HemaCare Corporation today reported results for the quarter ended March 31, 2012. For the period, consolidated revenue from continuing operations increased by 15%, from $3.91 million to $4.48 million, while the net loss from operations fell to $213,000 from $495,000 in the year earlier period. On a quarterly sequential basis, consolidated revenue from continuing operations increased by 8.4% and the net operating loss from continuing operations decreased by 68% compared to the quarter ended December 31, 2011. The 2012 first quarter also included a one-time non-cash gain of $1.92 million due to the discharge of liabilities related to the Company’s former HemaCare BioScience, Inc. Subsidiary (“HemaBio”).
The Company’s balance sheet, reflecting the discharge of HemaBio’s liabilities, substantially improved from the prior quarter. Tangible book value reached $5.9 million, or $0.57 per share, with cash of $2.5 million, or $0.24 per share, and no long-term debt.
Commenting on the results, HemaCare’s Chief Executive Pete van der Wal stated, “We started 2012 with improving results which we intend to build on over the balance of the year. With a dramatically streamlined cost structure, a strengthened balance sheet, and intensified focus on our core businesses following the divestiture of our red blood cell collection operations in 2011, sustained profitable growth remains our near-term objective.”