ORLANDO, Fla., April 16 /PRNewswire-FirstCall/ -- PainCare
Holdings, Inc. (AMEX:PRZ), a provider of pain-focused medical and
surgical solutions and services, today reported its financial
results for the 2007 fiscal year, ended December 31, 2007. PainCare
anticipates filing the related Form 10K with the SEC within the
next several weeks. PainCare could not complete the Form 10-K
within the prescribed time because the Company effected numerous
dispositions of physician practices during the 2007 fiscal year
resulting in the need for additional time to complete the
associated accounting and financial reporting for both continued
and discontinued operations. The 2007 financial results reflected
below are not necessarily indicative of future results, in that
they include the financial results from these discontinued
operations. Although PainCare believes that the financial data
included within this press release is accurate, it may be subject
to change upon the filing of the actual Form 10K. PAINCARE
HOLDINGS, INC. CONSOLIDATED INCOME STATEMENTS For the years ended
December 31, 2007 2006 (unaudited) Net Revenues $46,393,224
$84,139,488 Cost of revenues 18,674,010 25,151,448 Gross profit
27,719,214 58,988,040 General and administrative expense 40,798,586
46,133,579 Depreciation and amortization 44,528,812 41,230,995
Operating income (loss) (57,608,184) (28,376,534) Interest income
(expense) (9,251,997) (8,276,635) Derivative benefit (expense)
9,997,201 Other income (expense) (33,636,109) (2,547,181) Income
(loss) before income taxes (100,496,290) (29,203,149) Provision
(benefit) for income taxes (1,176,065) (3,291,432) Income (loss)
before minority interests (99,320,225) (25,911,717) Minority
interests in net earnings of consolidated subsidiaries 510,335
2,223,996 Cumulative effect of a change in accounting principle
1,653,208 Net income (loss) $(99,830,560) $(26,482,505) PAINCARE
HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS For the years ended
December 31, 2007 2006 (unaudited) Assets Current Assets Cash
$422,635 $3,987,619 Accounts receivable, net 4,253,427 19,052,738
Note receivable 758,608 500,000 Deposits, prepaids and other
754,963 1,426,031 Deferred tax asset 14,052,953 2,018,060 Income
tax receivable 1,447,932 4,135,376 Total current assets 21,690,518
31,119,825 Property and equipment, net 6,153,024 11,151,708
Goodwill, net 20,984,313 115,406,181 Deferred tax asset 852,341
Other assets 1,134,260 4,847,679 Total assets 49,962,114
163,377,733 Liabilities and Stockholders' Equity Current
liabilities Accounts payable and accrued expenses 7,426,106
6,257,250 Interest payable 3,853,366 781,971 Acquisition
consideration payable 141,139 4,026,209 Current portion of notes
payable 8,048,971 13,112,000 Current portion of capital lease
obligations 834,245 1,402,157 Total current liabilities 20,303,827
25,579,587 Notes payable 21,003,377 Derivative liabilities 600,000
600,000 Convertible debentures 13,132,178 12,415,480 Capital lease
obligations 609,846 1,763,997 Deferred tax liability 14,052,953
2,472,513 Total Liabilities 48,698,804 63,834,954 Minority
Interests 2,191,797 Shareholders' equity Common stock, $.0001 par
value 7,869 6,629 Additional paid in capital 146,381,546
142,763,156 Retained earnings (45,465,595) (18,983,089) Current
period income (loss) (99,830,559) (26,482,506) Cumulative
translation adjustment 170,049 46,792 Total stockholders equity
1,263,310 97,350,982 Total liabilities and stockholders' equity
49,962,114 163,377,733 About PainCare Holdings, Inc. Headquartered
in Orlando, Florida, PainCare Holdings, Inc. is a provider of
pain-focused medical and surgical solutions and services. Through
its proprietary network of acquired or managed physician practices,
and in partnership with independent physician practices and medical
institutions throughout the United States and Canada, PainCare is
committed to utilizing the most advanced science and technologies
to diagnose and treat pain stemming from neurological and
musculoskeletal conditions and disorders. Through its subsidiary
Integrated Pain Solutions (IPS), the Company is engaged in
pioneering the nation's first managed services organization that
offers a multi-disciplinary healthcare network focused on the
treatment of pain. For more information on PainCare Holdings,
please visit http://www.paincareholdings.com/. This press release
contains forward-looking statements that may be subject to various
risks and uncertainties. Such forward-looking statements are made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and are made based on management's
current expectations or beliefs as well as assumptions made by, and
information currently available to, management. These
forward-looking statements, which may include statements regarding
our future financial performance or results of operations,
including expected revenue growth, cash flow growth, future
expenses, future operating margins and other future or expected
performance, are subject to the following risks: the acquisition of
businesses or the launch of new lines of business, which could
increase operating expenses and dilute operating margins; the
inability to attract new patients by our owned practices, the
managed practices and the limited management practice; increased
competition, which could lead to negative pressure on our pricing
and the need for increased marketing; the inability to maintain,
establish or renew relationships with physician practices, whether
due to competition or other factors; the inability to comply with
regulatory requirements governing our owned practices, the managed
practices and the limited management practices; that projected
operating efficiencies will not be achieved due to implementation
difficulties or contractual spending commitments that cannot be
reduced; and to the general risks associated with our businesses.
In addition to the risks and uncertainties discussed above you can
find additional information concerning risks and uncertainties that
would cause actual results to differ materially from those
projected or suggested in the forward-looking statements in the
reports that we have filed with the Securities and Exchange
Commission. The forward-looking statements contained in this press
release represent our judgment as of the date of this release and
you should not unduly rely on such statements. Unless otherwise
required by law, we undertake no obligation to publicly update or
revise any forward- looking statements, whether as a result of new
information, future events or otherwise after the date of this
press release. In light of these risks and uncertainties, the
forward-looking events and circumstances discussed in the filing
may not occur, and actual results could differ materially from
those anticipated or implied in the forward-looking statements. FOR
MORE INFORMATION, PLEASE CONTACT: Investor/Shareholder Relations
Dodi Handy, President and CEO, or Daniel Conway, Chief Strategist
Elite Financial Communications Group, LLC at 407-585-1080 or via
email at DATASOURCE: PainCare Holdings, Inc. CONTACT:
Investor-Shareholder Relations: Dodi Handy, President and CEO, or
Daniel Conway, Chief Strategist, of Elite Financial Communications
Group, LLC, +1-407-585-1080 or Web site:
http://www.paincareholdings.com/
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