First Choice Healthcare Reports Record First Quarter 2014 Results

MELBOURNE, FL -- (Marketwired) -- 05/15/14 -- First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) ("FCHS" or "First Choice"), a diversified holding company focused on delivering clinically superior, patient-centric, multi-specialty care through state-of-the-art medical centers of excellence, today announced its first quarter financial results for the three months ended March 31, 2014.

Financial Highlights for the Three Months Ended March 31, 2014 Compared to the Three Months Ended March 31, 2013:

  • Total revenues climbed 59% to $2,234,753, up from $1,401,681.

    • Net patient service revenue from the Company's Medical Center of Excellence, First Choice Medical Group of Brevard, rose 74% to $1,972,830 from $1,135,012.

  • Net income from operations doubled, increasing 102% to $199,310 from $98,908.

    • Notwithstanding non-cash expenses for depreciation and amortization of $134,719, net income from operations for the first quarter of 2014 totaled $334,028, as compared to net income from operations in the first quarter of 2013 of $221,428 after deducting non-cash expenses for depreciation and amortization expenses of $122,620.

  • Net loss decreased 86% to $35,099, or $0.00 per basic and diluted share, as compared to a net loss of $255,069, or $0.02 loss per basic and diluted share, for the same period in the prior year.

  • As of March 31, 2014, the Company had cash and restricted cash totaling approximately $614,389; and accounts receivable of $1.75 million.

Chris Romandetti, Chairman, President and Chief Executive Officer of First Choice, noted, "Growth momentum that began in early 2013 in our Medical Center of Excellence, First Choice Medical Group of Brevard, LLC, located in Melbourne continues to be encouraging. With net income from operations showing strong, positive growth, we are very pleased with our overall financial performance and believe that it demonstrates that our strategy is on course and the focused execution of our business plan is indeed getting results. We are optimistic that, assuming these favorable trends continue, we will be able to execute our expansion strategy as our resources allow."



                  FIRST CHOICE HEALTHCARE SOLUTIONS, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS

                                                March 31,     December 31,
                                                  2014            2013
                                             --------------  --------------
                                               (unaudited)
                   ASSETS
Current assets
Cash                                         $      310,617  $      739,158
Cash-restricted                                     303,772         256,246
Accounts receivable                               1,747,000       1,272,155
Prepaid and other current assets                    153,159         140,580
Capitalized financing costs, current portion         57,348          57,348
                                             --------------  --------------
  Total current assets                            2,571,896       2,465,487
                                             --------------  --------------

Property, plant and equipment, net of
 accumulated depreciation of $2,084,066 and
 $1,959,127, respectively                         8,548,115       8,662,057
                                             --------------  --------------

Other assets
Capitalized financing costs, long term
 portion                                            110,855         131,540
Patient list, net of accumulated
 amortization of $40,000 and $35,000,
 respectively                                       260,000         265,000
Patents                                             286,500         286,500
Deposits                                              2,713           2,713
                                             --------------  --------------
  Total other assets                                660,068         685,753
                                             --------------  --------------

Total assets                                 $   11,780,079  $   11,813,297
                                             ==============  ==============


    LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable and accrued expenses        $      536,038  $      459,000
Stock based payable                                 144,100         166,340
Line of credit, short term                          900,000         800,000
Convertible note payable, short term portion        598,666               -
Notes payable, current portion                      782,978         743,787
Unearned revenue                                     49,754          74,934
                                             --------------  --------------
  Total current liabilities                       3,011,536       2,244,061
                                             --------------  --------------

Long term debt:
Deposits held                                        72,901          72,901
Convertible note payable, long term portion       1,795,998       2,347,403
Notes payable, long term portion                  8,699,044       8,935,473
                                             --------------  --------------
  Total long term debt                           10,567,943      11,355,777
                                             --------------  --------------

Total liabilities                                13,579,479      13,599,838
                                             --------------  --------------

Stockholders' deficit
Preferred stock, $0.01 par value; 1,000,000
 shares authorized, Nil issued and
 outstanding                                              -               -
Common stock, $0.001 par value; 100,000,000
 shares authorized, 16,793,248 and
 16,747,248 shares issued and outstanding as
 of March 31, 2014 and December 31, 2013,
 respectively                                        16,793          16,747
Additional paid in capital                       11,582,443      11,560,249
Accumulated deficit                             (13,398,636)    (13,363,537)
                                             --------------  --------------
  Total stockholders' deficit                    (1,799,400)     (1,786,541)
                                             --------------  --------------

Total liabilities and stockholders' deficit  $   11,780,079  $   11,813,297
                                             ==============  ==============




                  FIRST CHOICE HEALTHCARE SOLUTIONS, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                (unaudited)

                                              Three Months Ended March 31,
                                                  2014            2013
                                             --------------  --------------
Revenues:
Patient service revenue                      $    2,010,974  $    1,135,012
Provision for bad debts                             (38,144)              -
                                             --------------  --------------
Net patient service revenue                       1,972,830       1,135,012
Rental revenue                                      261,923         266,669
                                             --------------  --------------
  Total revenue                                   2,234,753       1,401,681

Operating expenses:
Salaries & benefits                               1,065,521         622,759
Other operating expenses                            429,291         304,475
General & administrative                            405,912         253,019
Depreciation and amortization                       134,719         122,620
                                             --------------  --------------
  Total operating expenses                        2,035,443       1,302,873
                                             --------------  --------------

Net income from operations                          199,310          98,808

Other income (expense):
Miscellaneous income                                    750             750
Loss on change in fair value of derivative
 liability                                                -         (40,649)
Amortization financing costs                        (15,906)        (14,337)
Interest expense, net                              (219,253)       (299,641)
                                             --------------  --------------
  Total other income (expense)                     (234,409)       (353,877)
                                             --------------  --------------


Net loss before provision for income taxes          (35,099)       (255,069)

Income taxes (benefit)                                    -               -
                                             --------------  --------------

NET LOSS                                     $      (35,099) $     (255,069)
                                             --------------  --------------

Net loss per common share, basic and diluted $        (0.00) $        (0.02)
                                             --------------  --------------

Weighted average number of common shares
 outstanding, basic and diluted                  16,756,648      12,751,906
                                             --------------  --------------


About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is actively engaged in developing a network of multi-specialty medical centers of excellence throughout the southeastern U.S., which are distinguished as premier destinations for clinically superior, patient-centric care. Through its wholly owned subsidiary FCID Medical, Inc., the Company currently operates one Medical Center of Excellence, First Choice Medical Group of Brevard, which specializes in the delivery of musculoskeletal medicine and rehabilitative care. FCHS' commercial real estate interests, which house its medical centers of excellence, are managed by its wholly owned subsidiary, FCID Holdings, Inc. For more information, please visit www.myfchs.com or www.myfcmg.com.

Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.

For additional information, please contact:
HANOVER|ELITE
Kathy Addison
Chief Operating Officer
Phone: 407-585-1080
Email: FCHS@hanoverelite.com

Source: First Choice Healthcare Solutions, Inc.

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