CORAL SPRINGS, Fla., June 21, 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 financial results for the quarter ending March 31, 2011. In the Consolidated Statement of earnings the Company reported income from operations of $12,975 on revenues of $1,110,356 as compared to a loss of $156,854 on revenues of $611,160 during the same period in 2010.
Dr George Green, President and CEO stated: "We are extremely pleased with our revenue growth over the prior year. Some of our expenses were higher in this quarter due to onetime charges in reference to audit and legal fees. All of these expenses are warranted as we continue to work with J&C Global Securities, LLC to explore our options going forward."
Jervis Hough, CEO of J&C Global Securities, LLC stated: "We are pleased to be working closely with Union Dental Holdings, Inc. to help create shareholder value and to better position the company for future expansion. We will continue to evaluate the company and help prepare them for reaching their goal of being listed on a more recognized exchange."
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.
| UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES | ||
| CONSOLIDATED BALANCE SHEET | ||
| UNAUDITED | ||
| March 31, | December 31, | |
| 2011 | 2010 | |
| ASSETS | Unaudited | Audited |
| CURRENT ASSETS: | ||
| Cash | $ 79,369 | $ 27,573 |
| Accounts receivable, net | 1,051,711 | 1,182,586 |
| Inventory of supplies | 39,354 | 39,354 |
| Total current assets | 1,170,434 | 1,249,513 |
| Property and equipment, net | 387,302 | 411,302 |
| Total Assets | $ 1,557,736 | $ 1,660,815 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Notes payable | $ 511,777 | $ 564,834 |
| Loan payable - related party | 215,335 | 215,916 |
| Line of credit | 50,650 | 50,650 |
| Accounts payable | 69,424 | 62,462 |
| Accrued expenses | 150,473 | 150,033 |
| Unearned membership fees | 102,494 | 161,795 |
| Total current liabilities | 1,100,153 | 1,205,690 |
| Commitments and contingencies | -- | -- |
| SHAREHOLDERS' EQUITY: | ||
| Preferred stock ($.0001 Par value; 25,000,000 shares authorized; | ||
| 8,000,000 shares issued and outstanding) | 800 | 800 |
| Common stock ($.0001 Par value; 300,000,000 share authorized; | ||
| 203,658,932 shares issued and outstanding at March 31, 2011 | ||
| and December 31, 2010, respectively) | 20,366 | 20,366 |
| Common stock issuable (1,000,000 shares) | ||
| Additional paid-in capital | 5,830,023 | 5,830,023 |
| Accumulated deficit | (3,903,895) | (3,906,353) |
| Shareholder transactions | (1,489,711) | (1,489,711) |
| Less: Deferred compensation | -- | -- |
| Total shareholders' equity | 457,583 | 455,125 |
| Total liabilities and shareholders' equity | $ 1,557,736 | $ 1,660,815 |
| UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| For the Three Months Ended | ||
| March 31, | ||
| 2011 | 2010 | |
| Unaudited | Audited | |
| Revenues, net | $ 1,110,356 | $ 611,160 |
| Total Revenues | 1,110,356 | 611,160 |
| Operating expenses: | ||
| Cost of services performed | 253,847 | 184,984 |
| Salaries and related taxes and stock-based compensation | 414,765 | 356,813 |
| Depreciation and amortization | 25,000 | 35,968 |
| Professional fees | 3,440 | 10,133 |
| Consulting fees | 80,000 | -- |
| Other general and administrative | 320,329 | 180,116 |
| Total operating expenses | 1,097,381 | 768,014 |
| Income from operations | 12,975 | (156,854) |
| Other income (expense): | ||
| Gain (loss) from valuation of derivatives liability | -- | (165,512) |
| Interest income | -- | -- |
| Interest expense | (10,517) | (9,696) |
| Total other income (expense) | (10,517) | (175,208) |
| Income before provision for income taxes | 2,458 | (332,063) |
| Income tax expense | -- | -- |
| Net Income | $ 2,458 | $ (332,063) |
| Net Income (loss) per common share: | ||
| Net Income (loss) per common share - basic | $ 0.00 | $ (0.00) |
| Net Income (loss) per common share - diluted | $ 0.00 | $ (0.00) |
| Weighted average common shares outstanding - basic | 203,658,932 | 188,172,510 |
| Weighted average common shares outstanding - diluted | 203,658,932 | 188,172,510 |