Medix Resources, Inc. Reports Third Quarter Results -- 10:36 AM EST
NEW YORK, Nov 16, 2000 (BUSINESS WIRE) -- Medix Resources, Inc. (AMEX: MXR)
today announced the Company's financial results for the third quarter ended
September 30, 2000.
Revenues from continuing operations for the third quarter of 2000 totaled
$104,000. The Company reported no revenues from continuing operations in 1999.
Net loss for the third quarter was $1,380,000, or $(0.03) per common share,
compared with a net loss of $(1,169,000), or $(0.06) per common share, for the
1999 third quarter.
The Company's wholly-owned subsidiary, Cymedix Lynx Corporation, currently
provides all of Medix's revenues. Selling, general, and administrative expenses
increased approximately $548,000, from $480,000 for the three months ended
September 30, 1999, to $1,028,000 for the three months ended September 30, 2000,
due primarily to increased marketing activities for the Cymedix.com(R) software
products. Interest expense totaled $3,000 for the three months ended September
30, 2000 compared to $29,000 for the three months ended September 26, 1999, due
to the pay-down of a credit line in connection with the sale of the Company's
staffing business during the first quarter of this year.
The Company had $2,273,000 in cash as of September 30, 2000, with net working
capital of $1,917,000. During the first nine months of 2000, net cash used in
operating activities was $3,337,000 and additional paid in capital of $5,884,000
was raised from the exercise of options and warrants. As of November 15, 2000,
the Company had $1,252,367 in cash. Medix may be able to access up to
approximately $2.5 million through the exercise of outstanding callable
warrants.
John R. Prufeta, President and Chief Executive Officer of Medix, commented,
"During the third quarter, Medix made significant progress in developing and
refining our technologies, expanding our distribution channels, and growing our
sales pipeline. Furthermore, we believe that we are making significant progress
in our strategy to attract long-term strategic capital, although timing, as is
typically the case with strategic financings, is uncertain until the transaction
closes. We believe that we are building momentum on these fronts that we look
forward to sharing with investors as we reach tangible and significant
milestones."
About Medix Resources, Inc.
Medix Resources, Inc., through it wholly-owned subsidiary, Cymedix Lynx
Corporation, is a developer and provider of a suite of fully secure, patented
Internet based software products, that allow instantaneous communication of high
value added healthcare information among doctor offices, hospitals, health
management organizations and insurance companies. 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.
Information in this press release contains forward-looking statements that
involve risks and uncertainties that might adversely affect the Company's
operating results in the future to a material degree. Such risks and
uncertainties include, without limitation, the ability of the Company to raise
capital to finance the development of its software products, the effectiveness
and the marketability of those products, the ability of the Company to protect
its proprietary information, and the establishment of an efficient corporate
operating structure as the Company grows. These and other risks and
uncertainties are presented in detail in the Company's Form 10-KSB for 1999,and
form 10QSB for the current third quarter, which were filed with the Securities
and Exchange Commission on March 30, 2000 and November 14th 2000, respectively.
This information is available from the SEC or the Company.
This press release is available on the KCSA Public Relations Worldwide Web site
at www.kcsa.com.
CONTACT: MEDIX RESOURCES, INC.
John R. Prufeta, President and CEO
212/697-2509
212/681-9817 (fax)
jprufeta@cymedix.com
or
KCSA
(INVESTOR)
Sarah Shepard / Elena Bonaiuto
212/896-1236; 212/ 896-1233
212/697-0910 (fax)
sshepard@kcsa.com / ebonaiuto@kcsa.com
or (MEDIA)
Jessica Gates / Kevin Rini
212/896-1229; 212/896-1292
jgates@kcsa.com / krini@kcsa.com |
