Union Dental reported revenues of $1 million for the fourth quarter of 2010 (end-December 31), a 63% increase over revenues of $613,860 for the same quarter in 2009.
Net income for the fourth quarter of 2010 was $470,694, compared wtih net income of $388,213 for the same quarter a year ago.
For the year, Union Dental reported a 22.5% year-over-year increase in revenues from operations, from $3.1 million in 2009 to $3.8 million in 2010.
"I am pleased we are again profitable, especially in this dramatic worldwide economic downturn we are facing," said George Green, president and CEO, in a press release. "Again, a majority of our losses in the past were related to the interest expense, increased IR [investor relations] consulting fees, professional fees, and a derivative issue for some of our financing. We now have converted a good portion of debt into equity, showing the confidence our debt holders have in the company's future."
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.
