Published on December 17 on SEDAR. This mainly pertains to year-end results, but also provides some targets and an outlook.
MEDICAL RESORTS INTERNATIONAL INC.
P.O. Box 59144, 5647 Riverbend Road
Edmonton, Alberta T6H 5Y3
To The Shareholder:
This information is for the year ended June 30, 1998.
During the last fiscal year the Company posted excellent financial and operational results. The Company projected that it would complete 3,300 medical procedures and actually completed 5,413. The Caribbean facility became fully operational in its Dialysis Unit, Urgicenter, Cardio Pulmonary Centre, Diabetic Centre and Critical Care.
The Company has projected that it will complete 6,500 medical procedures in the new fiscal year. As it opens or acquires new clinics it is expected that this target will easily be obtainable.
The financial results for the year ended June 30, 1998 exceeded the Company's expectations. The Company had predicted a profit of $237,000 and actually achieved a profit of $546,408. The performance of the Company on an operational and financial basis was excellent. Management believes that the current share price does not reflect in any way the underlying value of the Company.
The Company will continue its growth in the Caribbean through an expansion of its current facilities. Also, the Company will continue to grow by opening new dialysis and chelation facilities in both Canada and the United States.
Financial Results
The financial results for Medical Resorts International Inc. are for the year ended June 30, 1998.
Revenue from operations increased from $207,747 last year to $878,951 this year. Total Revenue when considering extraordinary gains increased to $1,279,453 versus $207,747 last year. Net Profit for the year was $546,408 versus a loss of 3,450,914 last year.
The Company is currently increasing its patient base by 5 new individuals per day. During the next year the Company expects to increase its patient base and continue to report positive financial results.
Future Outlook
In the first quarter of fiscal June 30, 1999, the Company had excellent financial results. It is expected that first quarter results will continue through the June 30, 1999 fiscal year. The expansion of the Caribbean operations plus the anticipated acquisitions of chelation and dialysis clinics in other locations will result in an increased patient base as well as increased revenues and profits.
The Company is looking forward to an exciting year and wishes to thank the shareholders for their support over the last year.
Yours truly,
Medical Resorts International Inc.
Robert Talbot (signed)
Robert Talbot, President
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