Union Dental Holdings, which operates a network of U.S. dentists for union members, announced the financial results for its second quarter of 2014.
For the quarter (end-June 30), the company reported a loss of more than $65,000 as income from operations on revenues of $1.03 million, compared with a loss of $14,800 as income from operations on revenues of $1.0 million during the same period in 2013.
"Our revenues were higher for the quarter as compared to last year, but our loss was a little bit bigger as the cost of goods was higher, and we had several expenditures related to our joint venture agreement with Drinkable Air," President and CEO George Green, DDS, stated in a press release. "We have been notified that we will receive our patent in Canada for the Green Ozonator, and all shareholders will benefit from this accomplishment."
The earnings release noted that Union is transitioning from being a strictly dental facility and network operator that generates $4.2 million in revenue annually to a product-based company within the industry.
Union Dental Holdings operates Direct Dental Services and Union Dental. Direct Dental Services provides dentists with "areas of exclusivity" to participate with various unions, including the Communications Workers of America (CWA), International Brotherhood of Electrical Workers (IBEW), United Association of Plumbers and Pipe Fitters (UA), and Association of Flight Attendants-CWA (AFA-CWA).
Direct Dental Services receives annual management fees from the dentists in exchange for practicing in these areas of exclusivity where CWA and IBEW members use the dentists' services. Union Dental also manages a dental practice in Coral Springs, FL.
