CORAL SPRINGS, Fla., April 10, 2012 (GLOBE NEWSWIRE) -- Union Dental Holdings, Inc. (Pink Sheets:UDHI) (UDHI, Trade ) www.uniondental.com/ir -- a provider of multi-state dental services for union members, announced today its audited revenues for the year ending December 31, 2011. The audited revenues from operations as compared to the same period for 2010 increased one percent to $3,993,336 from $3,857,434.
The Company's Audited Consolidated Statements of Operations for December 31, 2011 reflects a profit of $56,401 from operating income as compared to a profit of $576,399 during the comparable period in 2010. The lower profits are directly related to the costs and expenses associated with the build out of the new 4,000 square foot addition. The revenues are stagnant at this level without the expansion being operational. On April 15th, it will have been one year in the building of the new addition and this is now scheduled to open before May 1st.
Dr. Green, President and CEO, commented: "I am pleased we are again profitable especially in this dramatic worldwide economic downturn we are facing. Our small increase of income is directly related to not having enough room for all of our new and existing patients. We need our new addition to open so our expansion and going to the next level will be completed. It has been extremely frustrating having the infrastructure built with personnel, hardware and software and not having the physical facility ready in an appropriate time frame. We feel that problem will be solved in the next couple of weeks and we will be able to expand our business as planned."
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.uniondentalcorp.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.