SCOTTSDALE, AZ -- (Marketwire) -- 12/12/12 -- Capital Group Holdings, Inc. (OTCQB: CGHC) announced its consolidated results of operations for the quarter ending September 30th, 2012. While Capital Group's subsidiary acquired Alliance Urgent Care on September 3rd, 2012, the pro forma results include the activities of Alliance Urgent Care (Alliance) for the entire quarter.
For the Quarter ended September 30th, 2012 the Company had pro forma revenues of $ 1,389,000 vs. $ 1,108,000 for the same period in 2011. This represents a 25.36% increase in gross revenue. The Company reported pro forma losses on this revenue of $271,000 in 2012 vs. $205,000 in the same quarter in 2011. These sales and net income results take into account the costs of opening and operating 2 new urgent care clinics within the last 18 months and their cost directly impacts earnings in the short term, but management believes that they will improve the Company's longer term results.
The Company had actual gross revenue from operations only for the 27 days from the acquisition of Alliance Urgent Care on September 3, 2012 until the end of the quarter on September 30th, 2012 of $508,425 vs. no revenue for the entire quarter ended September 30th, 2011.
The Quarter ending in September is historically the slowest quarter for Alliance's revenues in the Phoenix, AZ metropolitan area where all of the Company's clinics are located. The Company's urgent care clinics see a larger percentage of their patients throughout the next 6 months when there is a larger population of winter residents.
Prior to the acquisition, Alliance's top line revenues for the year ending June 30th 2012 and 2011 were $5,973,689 and $5,426,149 respectively. This represents approximately a 10% Increase in top line revenues with net income at $ 143,892 and $ 464,878 respectively for the same periods. The decrease in net income is partly due to the added expenses involved in opening 2 new clinics. The effect of new clinic opening costs will be minimized over the next 12 months as we expect the new clinics to reach break-even and become profitable.
"We are very pleased with the results of operations for our Company which moves us from a development stage company to an operating company," stated Eric Click, the Company's Chief Operating and Financial Officer.
Dr. Michael Blumhoff, CEO of OneHealth Urgent Care, Inc. which operates the urgent care group under the Alliance name added, "We are very excited about the synergies to market our urgent care clinics with the Company's telemedicine service, OneHealthPass. We believe that combining telemedicine and urgent care at the patient level will bring outsized growth & operating results to our Company and provide better medical care to our patients."
About Capital Group Holdings Inc.:
Capital Group Holdings, Inc. (OTCQB: CGHC) ("Capital Group") is an acquirer and operator of innovative health and wellness organizations that have strong market presence, brand awareness, and talented management teams working towards achieving exceptional performance over time. The Company, through its subsidiaries, currently operates 7 urgent care clinics ("OneHealth Urgent Care," "OneHealth UC") in metropolitan Phoenix, Arizona and will soon launch its telemedicine services through its subsidiary OneHealthPass ("OHP"). OneHealthPass is a direct-to-consumer medical membership program that provides members with 24/7/365 access to board-certified physicians via telephone or internet. Capital Group is positioning these companies to provide immediate access to medical services to the public in an effort to avoid any delay in access to physicians and to provide a significantly lower cost for high quality, patient-centric healthcare.
Most Popular Stories
- Slow Week Ahead of December FOMC Meeting
- Hispanics Seek to Grow School Board Members
- U.S. Companies Eager for Iranian Business
- 'Knockout Game': Myth or Menace?
- Questions Remain in Jenni Rivera's Death
- Banks Fret as Volcker Vote Approaches
- Bitcoin Used to Buy Tesla Car
- GM Bailout Saved 1.2 Million U.S. Jobs, Report Says
- Paul Walker Fans Pay Respects
- Entrepreneurs' Next Creation May Be New Laws