Ascendant Solutions, Inc. Reports Fourth Quarter 2013 Earnings

DALLAS, March 3, 2014 /PRNewswire/ -- Ascendant Solutions, Inc. (Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced its results for the fourth quarter of fiscal 2013.  The Company reported consolidated net income of $195,000, or $0.01 per share, for the quarter ended December 31, 2013, compared to net loss of ($3,145,000), or ($0.13) per share, for the same period of 2012.  For the twelve months ended December 31, 2013, consolidated net income was $1,241,000, or $0.06 per share, compared to a net loss of ($3,640,000), or ($0.15) per share, for the twelve months ended 2012.  Common shares outstanding for the fiscal quarter ended December 31, 2013 and 2012 were 21,571,510 and 24,447,931, respectively. 

For the fourth quarter ended December 31, 2013, the Company reported Consolidated Earnings (Loss) before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $326,000 compared to consolidated EBITDA of $15,000 in 2012.  EBITDA for the twelve months ended December 31, 2013, was $1,736,000 compared to negative EBITDA of ($30,000) for the same period of 2012.

Healthcare

The Company's subsidiary, Dougherty's Holding, Inc. ("DHI"), which owns and operates multiple Dougherty's Pharmacies, reported EBITDA of $521,000 for the fourth quarter ended December 31, 2013, compared to $293,000 in the 2012 fourth quarter.  EBITDA for the twelve months ended December 31, 2013, was $1,718,000 compared to $936,000 for the same period of 2012.

Real Estate and Other

The Company's real estate and other subsidiaries reported negative EBITDA of ($195,000) for the fourth quarter ended December 31, 2013, compared to ($278,000) in 2012.  EBITDA for the twelve months ended December 31, 2013, was $18,000 compared to negative EBITDA of ($966,000) for the same period of 2012.

"We are extremely pleased with our fourth quarter and year-end results," said Jim Leslie, Chairman of Ascendant.  "2013 was definitely a turnaround year for the company, as evidenced by our strong profitability improvement. We expect the growth trend in our healthcare segment to continue, through both organic expansion as well as potential strategic acquisitions. Our goal is to deliver enhanced shareholder value over time through well-planned growth, solid performance and operational excellence."

Mark Heil, CFO, added, "During the fourth quarter, we continued the financial and operational improvement that began earlier in the year.  In addition to enhancing margins and earnings during 2013, we reduced the Company's debt by approximately 12 percent, increased stockholders' equity by almost 17.5 percent, and we achieved nearly a 35 percent increase in book value.  Now with our balance sheet improvements firmly in place, Ascendant is well-positioned to take advantage of synergistic growth opportunities to add further value to our business."

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 successfully acquiring, managing and growing community-based pharmacies in the Southwest Region. Ascendant currently has approximately $43 million in net operating loss carryforwards which can be used to shelter future income, thus enhancing free cash flow or debt service capabilities. Interested investors can access financials and stock trading information for Ascendant at OTCMarkets.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations, projections, estimates and assumptions. These forward-looking statements may be identified by words such as "expects," "believes," "anticipates" and similar expressions.  Forward-looking statements involve risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.

SOURCE Ascendant Solutions, Inc.