Liberator enjoys sales growth, secures credit line
STUART, Fla. - Liberator Medical's sales were up 33% for the fourth quarter of 2010, the mail order provider of diabetes and other supplies reported today.
Sales increased to $12.2 million for the fiscal year ended Dec. 31, 2010, compared to sales of $9.16 million for the same period in 2009. It is the 11th consecutive quarter that sales have increased, stated CEO Mark Libratore in a release.
Gross profit for the quarter increased by $1.96 million or 33.1% to $7.87 million compared to $5.91 million for the same period in 2009.
Liberator credited its direct response advertising campaign as a primary reason for the company's continued growth. Liberator's advertising expenses increased by 135% to $1.9 million for the fourth quarter of 2010.
On Feb. 14, the provider announced it had secured a line of credit from PNC Financial Services Group. The line of credit of $6.5 million to $8.5 million will enable the company to further increase its marketing efforts and accelerate growth, stated Libratore.
"We plan to continue our advertising efforts over the next twelve months to attract new customers and expand our operations to service our new and existing customers," he stated. "We expect our revenues to continue to grow over the next three quarters of fiscal year 2011 due to our advertising and marketing programs."