MELBOURNE, FL--(Marketwired - May 18, 2015) - First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) ("FCHS" or "First Choice"), a diversified holding company focused on delivering clinically superior, patient-centric, multi-specialty care through state-of-the-art medical centers of excellence, today reported its first quarter financial results for the three months ended March 31, 2015.

Financial Highlights for the Three Months Ended March 31, 2015 Compared to the Three Months Ended March 31, 2014:

  • Total revenues increased 12% to $2,505,167 from $2,234,753.

    • Net patient service revenues generated by our flagship Medical Center of Excellence, First Choice Medical Group, grew 14% to $2,240,065 -- up from $1,972,830.
    • Rental revenue produced by our real estate subsidiary, Marina Towers, LLC, rose modestly to $265,103 from $261,923.

  • Income from operations climbed 108% to $413,769 from $199,310. Nothwithstanding non-cash expenses totaling $353,669 for stock-based compensation, depreciation and amortization; income from operations totaled $767,438 for the first quarter of 2015, compared to $388,078 in the same three month period in 2014 after factoring $188,769 in non-cash stock-based compensation, depreciation and amortization.

  • Net income increased 187% to $30,689, or $0.00 earnings per basic and diluted share, from a net loss of $35,099, or $0.00 loss per basic and diluted share.

  • Net cash used in the Company's operating activities improved 46% to $173,931 from $320,305.

As of March 31, 2015, First Choice had cash and restricted cash totaling $497,531; accounts receivable of $2,252,053 and total stockholders' deficit of $2,652,494. Subsequent to the end of the quarter, the Company's lender, Hillar Capital Investments, L.P. converted $680,000 of the $2,320,000 8% original issue discount convertible debenture. As a consequence, the outstanding principal amount and interest of the debenture, as of May 1, 2015, has been reduced to $1.53 million. 

Earlier last week, the Company announced that through its newly formed wholly-owned subsidiary, TBC Holdings of Melbourne, Inc., it had expanded its portfolio of Medical Centers of Excellence located in Florida's Space Coast region with the addition of Brevard Orthopaedic Spine & Pain Center, Inc., dba The B.A.C.K. Center, to its medical business-building platform. TBC Holdings will exercise effective control over the business of the practice, and treat it as a variable interest entity, effective as of May 1, 2015. As a result, beginning with the release of First Choice's second quarter 2015 results, the Company will include the financial results of The B.A.C.K. Center in its consolidated financial statements in accordance with generally accepted accounting prinicples as if it was a wholly owned subsidiary. 

Christian Romandetti, Chairman, President and CEO of First Choice, stated, "We are very pleased with our Company's strong financial performance in the first quarter of 2015, during which time our Medical Centers of Excellence platform continued to demonstrate that our operations are materially benefitting from key efficiencies that we have continued to implement over the past year. In view of our recent transaction involving The B.A.C.K. Center, which will allow us to book The B.A.C.K. Center's May and June results, we fully expect that our future quarterly growth will be even more pronounced, with our revenues forecasted to increase to more than $4.8 million in the second quarter."

Continuing, Romandetti said, "As we move through 2015, we will look to continue executing other planned expansion strategies, driving stronger cash flow while paying down our higher cost debt. Given the notable progress we achieved in the first quarter and the momentum we are currently experiencing in our medical business-building business, we feel very optimistic that this year will continue to prove to be our best one yet."

