In the release dated April 11, 2016, in the Balance Sheets table, under Assets, the header for the first row of figures should be "Cash and cash equivalents" (instead of "CURRENT ASSETS").
The corrected release reads:
HEMACARE REPORTS STRONG 2015 RESULTS
HemaCare Corporation, (OTCBB:HEMA) today reported financial results for 2015, showing strong gains in both revenue and gross profit margins compared to the prior year. For the full year, revenue from continuing operations more than doubled to $9.7 million, while gross profit margin rose to 45% from 27%. Loss from continuing operations narrowed to $1.38 million from $4.75 million, and after a gain from the sale of the Company’s Therapeutic Apheresis business, 2015 net income totaled $3.24 million.
Pete van der Wal, HemaCare’s President and Chief Executive, stated, “2015 was a pivotal year for us, as we divested the last of our non-core businesses, allowing us to intently focus exclusively on the high margin, rapid growth opportunities presented by our BioResearch Products and Services business, which sells human blood cells and other biological materials to companies and research institutions involved in immunotherapy research, cell therapy and regenerative medicine. We now have the people, facilities, and business plan, along with a substantially improved balance sheet, to produce further gains in revenue and gross profit margin in 2016 and beyond.”
About HemaCare Corporation
Since 1978, HemaCare Bioresearch Products & Services has been the trusted research partner of choice from concept to commercialization. Built on a 38-year history in apheresis collection, HemaCare is a leader in Cell and Tissue Collection, Processing and Cell Therapy, providing the high-quality biological material needed to ensure quality research outcomes that meet the unique needs of the scientific community. For more information please visit www.hemacare.com.
| HEMACARE CORPORATION | ||||||||||
BALANCE SHEETS | ||||||||||
DECEMBER 31, 2015 AND 2014 | ||||||||||
ASSETS | ||||||||||
| 2015 | 2014 | |||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ | 2,515,000 | $ | 213,000 | ||||||
| Accounts receivable, net | 1,851,000 | 1,572,000 | ||||||||
| Product inventories and supplies, net | 2,066,000 | 1,576,000 | ||||||||
| Prepaid expenses and other current assets | 192,000 | 147,000 | ||||||||
| Current portion of restricted cash | 107,000 | 107,000 | ||||||||
| Assets held for sale, net | - | 126,000 | ||||||||
| TOTAL CURRENT ASSETS | 6,731,000 | 3,741,000 | ||||||||
| OTHER ASSETS | ||||||||||
| Property and equipment, net | 1,043,000 | 1,242,000 | ||||||||
| Restricted cash, net of current portion | 428,000 | 428,000 | ||||||||
| Other assets | 64,000 | 67,000 | ||||||||
| TOTAL NONCURRENT ASSETS | 1,535,000 | 1,737,000 | ||||||||
| TOTAL ASSETS | $ | 8,266,000 | $ | 5,478,000 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| CURRENT LIABILITIES | ||||||||||
| Accounts payable | $ | 615,000 | $ | 1,724,000 | ||||||
| Accounts payable - service agreement | 1,101,000 | - | ||||||||
| Accrued payroll and payroll taxes | 974,000 | 658,000 | ||||||||
| Factor borrowing | - | 419,000 | ||||||||
| Other accrued expenses | 74,000 | 110,000 | ||||||||
| Current portion of deferred rent | 120,000 | 105,000 | ||||||||
| Current portion of capital lease obligations | - | 16,000 | ||||||||
| Liabilities held for sale, current portion | - | 88,000 | ||||||||
| Related party payable, current portion | - | 150,000 | ||||||||
| TOTAL CURRENT LIABILITIES | 2,884,000 | 3,270,000 | ||||||||
| LONG-TERM LIABILITIES | ||||||||||
| Deferred rent, net of current portion | 84,000 | 196,000 | ||||||||
TOTAL LONG-TERM LIABILITIES | 84,000 | 196,000 | ||||||||
TOTAL LIABILITIES | 2,968,000 | 3,466,000 | ||||||||
SHAREHOLDERS' EQUITY | ||||||||||
Common stock, no par, 40,000,000 and 20,000,000 shares authorized, respectively, 10,747,828 shares issued and outstanding | 16,963,000 | 16,913,000 | ||||||||
| Accumulated deficit | (11,665,000 | ) | (14,901,000 | ) | ||||||
| TOTAL SHAREHOLDERS' EQUITY | 5,298,000 | 2,012,000 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 8,266,000 | $ | 5,478,000 | ||||||
HEMACARE CORPORATION | ||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||
| FOR THE YEARS ENDED | ||||||||||
| DECEMBER 31, 2015 AND 2014 | ||||||||||
| 2015 | 2014 | |||||||||
| REVENUE | ||||||||||
| Blood and bioresearch products | $ | 9,702,000 | $ | 4,809,000 | ||||||
| COST OF REVENUE | ||||||||||
| Blood and bioresearch products | 5,292,000 | 3,515,000 | ||||||||
| GROSS PROFIT | 4,410,000 | 1,294,000 | ||||||||
| GENERAL AND ADMINISTRATIVE EXPENSES | 5,790,000 | 6,043,000 | ||||||||
| LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE | (1,380,000 | ) | (4,749,000 | ) | ||||||
| Provision for income taxes | (22,000 | ) | (45,000 | ) | ||||||
| LOSS FROM CONTINUING OPERATIONS, NET OF TAXES | (1,402,000 | ) | (4,794,000 | ) | ||||||
DISCONTINUED OPERATIONS, NET OF TAX: | ||||||||||
| Therapeutic apheresis division | 4,638,000 | 1,221,000 | ||||||||
NET INCOME (LOSS) | $ | 3,236,000 | $ | (3,573,000 | ) | |||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160411005026/en/
Contacts:
Chris Brotski, 818-251-5335
cbrotski@hemacare.com
