FT. LAUDERDALE, FL / ACCESSWIRE / November 21, 2022 / Cardiff Lexington Corporation (OTC PINK:CDIX) announced today financial results for its 1 st quarter ended March 31, 2022.
The Company reported increased Revenue of 216%, a $2M increase; increased Gross Margin of 310%, a 1.3M increase; and an increase in Profit from Operations for the period of $1.1M to $723K. The Company's reported Net Loss for the period of ($486,454) was an improvement of $1.2 million dollars over the same period in 2021.
'These results from the first quarter continue to demonstrate and reflect the company's growth and improving performance over a sustained period,' stated Alex Cunningham, Cardiff Lexington CEO. 'We are trending in the right direction and within a few weeks we expect this trend to continue when reporting our second quarter results.' Cunningham further stated, 'We are confident over time the market recognizes performance; in the meantime Management remains laser focused on profitability, cash flow management, and revenue growth, while collaborating with our Auditors to bring soon report our final two outstanding quarters.'
The Company negotiated a refinancing agreement with its largest lender of six outstanding notes totaling $4.79M in principle, interest, and fees into a consolidated and restructured new $2.6 million dollar restated senior secure note and $1.5 million dollars in preferred equity. The note maturity is for the earlier of twelve months from execution or a registered public offering of the company. The interest is 10% fixed due upon maturity. The transaction date is September 22, 2022.
In summary, these financial results reflect continued measurable progress in the Company's Day to day operations. Since February 2022, the Company has refiled or filed, its past 12 quarters of financial results and will shortly file its remaining two quarters of 2022. Management continues to work restructuring debt; driving both revenue growth and margins; while strategically positioning the Company within the Healthcare sector.
About Cardiff Lexington Corporation: Cardiff Lexington Corporation provides healthcare and financial services in the United States. The Company provides a full range of diagnostic and surgical services for injuries and disorders throughout the State of Florida with nine current locations. The company provides national tax resolution bookkeeping, and tax preparation service to individuals and companies that have federal and state tax liabilities. It also engages in the commercial real estate property business currently developing 27 medium and high-density acres of dedicated riverfront property on the Salmon River, in Salmon Idaho adjacent to the Frank Church Wilderness Park, the largest wilderness park in the lower 48 states. The Company's 'Buy and Build' acquisition and value creation strategy targets acquisition of middle market private niche companies synergistically leveraging data and resources across similar target markets as wholly owned subsidiaries. Fundamental to the Cardiff Lexington strategy is the service-based partnership culture which emphasizes core values, teamwork, accountability, and performance. The Cardiff Lexington umbrella provides its subsidiary companies a proven, experienced management team led by strong and talented executives and advisors providing, added management value operationally. The Company's focus is not geographic-specific, but rather proven management, market, and margin - we are opportunity oriented. Cardiff Lexington Corporation was incorporated in 2001 and is headquartered in Fort Lauderdale, Florida.
FORWARD LOOKING STATEMENT : This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. These risks include the failure to meet schedule or performance requirements of the Company's business, the Company's liquidity position, the Company's ability to obtain new business, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.
800-628-2100 ext. 705
SOURCE: Cardiff Lexington Corporation
View source version on accesswire.com: