TORONTO, Nov. 14, 2014 (GLOBE NEWSWIRE) -- GreeneStone Healthcare Corporation (OTCBB:GRST) ("GreeneStone" "GRST" or the "Company"), a provider of addiction and mental healthcare services, has filed its 10Q for the quarter ended September 30, 2014, and reported its second consecutive quarterly profit.
Revenue for the third quarter of 2014 was $1,197,122, compared to $1,115,318 in the same period in 2013, which is an increase of $81,804 or 7%. The expenses for the third quarter of 2014 were $989,610, compared to $1,045,010 in the same period of 2013, which is a decrease of $55,400 or 5%. The net income (before foreign currency translation) for the third quarter of 2014 was $210,152 compared to $2,503 in the same period of 2013, which is an increase of $207,649 in net income (before foreign currency translation).
Shawn Leon, President and CEO, commented, "We have continued to grow the revenue of the addiction treatment business while lowering operating costs and shedding some of our underperforming assets. We believe that we have a solid foundation for growth. We expect that our cost cutting efforts will result in further reductions in operating expenses in the fourth quarter of 2014. If our revenues continue to grow as we project, then we expect to see a continuation of our improving profitability."
About GreeneStone Healthcare Corporation
GreeneStone Healthcare Corporation (OTCBB:GRST) operates medical and healthcare clinics in Ontario, Canada. GreeneStone's clinics serve to add overflow capacity to an increasingly stretched provincial healthcare system, and provide private alternatives to publicly available healthcare services. The Company currently has more than 40 employees and is based in North York, Ontario. For more information you can visit our website at www.greenestoneclinic.com and www.greenestone.net.
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