B: Meridian Holdings, Inc. Files 10-K for Year Ended 12/31/0
B: Meridian Holdings, Inc. Files 10-K for Year Ended 12/31/00; Company Reports
75% Increase in Revenue Over Previous Fiscal Year
LOS ANGELES, Apr 12, 2001 /PRNewswire via COMTEX/ -- Anthony C. Dike, Chairman
and CEO of Meridian Holdings, Inc. (OTC Bulletin Board: MEHO), announced today
that the company filed its annual report on Form 10-K with the Securities and
Exchange Commission.
For the year ended December 31, 2000, the company reported net income of
$102,555 ($41,000 from operations), on revenue of $3.2 million compared to net
income of $343,000 on restated revenue of $1.8 million for the year ended
December 31, 1999.
Approximately $1.9 million of gross revenue for 2000 related to capitalization
revenue versus approximately $1.8 million during the previous year. Dike noted
that a net 4 percent increase in revenue during the most recent fiscal year was
attributable to an increase in enrollment of membership into the Capnet IPA
Network for physicians. Approximately $1.3 million in revenue during the most
recent fiscal year was attributable to sales of the Medmaster (TM) software
program licenses through the company's Intercare.com- dx, Inc. subsidiary.
Dike noted that during the year ended December 31, 2000, the company announced
two dividend distributions to holders of common stock of MEHO on two occasions.
The first of these was a January 15, 2000 distribution of a dividend in the form
of common stock (five shares of InterCare.com, Inc., now Intercare.com-dx, Inc.,
for each share of free-trading stock of MEHO owned) to shareholders of record as
of December 30, 1999. Additionally, on October 18, 2000, the company announced
the distribution to shareholders of record as of January 2, 2001, one share of
common stock in its subsidiary CGI Communications Services, Inc., an application
services provider, for each 20 shares of MEHO common stock owned. For purposes
of the company's balance sheet, the distributions of shares in CGI were assigned
an aggregate "Dividend Payable" cash value of $267,720.
The entire text of the aforementioned report and other periodic filings may be
viewed via the Internet at the Securities and Exchange Commission's EDGAR
Database at www.sec.gov or at www.freeedgar.com.
About Meridian Holdings, Inc.
Meridian Holdings, Inc. is an acquisition-oriented business enterprise focused
on building, operating and managing a portfolio of business-to- business
companies. Meridian seeks to acquire majority or controlling interests in
companies engaged in e-commerce, e-communication, and e-business services, which
will allow the holding company to actively participate in management, operations
and finances. Meridian's network of affiliated companies is designed to
encourage maximum leverage of information technology, operational excellence,
industry expertise and synergistic business opportunity. Meridian is committed
to building shareholder value by positioning affiliated companies as independent
business entities in which Meridian shareholders enjoy equity participation.
Learn more about the company and its subsidiaries by visiting Meridian's web
site at www.meho.com.
NOTE: Statements in this news release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and any amendments thereto. Material that is forward-looking
may contain statements about expected future events and/or financial results
that are forward-looking in nature. Editors and investors are cautioned that
such forward-looking statements invoke risk and uncertainties that may cause the
company's results to differ from such forward-looking statements. These include,
but are not limited to, economic, competitive, governmental, technological and
other factors discussed in the statements and/or in the company's filings with
the Securities and Exchange Commission.
SOURCE Meridian Holdings, Inc.
CONTACT: Anthony C. Dike, Chairman/CEO of Meridian Holdings, Inc.,
213-627-8878; or Madeleine Franco of Jordan Richard Assoc., 8
1-268-8610,
ir@jordanrichard.com |
