Windermere, FL / ACCESSWIRE / June 10, 2014 / iMedicor (OTC Pink: VMCI), a national provider of secure, HIPAA-compliant communications solutions for the healthcare community is pleased to announce its first quarter 2013 financial results.
First Quarter 2013 Financial Results
"In my first quarter as CEO of iMedicor I am proud that we worked diligently to build a world class team that is focused on results. We are developing new products based on our customers’ requests while at the same time controlling costs and working to strengthen our balance sheet." said iMedicor’s President and CEO, Robert McDermott.
During the quarter the Company hired a new head of sales and expanded our sales force. It previously covered predominantly the Northeast. iMedicor’s salesforce now covers most of the Continental US. The company has also administered new compensation plans for everyone in the company to a performance based model versus the previous higher salaried positions with little performance pay.
The Company hired a new COO and developed an operation and administration team to more efficiently manage its current processes and prepare the Company for future growth.
Also, in the September quarter iMedicor hired a new CTO and now has development teams in house that have identified any scale and functionality problems with legacy products while at the same time developing a pipeline of future products.
Revenues in the first quarter increased 1,746 % to $183,329 compared to $10,500 in the first quarter of 2013. The Company expects this trend to continue. Gross margins exceeded 50%. Management expects margin expansion to continue. Expenses were relatively flat as the Company conserved cash by cutting legacy costs while growing the sales force and increasing its development effort. The balance sheet shed a modest amount of debt as management worked through legacy creditor issues and limited spending on anything other than non-core sales and development. Mr. McDermott commented, "We will always focus on expense control and balance sheet efficiency as we believe that will, over time, maximize shareholder value."
Mr. McDermott continued, "I am pleased by the commitment of our new management team to focus on increasing revenues, initiate new product development and increase customer satisfaction. I am very excited about the future of the company and look forward to expanding upon the results of the first quarter. As always, we look forward to communicating with our shareholders."
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. Actual results could differ materially from those anticipated in these forward-looking statements.
For more information contact: John Schneller at iMedicor, 888-810-7706, ext. 822
SOURCE: iMedicor