ScripsAmerica Files 2013 Annual Report and Management Comments on Revenue Recognition
April 16 2014 - 8:30AM
ScripsAmerica Inc. (OTCBB:SCRC) today announced
that the Company has filed its 10-K Annual Report for 2013 with the
Securities & Exchange Commission (SEC).
ScripsAmerica's Gross Revenue generated in the year ended
December 31, 2013 increased from $5,583,000 in 2012 to $7,335,000
in 2013 as displayed on page 29 of ScripsAmerica's 10-K under the
"Products Sold" column in the section titled "Revenues Net." This
increase of $1,752,000 represents an increase of 31% for 2013 over
2012. Due to financial reporting requirements, ScripsAmerica can
report only the net profits from its Joint Government contract and
pharmaceutical partner and not the top line revenue, which will
continue at an accelerated pace for the remainder of 2014.
"In conjunction with the reporting of its financials for last
year, management feels it is very important to remind our
shareholders that the Company's required accounting method has a
significant impact on reportable revenues from our government joint
venture and pharmaceutical equity venture, both of which will
continue to generate revenue and profits for ScripsAmerica,
increasing shareholder value," commented Bob Schneiderman, CEO of
ScripsAmerica.
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. Safe Harbor Statement
This release includes forward-looking statements, which are
based on certain assumptions and reflects management's current
expectations. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results
or events to differ materially from current expectations. Some of
these factors include: general global economic conditions; general
industry and market conditions, sector changes and growth rates;
uncertainty as to whether our strategies and business plans will
yield the expected benefits; increasing competition; availability
and cost of capital; the ability to identify and develop and
achieve commercial success; the level of expenditures necessary to
maintain and improve the quality of services; changes in the
economy; changes in laws and regulations, including codes and
standards, intellectual property rights, and tax matters; or other
matters not anticipated; our ability to secure and maintain
strategic relationships and distribution agreements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: 888-959-7095
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