Science & Technology
Science and Technology
Science and Technology
Fri, August 13, 2010
Thu, August 12, 2010
Wed, August 11, 2010 Ascendant Solutions, Inc. Reports Second Quarter 2010 Earnings, Earnings per Share and EBITDA
DALLAS--([ BUSINESS WIRE ])--Ascendant Solutions, Inc. (Pink Sheets: ASDS) (aAscendanta or the aCompanya) today announced its results for the second quarter of fiscal 2010. The Company reported consolidated net income of $260,000 for the fiscal quarter ended June 30, 2010, compared to net loss of $55,000 in 2009, resulting in net income per share (aEPSa) of $0.01 compared to net loss per share of less than ($0.01). Consolidated net income for the six months ended June 30, 2010 was $655,000, compared to $148,000 for the six months ended 2009, resulting in net EPS of $0.03 compared to $0.01.
For the fiscal quarter ended June 30, 2010, the Company reported Consolidated Earnings before Interest, Taxes, Depreciation and Amortization (aEBITDAa) of $476,000 compared to consolidated EBITDA of $59,000 in 2009. EBITDA for the six months ended June 30, 2010, was $1,061,000 compared to $369,000 for the same period of 2009.
EBITDA is calculated as net income before deducting interest, taxes, depreciation and amortization and also does not include discontinued operations. Although EBITDA is not a measure of actual cash flow because it does not consider changes in assets and liabilities that may impact cash balances, the Companya™s management reviews these non-GAAP financial measures internally to evaluate the Companya™s performance and manage the operations. Additionally, the Company believes it is a useful metric to evaluate operating performance and has therefore included such measures in the reporting of operating results.
Healthcare
The Companya™s subsidiary, Doughertya™s Holdings, Inc. (aDHIa), which owns and operates Doughertya™s Pharmacy, reported EBITDA of $344,000 for the fiscal quarter ended June 30, 2010, compared to $345,000 in 2009. EBITDA for the six month period ending June 30, 2010 was $653,000 compared to $760,000 for the same period of 2009.
Real Estate Advisory Services
EBITDA for the fiscal quarter ended June 30, 2010 from the Companya™s real estate advisory services segment was $733,000 compared to $118,000 for the same period of 2009. EBITDA for the six months ended June 30, 2010 was $1,181,000 compared to $293,000 for the same period of 2009.
Corporate and Other
EBITDA for the fiscal quarter ended June 30, 2010 and 2009 from the corporate and other segment was ($601,000) and ($404,000), respectively. EBITDA for the six months ended June 30, 2010 and 2009 from the corporate and other segment was ($773,000) and ($684,000), respectively.
Net Income and Earnings per Share | |||||||||||||
(000's omitted, except share and per share amounts, unaudited) | |||||||||||||
| |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2010 | 2009 | 2010 | 2009 | ||||||||||
| Net income (loss) | $ | 260 | $ | (55 | ) | $ | 655 | $ | 148 | ||||
| Earnings per share a" basic and diluted: | |||||||||||||
| Net income attributable to Ascendant | $ | 0.01 | $ | * | $ | 0.03 | $ | 0.01 | |||||
| * Less than ($0.01) per share | |||||||||||||
| Average common shares outstanding, basic and diluted | 24,447,931 | 24,447,931 | 24,447,931 | 24,465,431 | |||||||||
Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization | ||||||||||||||||||||||||||||||
| ($ in thousands, unaudited) | ||||||||||||||||||||||||||||||
| 3 months ended June 30, | 6 months ended June 30, | |||||||||||||||||||||||||||||
| Change | Change | |||||||||||||||||||||||||||||
| 2010 | 2009 | $ | % | 2010 | 2009 | $ | % | |||||||||||||||||||||||
| Healthcare: | ||||||||||||||||||||||||||||||
| Doughertya™s Pharmacy | $ | 403 | $ | 448 | $ | (45 | ) | -10.0 | % | $ | 764 | $ | 964 | $ | (200 | ) | -20.7 | % | ||||||||||||
| DHI | (59 | ) | (103 | ) | 44 | 42.7 | % | (111 | ) | (204 | ) | 93 | 45.6 | % | ||||||||||||||||
| Total Healthcare | 344 | 345 | (1 | ) | -0.3 | % | 653 | 760 | (107 | ) | -14.1 | % | ||||||||||||||||||
| Real Estate: | 733 | 118 | 615 | 521.2 | % | 1,181 | 293 | 888 | 303.1 | % | ||||||||||||||||||||
| Corporate and Other: | (601 | ) | (404 | ) | (197 | ) | -48.8 | % | (773 | ) | (684 | ) | (89 | ) | -13.0 | % | ||||||||||||||
| Total Company | $ | 476 | $ | 59 | $ | 417 | 706.8 | % | $ | 1,061 | $ | 369 | $ | 692 | 187.5 | % | ||||||||||||||
About Ascendant Solutions, Inc.
Ascendant Solutions, Inc. is a value oriented, investment firm focused on making equity investments in underperforming or distressed U.S. lower middle-market businesses. Ascendant is primarily interested in investing or acquiring manufacturing, distribution, service, healthcare, finance and retail industries with $20 to $150 million in annual revenues that require access to capital or capital restructuring, and strategic support to improve operational performance. Ascendant currently has approximately $40 million in net operating loss carryforwards which can be used to shelter future income, thus enhancing free cash flow or debt service capabilities. Ascendant specializes in solving complex transactions where creative and timely solutions can add value to an enterprise.
