Medix Resources Reports Third Quarter 1999 Results
Medix Resources Reports Third Quarter 1999 Results
DENVER, Nov. 12 /PRNewswire/ -- John Prufeta, chief executive officer for
Medix Resources, Inc. (OTC Bulletin Board: MDIX), today announced the
Company's financial results for the third quarter of 1999.
Revenues for the third quarter of 1999 decreased 59 percent to $2,589,000
as compared with $4,353,000 for the third quarter of 1998. The Company
reported a 1999 third quarter loss of $1,219,000 and a net loss applicable to
common shareholders of $0.07 per common share, compared with a net loss of
$697,000 and a net loss applicable to common stockholders of $0.03 per common
share for the 1998 third quarter. The 1999 third quarter net loss applicable
to common shareholders includes $314,000 or $0.01 per common share of
preferred stock dividends related to the imputed discount on issuance of
preferred stock.
Revenues for the first nine months of 1999 decreased 60 percent to
$8,692,000 as compared with $14,515,000 for the first nine months of 1998.
The Company reported a loss of $2,368,000 and a net loss applicable to common
shareholders of $0.13 per common share for the first nine months of 1999
compared with a net loss of $2,113,000 and a net loss applicable to common
stockholders of $0.10 per common share for the first nine months of 1998. The
first nine months of 1999 net loss applicable to common shareholders includes
$602,000 or $0.03 per common share of preferred stock dividends related to the
imputed discount on issuance of preferred stock.
The decrease in revenue is primarily a result of the 1998 sale of the
Company's Stat and Ellis offices in New York. The Company also experienced
decreased revenues from its TherAmerica offices in Colorado and California.
These decreases were partially offset by increased nurse staffing revenues in
Texas, Colorado, and Travel divisions. The increased net loss is primarily
due to consulting expenses recorded for the issuance of options, and an
increase in expenses from the Company's wholly owned subsidiary Cymedix Lynx
Corporation.
Denver-based Medix Resources provides skilled nursing, therapy,
rehabilitation, and other medical personnel for flexible staffing in homes,
and healthcare and educational facilities. Through Cymedix Lynx Corporation,
a wholly owned subsidiary based in Thousand Oaks, California, Medix offers
Cymedix.com, a suite of fully-secure, patent-pending Internet communications
software products, to the healthcare industry. Additional information about
Medix Resources and its products and services can be found by visiting its web
sites www.medixresources.com and www.cymedix.com or by calling 800/326-8773.
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release, which are not historical
facts, contain forward-looking information with respect to plans, projections
and/or future performance of the Company, the occurrence of which involve
certain risks and uncertainties detailed in the Company's
Form 10-KSB/A for 1998, which was filed with the Securities and Exchange
Commission on July 23, 1999, and its 1999 third quarter 10-QSB, which was
filed with the Securities and Exchange Commission on November 10, 1999. This
information is available from the SEC or the Company.
SOURCE Medix Resources, Inc.
-0- 11/12/1999
/CONTACT: Robin Schoen for Medix Resources, Inc., 215-504-2122/
/Web site: cymedix.com
/Web site: medixresources.com
(MDIX)
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