Ascendant Solutions, Inc. Reports First Quarter 2013 Earnings, Earnings per Share and EBITDA

DALLAS, May 23, 2013 /PRNewswire/ -- Ascendant Solutions, Inc. (Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced its results for the first quarter of fiscal 2013.  The Company reported consolidated net income of $573,000 for the fiscal quarter ended March 31, 2013, compared to net loss of $194,000 in 2012, resulting in net income per share ("EPS") of $0.02 compared to net loss per share of $0.01.  Average common shares outstanding for 2013 and 2012 were 24,447,931. 

For the fiscal quarter ended March 31, 2013, the Company reported Consolidated Earnings (Loss) before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $694,000 compared to consolidated EBITDA of ($45,000) in 2012. 

Healthcare

The Company's subsidiary, Dougherty's Holding, Inc. ("DHI") which owns and operates multiple Dougherty's Pharmacies, reported EBITDA of $374,000 for the fiscal quarter ended March 31, 2013, compared to $182,000 in 2012.

Real Estate and Other

The Company's real estate and other subsidiaries reported EBITDA of $320,000 for the fiscal quarter ended March 31, 2013, compared to ($227,000) in 2012.

Jim Leslie, Chairman, commented, "Our investments in both our healthcare and real estate segments had outstanding performances in Q1 2013 and we look forward to continued positive results during 2013 aided by an improving economy. As we look forward, Ascendant will continue our strategy of bringing operational improvements to our portfolio companies and being mindful of potential strategic acquisitions to enhance shareholder value over the long term. To provide our shareholders with up-to-date financial information, the Company's key financial data is posted at OTCMarkets.com."

Mark Heil, Chief Financial Officer, explained, "Ascendant's improvement in net income for Q1 2013 was attributable to successful cuts in corporate overhead, stabilizing operational earnings at Dougherty's Pharmacy and a successful exit of one of our portfolio companies in our real estate and other business segment.  Strong cash flow allowed the Company to continue in our strategy of reducing long term debt and improving our Balance Sheet."

EBITDA is calculated as net income (loss) before deducting interest, taxes, depreciation and amortization.  Although EBITDA is not a measure of actual cash flow because it does not consider changes in assets and liabilities that may impact cash balances, the Company's management reviews these non-GAAP financial measures internally to evaluate the Company's performance and manage the operations.  Additionally, the Company believes it is a useful metric to evaluate operating performance and has therefore included such measures in the reporting of operating results.

About Ascendant Solutions, Inc.

Ascendant Solutions, Inc. is a value oriented investment firm focused on making equity investments in lower middle-market U.S. companies with annual revenues up to $150 million.  Ascendant looks to invest in or acquire pharmacies and businesses in the healthcare, manufacturing, finance and real estate industries. These businesses may require access to capital or capital restructuring due to start-ups, growth, desire to exit or distress situations and many are in need of strategic support to improve operational performance.  Ascendant currently has approximately $44 million in net operating loss carryforwards which can be used to shelter future income, thus enhancing free cash flow or debt service capabilities.  Ascendant specializes in solving complex transactions where creative and timely solutions can add value to an enterprise.

SOURCE Ascendant Solutions, Inc.