    March 31,     December 31,  
    2015     2014  
Current assets                
Cash   $ 112,794     $ 279,087  
Cash-restricted     384,737       318,259  
Accounts receivable, net     2,252,053       1,804,636  
Prepaid and other current assets     127,221       153,296  
Capitalized financing costs, current portion     68,370       68,370  
  Total current assets     2,945,175       2,623,648  
Property, plant and equipment, net of accumulated depreciation of $2,602,845 and $2,472,111     8,171,848       8,294,298  
Other assets                
Capitalized financing costs, long term portion     17,089       37,775  
Patient list, net of accumulated amortization of $60,000 and $55,000     240,000       245,000  
Patents, net of amortization of $23,875 and $19,100     262,625       267,400  
Deposits     2,571       2,571  
  Total other assets     522,285       552,746  
Total assets   $ 11,639,308     $ 11,470,692  
Current liabilities                
Accounts payable and accrued expenses   $ 1,360,890     $ 1,457,275  
Stock based payable     220,000       537,750  
Advances     298,000       224,000  
Line of credit, short term     1,377,000       1,237,000  
Convertible note payable, short term portion     2,192,099       2,148,835  
Notes payable, current portion     684,904       732,791  
Unearned revenue     51,639       38,763  
  Total current liabilities     6,184,532       6,376,414  
Long term debt:                
Deposits held     72,901       72,901  
Notes payable, long term portion     8,034,369       8,184,560  
  Total long term debt     8,107,270       8,257,461  
Total liabilities     14,291,802       14,633,875  
Stockholders' deficit                
Preferred stock, $0.01 par value; 1,000,000 shares authorized, Nil issued and outstanding     -       -  
Common stock, $0.001 par value; 100,000,000 shares authorized, 18,432,055 and 17,951,055 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively     18,432       17,951  
Additional paid in capital     13,151,461       12,671,942  
Accumulated deficit     (15,822,387 )     (15,853,076 )
  Total stockholders' deficit     (2,652,494 )     (3,163,183 )
Total liabilities and stockholders' deficit   $ 11,639,308     $ 11,470,692  
    Three Months Ended March 31,  
    2015     2014  
Patient service revenue   $ 2,285,288     $ 2,010,974  
Provision for bad debts     (45,224 )     (38,144 )
Net patient service revenue less provision for bad debts     2,240,064       1,972,830  
Rental Revenue     265,103       261,923  
  Total Revenue     2,505,167       2,234,753  
Operating expenses:                
Salaries and benefits     946,120       1,065,521  
Other operating expenses     451,485       429,291  
General and administrative     553,284       405,912  
Depreciation and amortization     140,509       134,719  
  Total operating expenses     2,091,398       2,035,443  
Net income from operations     413,769       199,310  
Other income (expense):                
Miscellaneous income     750       750  
Amortization financing costs     (20,686 )     (15,906 )
Interest expense, net     (363,144 )     (219,253 )
  Total other expense     (383,080 )     (234,409 )
Net income (loss) before provision for income taxes     30,689       (35,099 )
Income taxes (benefit)     -       -  
NET INCOME (LOSS)   $ 30,689     $ (35,099 )
Net Income (loss) per common share, basic   $ 0.00     $ (0.00 )
Net Income (loss) per common share, diluted   $ 0.00     $ (0.00 )
Weighted average number of common shares outstanding, basic     18,062,466       16,756,648  
Weighted average number of common shares outstanding, diluted     22,090,565       16,756,648  
    Three Months Ended March 31,  
    2015     2014  
Net Income (loss)   $ 30,689     $ (35,099 )
Adjustments to reconcile net income (loss) to cash used in operating activities:                
Depreciation and amortization     140,509       129,940  
Amortization of financing costs     20,686       20,685  
Bad debt expense     45,224       38,144  
Common stock issued in connection with loan extension     99,000       -  
Stock-based compensation     48,250       -  
Changes in operating assets and liabilities:                
Accounts receivable     (492,641 )     (512,989 )
Prepaid expenses and other     26,075       (12,579 )
Restricted funds     (66,478 )     (47,526 )
Accounts payable and accrued expenses     (38,121 )     124,299  
Unearned income     12,876       (25,180 )
  Net cash used in operating activities     (173,931 )     (320,305 )
Purchase of equipment     (8,284 )     (10,998 )
  Net cash used in investing activities     (8,284 )     (10,998 )
Proceeds from advances     74,000       -  
Proceeds from lines of credit     140,000       100,000  
Net payments on notes payable     (198,078 )     (197,238 )
  Net cash provided by (used in) financing activities     15,922       (97,238 )
Net decrease in cash and cash equivalents     (67,293 )     (428,541 )
Cash and cash equivalents, beginning of period     279,087       739,158  
Cash and cash equivalents, end of period   $ 112,794     $ 310,617  
Cash paid during the period for interest   $ 264,144     $ 310,617  
Cash paid during the period for taxes   $ -     $ -  
Supplemental Disclosure on non-cash investing and financing activities:                
Common stock issued in settlement of accrued expenses   $ 15,000     $ 22,240  

About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is actively engaged in developing a network of multi-specialty medical centers of excellence throughout the southeastern U.S., which are distinguished as premier destinations for clinically superior, patient-centric care. Through its wholly owned subsidiary FCID Medical, Inc., the Company currently operates First Choice Medical Group of Brevard (FCMG), First Choice's flagship Medical Center of Excellence which specializes in the delivery of neurological and musculoskeletal medicine and rehabilitative care; and through its wholly owned subsidiary TBC Holdings of Melbourne, Inc., it operates Brevard Orthopaedic Spine & Pain Center, Inc., dba The B.A.C.K. Center, which focuses on orthopaedic spine and pain medicine. FCHS' commercial real estate interests, which houses FCMG, are managed by its wholly owned subsidiary, FCID Holdings, Inc. For more information, please visit, and

Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.

Contact Information:

For additional information, please contact:
First Choice Healthcare Solutions, Inc.
Julie Hardesty
800-941-0090, Extension 288