Union Dental Reports an Unaudited Profit for Year End 2013
March 06 2014 - 10:00AM
Marketwired
Union Dental Reports an Unaudited Profit for Year End 2013
CORAL SPRINGS,
FL--(Marketwired - March 06, 2014) - Union
Dental Holdings, Inc. (PINKSHEETS:
UDHI) www.uniondental.com/ir -- a provider of multi-state
dental services for union members, announced today its unaudited
revenues of $3,996,178 for the year ending December 31,
2013. This is compared to the unaudited revenues of $4,258,250
for 2012.
The Company's Unaudited Consolidated Statements of Operations
for December 31, 2013 reflects a profit of $23,419 from operating
income as compared to a profit of $75,165 during the comparable
period in 2012. The Company believes the lower profits are
directly related to the change in the union insurance plan which
was effective April 1, 2013. The Company estimated the union
employees were not aware of all of the changes which actually gave
the employees more dollar benefits than the previous year. The
second and third quarters were dramatically affected by this change
however it also appears that the fourth quarter returned to
normal.
Dr. Green, President and CEO, commented: "I am pleased we are
still again profitable especially in this dramatic worldwide
economic downturn we are facing. We feel the insurance issue
will be solved in the next quarter and we will be able to further
expand our marketing efforts as planned."
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.
"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
info@uniondentalcorp.com WEBSITE: www.uniondental.com/ir
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