CORAL SPRINGS, Fla., Aug. 25, 2011 (GLOBE NEWSWIRE) -- Union Dental Holdings, Inc. (Pink Sheets:UDHI) - http://www.uniondental.com/ir - a Company that operates and manages a network of dentists throughout the United States for union members announced the unaudited financial results for the quarter ending June 30, 2011. In the Consolidated Statement of earnings the Company reported a loss of income from operations of $22,865 on revenues of $917,990 as compared to a profit of $324,522 on revenues of $1,144,655 during the same period in 2010. For the six months ending June 30, 2011 the Company reported a loss of $9,890 on revenues of $2,028,346 as compared to a profit of $167,668 on revenues of $1,755,815 for the same period ending in 2010.
Recently Union Dental implemented an expansion program to double the size of its dental facility in Coral Springs and received a $1,480,000 loan from Flagler Bank with an SBA guarantee at the current rate of six percent which is adjusted quarterly on the basis of Wall Street Prime Rate plus 2.25%. This loan consolidated all of the long term debt of the company plus included the funds for the built out of the new facility which includes all dental equipment to be fully operational upon opening. The new facility will be open in the fourth quarter of this year.
Dr. George Green, President and CEO stated: "Due to the downturn in the economy and uncertainty of financial markets our revenues were down in this quarter as compared to a year ago as patients put some of their health care needs on hold. In addition, part of the loss is directly related to one time costs with building the infrastructure for the expansion in addition to costs associated with our Flagler Bank/SBA loan, SBA fees, consulting fees and additional legal and accounting fees with obtaining the loan."
Contact Information: jhough@jcglobalsecurities.com
About Union Dental Holdings, Inc., Direct Dental Services, Inc. and Union Dental Corp.
Direct Dental Services and Union Dental Corp. are wholly owned subsidiaries. Direct Dental Services provides dentists with "areas of exclusivity" to participate with various unions including the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW), United Association of Plumbers and Pipe Fitters (UA) and The Association of Flight Attendants – Communications Workers of America (AFA-CWA). Direct Dental Services receives annual management fees from the dentists in exchange for practicing in these "areas of exclusivity" where CWA and IBEW members use the dentists' services. Union Dental manages a dental practice in Coral Springs, Florida.
The Union Dental Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8310
WEBSITE: www.uniondental.com/ir
"Safe-Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.