CORAL SPRINGS, Fla., Nov. 16, 2010 (GLOBE NEWSWIRE) -- Union Dental Holdings, Inc. (Pink Sheets:UDHI) - http://www.uniondental.com/ir - a national provider of a suite of dental services to union members and dentists has announced its revenues for the nine months ending 9/30/2010. The revenues from operations as compared to the same period for 2009 increased 11.25 percent to $2,856,501 from $2,534,864. The revenues for the quarter ending 9/30/2010 were $1,100,686 down from $1,176,604 for the same period in 2009.
The Company's Consolidated Statements of Operations for September 30, 2010 reflects a profit of $366,281 from operating income as compared to a profit of $365,681 during the comparable nine month period in 2009. The profits for the third quarter 2010 were $198,613 as compared to $454,414.
Dr. Green, President and CEO, commented: "I am pleased we are again profitable especially in this dramatic worldwide economic downturn we are facing. We now have converted a good portion of debt into equity showing the confidence our debt holders have in the Company's future. The downturn of profits in the 3rd quarter were directly attributed to building the certified surgical, staff of the surgical unit and expenses attributed to the specialists' pay during that time."
Union Dental, in an ongoing effort to provide shareholders with transparency and a greater understanding of the Company's business operations, has released the latest Income Statement and Balance Sheet for the three months and nine months 2010.
| UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| For the Three Months Ended | For the Nine Months Ended | |||
| September 30, | September 30, | |||
| 2010 | 2009 | 2010 | 2009 | |
| Unaudited | Unaudited | Unaudited | Unaudited | |
| Revenues, net | $ 1,100,686 | $ 1,176,604 | $ 2,856,501 | $ 2,534,864 |
| Total Revenues | 1,100,686 | 1,176,604 | 2,856,501 | 2,534,864 |
| Operating expenses: | ||||
| Cost of services performed | 242,529 | 142,678 | 601,325 | 340,446 |
| Salaries and related taxes and stock-based compensation | 436,586 | 338,411 | 1,196,875 | 1,104,013 |
| Depreciation and amortization | 25,037 | 43,469 | 81,043 | 130,485 |
| Professional fees | 10,988 | 12,610 | 22,721 | 46,326 |
| Consulting fees | -- | -- | -- | 22,600 |
| Other general and administrative | 186,933 | 181,022 | 588,256 | 525,313 |
| Total operating expenses | 902,073 | 718,190 | 2,490,220 | 2,169,183 |
| Income from operations | 198,613 | 454,414 | 366,281 | 365,681 |
| Other income (expense): | ||||
| Gain from settlement of litigation | -- | -- | -- | 3,000 |
| Gain (loss) from valuation of derivatives liability | -- | (69,787) | (165,512) | (375,347) |
| Interest income | -- | 1 | -- | 17 |
| Interest expense | (9,689) | (18,983) | (28,562) | (82,430) |
| Total other income (expense) | (9,689) | (88,769) | (194,074) | (454,760) |
| Income (loss) before provision for income taxes | 188,924 | 369,645 | 172,207 | (89,079) |
| Income tax expense | -- | -- | -- | -- |
| Net Income (Loss) | $ 188,924 | $ 365,645 | $ 172,207 | $ (89,079) |
| Net Income (loss) per common share: | ||||
| Net Income (loss) per common share - basic | $ 0.00 | 0 | $ 0.00 | $ (0.00) |
| Net Income (loss) per common share - diluted | $ 0.00 | 0 | $ 0.00 | $ (0.00) |
| Weighted average common shares outstanding - basic | 203,658,932 | 144,844,732 | 190,725,217 | 144,844,732 |
| Weighted average common shares outstanding - diluted | 203,658,932 | 144,844,732 | 190,725,217 | 144,844,732 |
| UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES | |||
| CONSOLIDATED BALANCE SHEET | |||
| UNAUDITED | |||
| Year ended | |||
| September 30, | December 31, | ||
| 2010 | 2009 | ||
| ASSETS | Unaudited | Unaudited | |
| CURRENT ASSETS: | |||
| Cash | $ 120,234 | $ 51,674 | |
| Accounts receivable, net | 913,514 | 919,446 | |
| Inventory of supplies | 39,354 | 39,354 | |
| Total current assets | 1,073,102 | 1,010,474 | |
| Property and equipment, net | 436,340 | 513,168 | |
| Total Assets | $ 1,509,442 | $ 1,523,642 | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
|||
| CURRENT LIABILITIES: | |||
| Convertible notes payable | $ -- | $ 467,413 | |
| Convertible debenture payable | -- | 226,873 | |
| Notes payable | 618,810 | 768,524 | |
| Loan payable - related party | 216,498 | 263,867 | |
| Line of credit | 50,650 | 50,650 | |
| Accounts payable | 76,583 | 64,988 | |
| Accrued expenses | 246,119 | 239,749 | |
| Unearned membership fees | 144,144 | 308,419 | |
| Derivative liability | -- | 635,463 | |
| Total current liabilities | 1,352,804 | 3,025,946 | |
| Commitments and contingencies | -- | -- | |
| SHAREHOLDERS' EQUITY (DEFICIT): | |||
|
Preferred stock ($.0001 Par value; 25,000,000 shares authorized; 8,000,000 shares issued and outstanding) |
800 | 300 | |
|
Common stock ($.0001 Par value; 300,000,000 share authorized; 203,658,932 shares and 177,572,510 issued and outstanding at September 30, 2010 and December 31, 2009, respectively) |
20,366 | 17,757 | |
| Common stock issuable (1,000,000 shares) | |||
| Additional paid-in capital | 5,830,023 | 4,346,396 | |
| Accumulated deficit | (4,204,840) | (4,377,046) | |
| Shareholder transactions | (1,489,711) | (1,489,711) | |
| Less: Deferred compensation | -- | -- | |
| Total shareholders' equity (deficit) | 156,638 | (1,502,304) | |
| Total liabilities and shareholders' equity (deficit) | $ 1,509,442 | $ 1,523,642 | |
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.
WEBSITE: www.uniondental.com/ir