This strategy development and ownership of these units will have a substantial impact on the overall profitability and enterprise value of the Joint Corp moving forward.
We are pleased to have completed a successful IPO in November. This public fund raising resulted in net proceeds of approximately 20 million and allows us to set the stage for continued and accelerated national expansion. Also, as we mentioned in our press release issued this morning, I am pleased to announce the appointment of Francis T. Joyce as Chief Financial Officer and Treasurer of the Joint Corp. Frank comes to us with a wealth of emerging and established public company experience as CFO of the IMAX Corporation, theglobe.com, and the Mistras Group, among others. We believe Frank’s public company experience and diverse background will enable him to make an immediate impact on our company and its future.
Now, I’d like to turn the call over to David Orwasher, our Chief Operating Officer, to discuss the third quarter and nine months results and provide a general outlook. David.
David Orwasher, Chief Operating Officer, Joint Corp
Thanks, John. We have provided detail on our financial performance for the three months and nine months ending on September 30, 2014 in the press release and 10-Q issued this morning. I will take a few minutes and discuss some of those highlights.
We have 230 clinics opened as of September 30, 2014. It represents an increase of 76 clinics or 49% as compared to 154 as of September 30, 2013. As a result, revenues increased 23.3% in third quarter 2014 and increased 17.6% for the first nine months of 2014 as compared to the year ago period. Revenue growth for both periods was partially offset by a reduction in initial franchise fees as a result of fewer clinics being opened during the third quarter and nine month period as compared to the same period a year ago.
Net loss in the third quarter of 2014 was $202,373 or $0.04 a share,as compared to net income of $42,548 or one penny per diluted share in the third quarter of 2013. For the first nine months of 2014, net loss was $464,019 or $0.10 per share,as compared to net income of $155,899 or $0.02 per diluted share in the same period in 2013. Net loss in 2014 periods compared to the same periods a year ago reflects the increase in the number of employees hired during the ’14 and the increase in the infrastructure support to support our growth initiatives.
As of September 30, 2014, cash-and-cash equivalents were 2.59 million as compared to 3.58 million as at September 30, 2013. During November 2014, we completed an initial public offering issuing 3,450,000 common shares at a price of $6.50 per share, totaling net proceeds of approximately $20 million. As of December 10th, there were approximately 9.72 million shares outstanding.
