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

DALLAS, Aug. 19, 2013 /PRNewswire/ -- Ascendant Solutions, Inc. (Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced its results for the second quarter of fiscal 2013.  The Company reported consolidated net income of $271,000 for the fiscal quarter ended June 30, 2013, compared to net loss of $375,000 in 2012, resulting in net income per share ("EPS") of $0.01 compared to net loss per share of $0.02.  Consolidated net income for the six months ended June 30, 2013 was $844,000, compared to net loss of $569,000 for the six months ended 2012, resulting in net income per share of $0.03 compared to net loss per share of $0.02.  Average common shares outstanding for 2013 and 2012 were 24,447,931. 

For the fiscal quarter ended June 30, 2013, the Company reported Consolidated Earnings (Loss) before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $388,000 compared to consolidated EBITDA of ($223,000) in 2012.  EBITDA for the six months ended June 30, 2013, was $1,082,000 compared to ($268,000) 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 $460,000 for the fiscal quarter ended June 30, 2013, compared to $213,000 in 2012.  EBITDA for the six months ended June 30, 2013, was $834,000 compared to $395,000 for the same period of 2012.

Real Estate and Other

The Company's real estate and other subsidiaries reported EBITDA of ($72,000) for the fiscal quarter ended June 30, 2013, compared to ($436,000) in 2012.  EBITDA for the six months ended June 30, 2013, was $248,000 compared to ($663,000) for the same period of 2012.

Jim Leslie, Chairman, commented, "We continue to achieve outstanding quarterly performances in our healthcare segment and look forward to continued positive results during 2013. Aided by an improving economy, Ascendant is exploring potential strategic acquisitions in our healthcare segment to enhance shareholder value over the long term. Our shareholders can find up-to-date financial information on Ascendant at OTCMarkets.com."

Mark Heil, Chief Financial Officer, explained, "Ascendant's continued improvements in net income during Q2 2013 was again attributable to successful cuts in overhead,  stabilizing operational earnings at Dougherty's Pharmacy and successful exits in two of our portfolio companies in our real estate and other business segment.  The Company experienced strong cash flows allowing for the reduction of long term debt on 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.