LOS ANGELES--(BUSINESS WIRE)--HemaCare Corporation (HEMA) today reported its financial results for the six months and year ended December 31, 2012. For the six month period, revenue rose by 13% to $9.2 million, while the loss from continuing operations decreased by 83% to $214,000 when compared to the year-earlier period. For the year ended December 31, 2012, revenue rose by 10% to $17.9 million, while the loss from continuing operations decreased by 65% to $758,000 compared to the year-earlier period. Total Company income was $1,163,000 for the year ended December 31, 2012 compared with a total Company loss of $805,000 for the year ended December 31, 2011.
ABOUT HEMACARE CORPORATION
HemaCare Corporation is a blood services company serving healthcare providers and the scientific community for over 35 years. HemaCare and its subsidiary, Coral Blood Services, perform therapeutic apheresis services, provide human-derived biological products, and support the use of cellular therapies with apheresis collections.
The Company was founded in 1978 and is based in Van Nuys, California. It trades on the OTC Pink Market under the symbol “HEMA”.
| HemaCare Corporation and Subsidiaries | Six Months Ended | Year Ended | ||||||||||||||||||
| Statement of Operations Data | December 31, | December 31, | ||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||||||
| Revenue | $ | 9,164,000 | $ | 8,099,000 | $ | 17,911,000 | $ | 16,245,000 | ||||||||||||
| Gross Profit | $ | 1,581,000 | $ | 1,077,000 | $ | 3,135,000 | $ | 2,358,000 | ||||||||||||
| General and administrative expenses | $ | 1,792,000 | $ | 2,317,000 | $ | 3,870,000 | $ | 4,707,000 | ||||||||||||
| Gain from insurance settlement | $ | 0 | $ | 0 | $ | 0 | $ | 192,000 | ||||||||||||
| Loss before taxes and discontinued operations | ($211,000 | ) | ($1,240,000 | ) | ($735,000 | ) | ($2,157,000 | ) | ||||||||||||
| Provision for income taxes | $ | 3,000 | $ | 0 | $ | 23,000 | $ | 10,000 | ||||||||||||
| Net loss before discontinued operations | ($214,000 | ) | ($1,240,000 | ) | ($758,000 | ) | ($2,167,000 | ) | ||||||||||||
|
Income from discontinued operations, net of tax |
($0 | ) | $ | 1,077,000 | $ | 1,921,000 | $ | 1,362,000 | ||||||||||||
| Net (loss) income | ($214,000 | ) | ($163,000 | ) | $ | 1,163,000 | ($805,000 | ) | ||||||||||||
|
HemaCare Corporation and Subsidiaries
Consolidated Balance Sheet Data |
12/31/2012 | 12/31/2011 | ||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 1,590,000 | $ | 2,266,000 | ||||
| Other current assets | 3,787,000 | 3,418,000 | ||||||
| Non-current assets | 2,607,000 | 3,023,000 | ||||||
| Total assets | $ | 7,984,000 | $ | 8,707,000 | ||||
| Liabilities and Shareholders' Equity: | ||||||||
| Current liabilities | $ | 2,179,000 | $ | 4,054,000 | ||||
| Long-term liabilities | 426,000 | 521,000 | ||||||
| Shareholders' equity | 5,379,000 | 4,132,000 | ||||||
| Total liabilities and shareholders' equity | $ | 7,984,000 | $ | 8,707,000 | ||||