TYSONS CORNER, Va., April 16, 2014 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC) today announced that the Company has filed its 10-K Annual Report for 2013 with the Securities & Exchange Commission (SEC).
ScripsAmerica's Gross Revenue generated in the year ended December 31, 2013 increased from $5,583,000 in 2012 to $7,335,000 in 2013 as displayed on page 29 of ScripsAmerica's 10-K under the "Products Sold" column in the section titled "Revenues Net." This increase of $1,752,000 represents an increase of 31% for 2013 over 2012.
Due to financial reporting requirements, ScripsAmerica can report only the net profits from its Joint Government contract and pharmaceutical partner and not the top line revenue, which will continue at an accelerated pace for the remainder of 2014.
"In conjunction with the reporting of its financials for last year, management feels it is very important to remind our shareholders that the Company's required accounting method has a significant impact on reportable revenues from our government joint venture and pharmaceutical equity venture, both of which will continue to generate revenue and profits for ScripsAmerica, increasing shareholder value," commented Bob Schneiderman, CEO of ScripsAmerica.
About ScripsAmerica, Inc.
ScripsAmerica, Inc. is a supplier of prescription, OTC and nutraceutical drugs, delivering pharmaceutical products to a wide range of end users across the health care industry. End users include retail pharmacies, hospitals, long-term care facilities and government and home care agencies. For more information, visit www.ScripsAmerica.com.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.