleased with everyone's efforts in working diligently
over the past couple years to allow all aspects of our company to
move forward together," stated Jeff
Sarvis, President and CEO.
About Southern Home Medical Equipment, Inc.
Southern Home Medical Equipment, Inc. is a Holding Company with
a focus on servicing the needs of the Healthcare Industry. The
Company has quality health care professionals to support hospitals,
rehab centers, nursing homes and other medical facilities providing
RNs, LPNs, CNAs, RTs, Billing Specialists, Customer Service
Specialists, Delivery Techs and Marketing Reps. With contractual
agreements with partner businesses in Charleston, Columbia, Greenville, Florence and Lake Hartwell, South Carolina; Nashville, Tennessee; Baltimore, Maryland; Dunwoody, Georgia; and Philadelphia, Pennsylvania. Southern Home
Medical is leveraging the success of these business models to
expand sales opportunities in these areas with health, medical and
equipment needs.
Forward Looking Statement
The statements in the press release that relate to the Company's
expectations with regard to the future impact on the Company's
results from acquisitions or actions in development are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The statements in this
document may also contain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. When used in this press
release, the words "anticipate," "believe," "estimate," "may,"
"intend," "expect" and similar expressions identify such
forward-looking statements. Forward-looking statements are subject
to risks, uncertainties, and other factors that could cause actual
results to differ materially from those contained in such
statements. Such risks, uncertainties, and factors include, but are
not limited to, future capital needs, changes, and delays in
product development plans and schedules, or market acceptance.
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SOURCE Southern Home Medical Equipment, Inc.