Union Dental Holdings reported revenues of $769,000 for the second quarter of 2009, a 3.8% increase over revenues of $740,000 for the same quarter of 2008.
For the period (end-June 30), loss from operations was $100,000, compared to a profit of $120,000 for the second quarter last year.
President and CEO George Green, D.D.S., attributed the loss to increased costs associated with stock-based compensation and consulting fees. "We believe these costs to be one time, and we are cautiously optimistic with regard toward returning to profitability next quarter," he said in a press release.
For first six months of 2009, Union Dental reported revenues of $1.45 million, a 12.5% increase compared to the same period a year ago. The company also reported a loss of $93,000 compared to a profit of $181,000 for the same period in 2008.
Union Dental operates a network of dentists throughout the U.S. for labor union members and has two subsidiaries: Union Dental Corp. and Direct Dental Services. Union Dental Corp. provides dentists with "areas of exclusivity" to provide services to several unions, while Direct Dental Services receives annual management fees from the dentists who operate in these areas. Union Dental also manages a dental practice in Coral Springs, FL.
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