Assured Pharmacy second quarter net sales increase 5.3% to $4,169,807

Assured Pharmacy (APHY.PK: pinksheets), a leading specialty pharmacy group providing prescription medications to sufferers of chronic pain, announced net sales of $4,169,807 for the quarter ended June 30, 2011, an increase of $211,229 or 5.3%, from $3,958,578 for the second quarter of 2010.

The 5.3 percent increase in sales for the second quarter of 2011 was primarily a result of an increase in the number of prescriptions filled of 2,109 or 7.7%, with 29,339 prescriptions filled in the quarter ended June 30, 2011 compared to 27,230 for the second quarter 2010.   The increase in prescriptions filled is primarily a result of our focused direct sales and patient retention initiatives.

Net sales for the six months ended June 30, 2011 increased by $1,019,191, or 13.5% to $8,588,120 from $7,568,929 in 2010.  

Our loss from continuing operations before noncontrolling interest decreased 31.1% to $292,766 for the three months ended June 30, 2011 from a $425,176 loss for the same period in 2010.  Our loss from operations before noncontrolling interest decreased 46.4% to $429,896 for the six months ended June 30, 2011 from an $801,943 loss for the same period in 2010. The decrease in our loss from continuing operations resulted from increased sales and reduced operating expenses as a result of cost control initiatives.

Basic and diluted net loss per share were $0.22 for the second quarter 2011, a 57.6% improvement compared to $0.53 net loss per share in the same period in 2010.  Basic and diluted net loss per share were $0.34 for the six months ended June 30, 2011, a 68.6% improvement compared to a $1.09 net loss per share in the same period in 2010.

Net cash flow from operations improved $256,630 for the six months ended June 30, 2011 compared to the same period in 2010. The improvement was primarily due to improved operating performance.

"We are pleased with year over year performance improvement for the second quarter, the improved results reflect continued progress in the implementation of our strategies and provide further validation of our business model as we move forward with the expansion of our business," said Robert DelVecchio, Chief Executive Officer of Assured Pharmacy.