TORONTO, April 2, 2013 (GLOBE NEWSWIRE) -- GreeneStone Healthcare Corporation (OTCBB:GRST) (the "Company") provider of healthcare services and operator of addiction treatment clinics, today announces fiscal year 2012 financial results.
For the twelve months ending Dec. 31, 2012, the Company reported total revenues increase of 230% to $5,540,909, as compared to $1,678,804 for same period in 2011. For the same twelve-month period, the Company reported total net loss of ($1,553,797), or ($0.08) EPS, compared to ($2,462,288), or ($0.34) EPS for the same period ending in 2011.
This increase in revenue was mainly attributable to a steady increase in business volume since the Company began operations. The Company believes that revenue growth will continue to increase steadily and the Company will become more profitable as most of its costs, such as rent and salaries and wages are relatively fixed, and therefore will reduce, as a percentage, as business and bed capacity volume grows.
During the year ended December 31, 2012, the net loss decreased to $1,553,797 from $2,462,288 during the year ended December 31, 2011, a decrease of $908,491. This reduction is attributable to the steady increase in revenues and will become more profitable as revenues continue to grow as the company can take advantage of economies of scale as most of its costs rent salaries and wages are relatively fixed.
Shawn Leon, president and chief executive officer of GreeneStone Healthcare Corporation, commented, "The Company expected this operational results for the fiscal year 2012, and we anticipate even stronger growth in 2013 where we have all the reasons to believe that by the end of our second quarter the Company will be profitable."
Additional information may be found in the Company's 10-K filing with the U.S. Securities and Exchange Commission.
|GREENESTONE HEALTHCARE CORPORATION|
|CONSOLIDATED STATEMENT OF OPERATIONS|
|FOR THE YEAR ENDED DECEMBER 31, 2012|
|(Stated in U.S. $)|
| December 31, |
| December 31, |
|COST OF SERVICES PROVIDED||1,050,002||648,773|
|General and administrative||546,563||510,147|
|Interest and fees||214,207||26,568|
|Management fees (note 10)||179,924||461,895|
|Meals and entertainment||3,385||1,462|
|Rent (note 10)||847,558||465,035|
|Salaries and wages||3,410,659||1,532,678|
|NET LOSS APPLICABLE TO COMMON SHAREHOLDERS||$(1,484,353)||$(2,496,861)|
|OTHER COMPREHENSIVE INCOME (LOSS)|
|Foreign currency translation||(69,444)||34,573|
|TOTAL COMPREHENSIVE LOSS||$(1,553,797)||$(2,462,288)|
|BASIC AND DILUTED LOSS PER COMMON SHARE||$(0.08)||$(0.34)|
|WEIGHTED AVERAGE SHARES OUTSTANDING||19,453,717||7,443,626|
About GreeneStone Healthcare Corporation
GreeneStone Healthcare Corporation (OTCBB:GRST) (OTCQB:GRST) operates medical and healthcare clinics in Ontario, Canada. GreeneStone's clinics serve to add overflow capacity to an increasingly stretched provincial healthcare system, and provide private alternatives to publicly available healthcare services. Its four medical clinics (three in Toronto, along with a facility in Muskoka, Ontario) offer various medical services, including addiction treatment, endoscopy, minor cosmetic procedures, and executive health care services. The company currently has more than 60 employees and is based in Toronto, Ontario.
Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. The forward-looking statements in this release are made as of the date hereof and Greenestone Healthcare Corporation undertakes no obligation to update such statements.
CONTACT: CSIR Group Telephone: 212-386-7082 Christine@csirgroup.comSource:GreeneStone Healthcare Corporation