CORAL SPRINGS, Fla., March 3, 2011 (GLOBE NEWSWIRE) -- Union Dental Holdings, Inc. (Pink Sheets:UDHI) www.uniondental.com/ir -- a provider of multi-state dental services for union members, announced today its revenues for the quarter and year ending December 31, 2010. The revenues from operations as compared for the same period for 2009 for the quarter increased 63% from $613,860 to $1,000,933 and also increased 22.5 percent for the year ending 12/31/2010 from $3,148,724 to $3,857,434.
The Company's Consolidated Statements of Operations for December 31, 2010 reflects an operating income in the 4th Quarter of $210,118 as compared to a loss of $36,481during the comparable period in 2009. The Company's Consolidated Statements of Operations for year end December 31, 2010 reflects income of $576,399 as compared to $329,200 or a 75% increase.
Dr. George D. Green, President and CEO, commented: "I am pleased we are again profitable, especially in this dramatic worldwide economic downturn we are facing. Again, a majority of our losses in the past were related to the interest expense, increased IR consulting fees, Professional Fees and a derivative issue for some of our financing. We now have converted a good portion of debt into equity showing the confidence our debt holders have in the Company's future."
Income Statement and Balance Sheet as of 12/31/2010
| UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| UNAUDITED | ||
|
For the Year Ended December 31, |
||
| 2010 | 2009 | |
| Unaudited | Unaudited | |
| Cash Flows From Operating Activities: | ||
| Net income | $ 470,694 | $ 388,213 |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 106,081 | 126,201 |
| Stock-based compensation and consulting | 26,500 | 224,650 |
| Common stock issued for interest | -- | -- |
| (Gain) loss from valuation of derivatives | 66,745 | 44,979 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (263,140) | (534,694) |
| Inventory of supplies | -- | (1,874) |
| Prepaid expenses and other current assets | -- | 27,724 |
| Accounts payable | (2,526) | (25,891) |
| Accrued expenses | 9,051 | (23,752) |
| Unearned membership fees | (146,624) | 124,240 |
| Net cash provided by operating activities | 266,781 | 349,796 |
| Cash Flows From Investing Activities: | ||
| Purchase of property and equipment | (4,215) | (200,014) |
| Net cash provided by (used in) investing activities | (4,215) | (200,014) |
| Cash Flows From Financing Activities: | ||
| Proceeds from note payable | -- | -- |
| Cash overdraft | -- | (67,236) |
| Payments on loans payable - related party | (47,951) | (2,361) |
| Payments on notes payable | (238,716) | (41,997) |
| Net cash provided by (used in) financing activities | (286,667) | (111,594) |
| Net increase (decrease) in cash | (24,101) | 38,188 |
| Cash - beginning of period | 51,674 | 13,486 |
| Cash - end of period | $ 27,573 | $ 51,674 |
| Non-cash investing and financing activities: | ||
| Issuance of common stock for debt and accrued interest | $ 659,261 | $ 72,000 |
| Reclassification of derivative liability to equity | $ 800,975 | $ 130,341 |
|
UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES |
||
| CONSOLIDATED BALANCE SHEET | ||
| UNAUDITED | ||
|
December 31, 2010 |
December 31, 2009 |
|
| ASSETS | Unaudited | Unaudited |
| CURRENT ASSETS: | ||
| Cash | $ 27,573 | $ 51,674 |
| Accounts receivable, net | 1,182,586 | 919,446 |
| Inventory of supplies | 39,354 | 39,354 |
| Total current assets | 1,249,513 | 1,010,474 |
| Property and equipment, net | 411,302 | 513,168 |
| Total Assets | $ 1,660,815 | $ 1,523,642 |
| LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
| CURRENT LIABILITIES: | ||
| Convertible notes payable | $ -- | $ 467,413 |
| Convertible debenture payable | -- | 226,873 |
| Notes payable | 564,834 | 768,524 |
| Loan payable - related party | 215,916 | 263,867 |
| Line of credit | 50,650 | 50,650 |
| Accounts payable | 62,462 | 64,988 |
| Accrued expenses | 150,033 | 239,749 |
| Unearned membership fees | 161,795 | 308,419 |
| Derivative liability | -- | 635,463 |
| Total current liabilities | 1,205,690 | 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 | (3,906,353) | (4,377,046) |
| Shareholder transactions | (1,489,711) | (1,489,711) |
| Less: Deferred compensation | -- | -- |
| Total shareholders' equity (deficit) | 455,125 | (1,502,304) |
| Total liabilities and shareholders' equity (deficit) | $ 1,660,815 | $ 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 Pipefitters (UA), the National Federation of Public and Private Employees (NFOPAPE), 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, IBEW and all other union 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.