CLIFTON, N.J., Feb. 01, 2016 (GLOBE NEWSWIRE) -- ScripsAmerica, Inc. (OTCBB:SCRC) today announced the filing of the Company’s 10K filing for its fiscal year 2014.
Management is pleased to report that in 2014 the Company recorded net revenue of $30,855,000 and gross profit of $27,597,000 compared to net revenue of $556,000 and gross profit of $60,000 in 2013. This represents an increase of $30,299,000 and $27,537,000 in net revenue and gross profit respectively, marking substantial exponential growth in both areas. ScripsAmerica also reported a net loss of $4,747,000 in 2014 compared to a net loss of $11,213,000 in 2013, representing an increase of $6,466,000 in net income over the previous year.
ScripsAmerica reported Total selling, general & administrative expenses of $31,404,000 in 2014 compared to $7,354,000 in 2013, marking a 327% increase year over year. A majority of the increase in total expenses can be attributed to ScripsAmerica’s Sales marketing expenses, which rose from $259,000 in 2013 to $27,525,000 in 2014. This resulted in the offset of a significant portion of the dramatic increase in revenue and profit, according to management.
“ScripsAmerica would like to thank our shareholders for demonstrating great patience throughout this process as we have experienced delays in our 2014 filings. Commenting on our financial results for the year 2014, management is pleased to report exponential gains received in net income and gross profit, however due to significant expenses and existing shareholder dilution, this growth was not optimally reflected in our net income.
“However, Scrips did decrease its net loss by over $6.4 million in the last year and we anticipate this trend to continue as our business has begun to stabilize after some adjustment to a downward trend in the specialty pharmacy market due to regulation changes,” commented President of ScripsAmerica, Adam Brosius.
Apart from sales and marketing expenses, ScripsAmerica reported a decrease in other expense categories including Total selling, general & administrative expenses for common stock issued which decreased by 54% from $3,792,000 in 2013 to $1,751,000 in 2014. The Company reported an increase in Cash flows from operating, investing and financing activities of $373,000 or approximately 1,100% from $34,000 in 2013 to $407,000 in 2014. The Company also experienced a year over year increase of approximately 217% in its Total Assets, which rose from $1,781,463 in 2013 to $5,644,036 in 2014.
Brosius continued, “In 2015, management placed a top priority of increasing shareholder value by drastically reducing our overall expenses and ceasing the issuance of any additional shares for services while increasing the scope of our national distribution network of specialty pharmacies. We believe this will be reflected in the upcoming financial statements for 2015.”
“Management acknowledges that the Company is not yet current with its 2015 10Qs fillings and we’d like to assure our shareholders that they will be filed within the next few months. Now that our 2014 10K has been completed, we expect a much more expeditious audit process for our 2015 financials. Further, our Board of Directors is and will remain committed to maintain timeliness in our future filings,” concluded Brian Ettinger, CEO of ScripsAmerica.
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.
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