ScripsAmerica Reports 126% Quarterly Revenue Growth YoY During Q1 2014
May 21 2014 - 08:00AM
Marketwired
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.
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: Seal Point Consulting 888-959-7095 Email Contact
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