HemaCare Reports Improved Six Month and Year End Results

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HemaCare Reports Improved Six Month and Year End Results

LOS ANGELES--(BUSINESS WIRE)-- HemaCare Corporation (HEMA) today reported its financial results for the six months and year ended December 31, 2012. For the six month period, revenue rose by 13% to $9.2 million, while the loss from continuing operations decreased by 83% to $214,000 when compared to the year-earlier period. For the year ended December 31, 2012, revenue rose by 10% to $17.9 million, while the loss from continuing operations decreased by 65% to $758,000 compared to the year-earlier period. Total Company income was $1,163,000 for the year ended December 31, 2012 compared with a total Company loss of $805,000 for the year ended December 31, 2011.

ABOUT HEMACARE CORPORATION


HemaCare Corporation is a blood services company serving healthcare providers and the scientific community for over 35 years. HemaCare and its subsidiary, Coral Blood Services, perform therapeutic apheresis services, provide human-derived biological products, and support the use of cellular therapies with apheresis collections.

The Company was founded in 1978 and is based in Van Nuys, California. It trades on the OTC Pink Market under the symbol "HEMA".

HemaCare Corporation and Subsidiaries  Six Months Ended  Year Ended
Statement of Operations DataDecember 31,December 31,
  
 2012    2011  2012    2011 
 
Revenue$9,164,000$8,099,000$17,911,000$16,245,000
 
Gross Profit$1,581,000 $1,077,000 $3,135,000  $2,358,000 
 
General and administrative expenses$1,792,000 $2,317,000 $3,870,000  $4,707,000 
 
Gain from insurance settlement$0$0$0$192,000
 
Loss before taxes and discontinued operations ($211,000) ($1,240,000) ($735,000) ($2,157,000)
 
Provision for income taxes$3,000 $0 $23,000  $10,000 
 
Net loss before discontinued operations($214,000)($1,240,000)($758,000)($2,167,000)
 

Income from discontinued operations, net of tax

 ($0)$1,077,000 $1,921,000  $1,362,000 
 
Net (loss) income ($214,000) ($163,000)$1,163,000  ($805,000)
 
 
HemaCare Corporation and Subsidiaries

Consolidated Balance Sheet Data

 12/31/2012   12/31/2011
 
Assets:
Cash and cash equivalents$1,590,000$2,266,000
Other current assets3,787,0003,418,000
Non-current assets 2,607,000 3,023,000
Total assets$7,984,000$8,707,000
 
Liabilities and Shareholders' Equity:
Current liabilities$2,179,000$4,054,000
Long-term liabilities426,000521,000
Shareholders' equity 5,379,000 4,132,000
Total liabilities and shareholders' equity$7,984,000$8,707,000



HemaCare Corporation
Pete van der Wal, Chief Executive Officer
877-310-0717
www.hemacare.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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