Union Dental Reports 2nd Quarter Profits and 17% Higher Revenues
14 August 2008 - 9:30PM
Marketwired
Union Dental Holdings, Inc. (OTCBB: UDHI) --
http://www.uniondental.com/ir -- a Company that operates and
manages a network of dentists throughout the United States for
union members, announced today with the filing of their 10-QSB to
the Securities & Exchange Commission the financial results for
the quarter ending June 30, 2008. In the Consolidated Statement of
earnings the Company reported a profit of $120,494 from operations
for the quarter on revenues of $652,709 as compared to a loss of
$117,570 on adjusted revenues of $556,739 during the same period in
2007. Revenues were up over 17% for the quarter. The 2007 adjusted
revenues were a result of a one-time income for the quarter in the
amount of $190,000, which created total revenues of $746,739 for
the 6/30/2007 quarter.
For the six months ending 6/30/08 the Company reported 14.5%
higher revenues and a profit of $181,495 on revenues of $1,362,304
as compared to a loss of $643,649 on adjusted revenues of
$1,189,376 which does not include the one-time income of $190,000
for the same quarter in 2007.
The increase in revenues was a combination of a lowering of the
"Allowance for Doubtful Accounts" to make that number more accurate
and the addition of the Company's growing network of dental service
providers who pay a fee to the Company for the opportunity to join
Union Dental's growing list of contracted unions. Most recently,
the Company signed a national contract to build a nationwide dental
network for the Association of Flight Attendants.
Dr. Green, President and CEO, commented: "I am pleased our
revenues have once again increased for the quarter and we have now
continued our profitability for the second straight quarter. I
believe we can continue to grow our business and remain
profitable."
AFA-CWA represents the employees of 20 major airlines such as
United, US Airways, Northwest, America West, Alaska Airlines, PSA,
Mesa, Air Wisconsin, Spirit, AWA, American Eagle, Midwest Airlines,
Miami Air, Piedmont, Horizon & Hawaiian.
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.
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.
CONTACT INFORMATION: Dr. George D. Green President Email
Contact
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