CORAL SPRINGS, FL--(Marketwired - March 06, 2014) - Union Dental Holdings, Inc. (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.