DALLAS, Nov. 10, 2017 (GLOBE NEWSWIRE) — Dougherty’s Pharmacy, Inc. (OTC QB: MYDP) (“Dougherty’s” or the “Company”) (formerly Ascendant Solutions, Inc.) today announced its results for the third quarter of fiscal 2017.
Highlights
For the third quarter ended September 30, 2017, the Company reported a consolidated net loss of $436,000, or $0.02 per share, compared to a net loss of $221,000, or $0.01 per share, for the same period of 2016. The Company reported third quarter consolidated loss before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of $63,000, compared to consolidated earnings EBITDA of $162,000 in the same period of 2016.(See tables below for a reconciliation of net loss to EBITDA on a GAAP basis.)
Consolidated net loss for the nine months ended September 30, 2017, was $909,000, or $0.04 per share, compared to a net loss of $760,000, or $0.03 per share, for the first nine months of 2016; EBITDA (Adjusted) was $284,000 compared to $502,000, respectively. The decrease in Earnings before Interest, Taxes, Depreciation and Amortization and Loss on Disposal of Assets (“EBITDA (Adjusted)”) was attributable to accrued severance related to the resignation of the President of Pharmacy Operations as well as expected legal and accounting fees incurred as a result of the name change, refiling with the Securities and Exchange Commission and uplisting to the OTCQB Venture Market.
The Company’s net losses for the third quarter and YTD 2017 compared to the same periods in 2016 were attributable to interest, depreciation and amortization and losses on disposal of assets of $75,000 and $114,000, respectively. The 2017 loss on disposal of assets was related to the May 2017 sale of the assets at the Humble, Texas location, discussed below. The 2016 loss was recognized in the second quarter of 2016 in conjunction with the move of Dougherty’s Pharmacy Forest Park to its new location at Preston and Campbell in Dallas.
