Medix Resources, Inc. Reports 1998 Fourth Quarter and Year-End Results
PR Newswire, Monday, April 12, 1999 at 18:32
DENVER, April 12 /PRNewswire/ -- Medix Resources, Inc.
(BB: MDIX) today announced financial results for the fourth
quarter and year ended December 28, 1998.
Revenues for the fourth quarter 1998 decreased 43% to $2,897,000, compared
with $5,113,000 for the three months ended December 28, 1997. The Company
reported a 1998 fourth quarter loss of $3,309,000 and a net loss applicable
to common shareholders of $.15, compared with a net loss of $469,000 and a
net loss applicable to common stockholders of $.07 for the 1997 fourth
quarter. The 1998 fourth quarter loss included impairment of goodwill of
$2,040,000.
For the year ended December 28, 1998, revenues decreased 30% to
17,412,000, compared with 24,875,000 for the year ended December 28, 1997.
The Company reported fiscal year 1998 net loss of $5,422,000 and a net loss
applicable to stockholders of $.26 per share, compared with a net loss of
$515,000 and a net loss applicable to common stockholders of $.15 per share
for fiscal year 1997.
The decrease in revenue is primarily a result of the 1997 sale of the
Company's Paxxon office and Homecare division, and the 1998 sale of the
Company's Stat and Ellis offices in New York. Also the Company experienced
decreased revenues from its TherAmerica offices.
Denver based Medix Resources, Inc., through its wholly owned subsidiary
Cymedix Lynx corporation of Thousand Oaks, California, offers several fully
secure patent-pending Internet medical communications products, using an
Internet commerce business model. The Company's Core business also provides
skilled nursing, therapy, rehabilitation and other medical personnel for
flexible staffing in home care and in a broad spectrum of healthcare and
educational facilities.
"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 10K-SB for
1998 and Form 10-QSB for its third quarter of 1998 that were filed with the
Securities and Exchange commission on April 12, 1999 and November 12, 1998.
Such information is available from the SEC or from the Company.
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