HemaCare Corporation (OTCBB:HEMA) announced today profitable second quarter 2010 results with a 4% increase in revenue over the first quarter of the year, and $224,000 of net income, a significant improvement over the first quarter loss of $204,000. The first quarter loss included $184,000 in severance payments to the Company's former Chief Executive Officer and Chief Financial Officer.
The company generated second quarter revenue of $8.1 million and net income of $224,000, or $0.02/share, compared to second quarter 2009 revenue of $10.0 million and net income of $357,000, or $0.04/share. The Company generated $16.0 million of revenue for the first six months of the year, with net income of $20,000 or $0.00/share, compared to $19.8 million in revenue for the same period in 2009, with $425,000 in net income or $.05/share. The six month 2010 net income included $184,000 in severance payments to the Company's former Chief Executive Officer and Chief Financial Officer.
Commenting on the results, Pete van der Wal, the Company's Chief Executive Officer, stated, "We are extremely pleased with our return to profitability in the second quarter. Our new commercial agreement with Dendreon Corporation to provide specialty collection services is only an introduction for HemaCare into an emerging market that has tremendous potential for our long-term growth. We have seen gratifying results from our expense control initiative and continue to be intently focused on profitable revenue growth. We remain debt-free, have a strong cash position and expect continued improvement in our performance for the second half of the year."