LIBERATOR MEDICAL HOLDINGS, INC.

CIK:0000017485|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
REVENUES:
Net Sales	$ 81,602	$ 74,569	$ 69,111
Cost of Sales	31,531	27,808	25,689
Gross Profit	50,071	46,761	43,422
Operating Expenses:
Payroll, taxes and benefits	15,457	14,788	14,311
Advertising	11,157	9,902	8,908
Bad debts	4,408	3,279	3,069
Depreciation and amortization	525	663	683
General and administrative	5,977	5,420	4,692
Litigation settlement	600	0	0
Total Operating Expenses	38,124	34,052	31,663
Income from Operations	11,947	12,709	11,759
Other expenses	(63)	(50)	(83)
Income before Income Taxes	11,884	12,659	11,676
Provision for Income Taxes	4,576	4,857	4,598
Net Income	$ 7,308	$ 7,802	$ 7,078
Basic earnings per share:
Weighted average shares outstanding	53,341	52,704	50,115
Earnings per share	$ 0.14	$ 0.15	$ 0.14
Diluted earnings per share:
Weighted average shares outstanding	53,717	53,679	52,375
Earnings per share	$ 0.14	$ 0.15	$ 0.14
Dividends declared per common share	$ 0.13	$ 0.12	$ 0.08

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Cash flow from operating activities:
Net income	$ 7,308	$ 7,802	$ 7,078
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,585	10,473	9,404
Stock-based compensation	231	201	76
Provision for doubtful accounts and contractual adjustments	4,385	3,506	3,407
Deferred income taxes	1,050	1,532	3,321
Reserve for inventory obsolescence	40	14	126
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(5,853)	(4,535)	(787)
Deferred advertising	(15,660)	(14,043)	(9,000)
Inventory	(4,333)	255	368
Other assets	(186)	(205)	40
Income taxes prepaid and payable	360	(1,024)	1,104
Accounts payable	3,829	1,171	(1,724)
Accrued liabilities	925	405	235
Other liabilities	17	(24)	(15)
Net Cash Flow Provided by Operating Activities	3,698	5,528	13,633
Cash flow from investing activities:
Purchase of property and equipment and other	(116)	(194)	(367)
Proceeds from sale of property and equipment	0	4	0
Acquisition of business, net of cash acquired	0	(170)	(319)
Net Cash Flow Used in Investing Activities	(116)	(360)	(686)
Cash flow from financing activities:
Repayments to credit line facility	0	0	(1,000)
Costs associated with credit line facility	(21)	(21)	(21)
Proceeds from employee stock purchase plan	0	0	48
Proceeds from exercise of options and warrants	656	896	270
Income tax benefit related to exercise of stock options	18	178	0
Cash dividends paid	(6,930)	(6,314)	(2,616)
Purchase of treasury stock	0	0	(430)
Payments of capital lease obligations	(133)	(99)	(71)
Net Cash Flow Used in Financing Activities	(6,410)	(5,360)	(3,820)
Net increase (decrease) in cash	(2,828)	(192)	9,127
Cash at beginning of period	12,261	12,453	3,326
Cash at end of period	9,433	12,261	12,453
Supplemental disclosure of cash flow information:
Cash paid for interest	63	51	84
Cash paid for income taxes	3,149	4,170	171
Supplemental schedule of non-cash financing activities:
Capital expenditures funded by capital lease borrowings or term notes	26	562	23
Cash dividends declared, but not yet paid	$ 1,741	$ 1,728	$ 1,569

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Current Assets:
Cash	$ 9,433	$ 12,261
Accounts receivable, net of allowances of $5,989 and $4,569, respectively	10,333	8,866
Inventory, net of allowance for obsolete inventory of $221 and $181,respectively	6,248	1,954
Deferred tax assets	2,897	2,005
Prepaid and other current assets	670	449
Total Current Assets	29,581	25,535
Property and equipment, net of accumulated depreciation of $4,425 and $4,016, respectively	993	1,260
Deferred advertising, net	31,536	26,936
Intangible assets, net of accumulated amortization of $397 and $281, respectively	304	420
Other assets	158	178
Total Assets	62,572	54,329
Current Liabilities:
Accounts payable	9,915	6,085
Accrued liabilities	2,683	1,758
Dividends payable	1,741	1,728
Credit line facility	1,500	0
Income tax payable	531	178
Other current liabilities	103	161
Total Current Liabilities	16,473	9,910
Deferred tax liabilities	11,973	10,031
Credit line facility	0	1,500
Other long-term liabilities	421	453
Total Liabilities	$ 28,867	$ 21,894
Commitments and contingencies (see Note 9)
Stockholders' Equity:
Common stock, $0.001 par value, 200,000 shares authorized, 53,927 and 53,520 shares issued, respectively; 53,573 and 53,166 shares outstanding at September 30, 2015 and 2014, respectively	$ 54	$ 54
Additional paid-in capital	37,290	36,385
Accumulated deficit	(3,159)	(3,524)
Treasury stock, at cost; 354 shares at September 30, 2015 and 2014	(480)	(480)
Total Stockholders' Equity	33,705	32,435
Total Liabilities and Stockholders' Equity	$ 62,572	$ 54,329