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Cardiff Lexington Announces Third Quarter 2023 Financial Results
Revenue Growth and Significant Margin Improvement Drives Increase in Quarterly Net Income to $1.98 Million -
FT. LAUDERDALE, FL / ACCESSWIRE / November 15, 2023 / Cardiff Lexington Corporation (OTC PINK:CDIX) announced today financial results for its third quarter ended September 30, 2023.
Third Quarter Financial Highlights
9.8% growth in the Company's healthcare division drove 3.5% consolidated revenue growth to $3.4 million
83% gross profit margin in the Company's healthcare division up from 64.7% last year drove consolidated gross profit margin to 79.6% for the quarter
Operating income increased 52% to $2.3 million, or 67% of sales from $1.5 million, or 45% of sales in Q3 last year due to a deliberate focus on higher margin business and disciplined cost containment
Net income increased 415% to $1.98 million from a loss of $628,000 in Q3 last year
Nine Month Financial Highlights
16.2% growth in the Company's healthcare division drove 5.1% consolidated revenue growth to $9.8 million
72.7% gross profit margin in the Company's healthcare division up from 63.4% last year drove consolidated gross profit margin to 73% for the nine-month period
Operating income increased 41% to $4.7 million, or 47.9% of sales from $3.3 million, or 35.7% of sales in the nine-month period last year due to a deliberate focus on higher margin business and disciplined cost containment
Net income increased 247% to $2.8 million from a loss of $1.9 million in the comparable nine-month period last year
Balance Sheet Highlights at September 30, 2023
39% increase in total assets to $18.5 million compared to December 31, 2022
250% increase in stockholders' equity to $975,351 from a negative shareholders' equity of $1.47 million at December 31, 2022
Slightly positive working capital compared to a negative working capital at December 31, 2022
https://www.accesswire.com/users/newswire/images/803432/cardiff-img1.png
Alex Cunningham, Cardiff Lexington CEO, stated, "Results from our most recent third quarter reflect the culmination of efforts over the past several years to successfully position the Company within a growing healthcare sector, implement efficiencies, and streamline operations. We have taken the actions necessary to achieve and report sustainable, profitable results over consecutive quarters. Net income has reached $2.8 million thus far in 2023 which represents significant, quantifiable advancement for the Company. We expect this number to continue to grow moving forward as we begin to see the impact of the additional working capital being deployed from our new revolving financing.
Mr. Cunningham continued, "In conjunction with our significantly improving results from operations, we continue to prepare for a targeted early 2024 uplisting to a major exchange. To that end have filed with FINRA for the required share consolidation and also anticipate updating and amending our S1 registration filing to include 2023 Q3 results. In conjunction with this uplisting, it is also our intention to simplify our capital structure to best support our long term growth for shareholders."
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About Cardiff Lexington Corporation:
Cardiff Lexington Corporation is a holding company focused on locating, acquiring, and building middle market, niche companies, primarily in the healthcare industry. Fundamental to the Cardiff Lexington strategy is the service-based partnership culture which emphasizes core values, teamwork, accountability, and performance.
A substantial majority of the Company's revenue is derived from Nova Ortho and Spine, PLLC, or Nova, which the Company acquired in May of 2021 and operates a group of regional primary specialty and ancillary care facilities throughout Florida that provide traumatic injury victims with a full range of diagnostic and surgical services, primary care evaluations, interventional pain management, and specialty consultation services.
For more information on Cardiff Lexington Corporation, you may access the company's website at https://cardifflexington.com/
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.
Cardiff Lexington Investor Relations
investorsrelations@cardifflexington.com
(800) 628-2100 ext. 705
or
IMS Investor Relations
cardifflexington@imsinvestorrelations.com
(203) 972-9200
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
(UNAUDITED)
https://www.otcmarkets.com/stock/CDIX/news/story?e&id=2692317
now we know the volume yesterday, some knew news was coming today
check the last few lines of pr, share consolidation coming, so looks like still on but plenty of time to run it before it happens imo.
acting like it :)
Go $CDIX - nice $0.0002 x $0.0003 next stop $0.002 x $0.003? before $0.02 x $0.03?!? 🤑
flip the coin odds, all the company has to do is say no r/s and it's on.
what are the odds with the No R/S!
there's the .0002's for lotto, now no r/s it goes.
**** Billions more coming ??? ****
——-> Authorized Shares 7,500,000,000
As of November 5, 2023, there were 1,326,475,613 shares of common stock of the registrant issued and outstanding.
As of October 31, 2023, there were 1,208,475,613 shares of common stock of the registrant issued and outstanding.
As of August 21, 2023, there were 1,099,475,613 shares of common stock of the registrant issued and outstanding.
Lots of exercising going on…haha good luck
As of 11/05/2023 another 226,000,000 shares added
Outstanding Shares
1,326,475,613
11/05/2023
Restricted
710,484,034
11/05/2023
Unrestricted
615,991,579
11/05/2023
Held at DTC
554,357,457
Outstanding Shares
1,099,475,613
08/21/2023
Restricted
710,484,034
08/21/2023
Unrestricted
388,991,579
08/21/2023
Held at DTC
385,357,457
08/21/2023
lol cdel you ain't gonna get your one tick flip
Still holding. Just needs the company to sneeze
As of June 30, 2023, there were 943,475,613 shares of common stock of the registrant issued and outstanding.
As of October 31,2023, there were 1,208,475,613 shares of common stock of the registrant issued and outstanding.
Just 250,000,000 + more since recent filing
I sell 1 Mil and 7 min later 1 mil bought hmmmm
it will if they say no r/s. for me it's a lotto until they say no r/s.
2 or 3 what’s the diff, if you know it’s going much higher
see if gtc .0002 lotto get filled
lol cdel volume just stopped will trend down until they confirm no r/s imo.
I wonder what they may have going here .
8k a long time ago
How they mention that a R/S was in their plans ?
decent support at .0003 though, just need confirmation of no r/s and it will go again.
+400% and they didn't dump it. If they can announce no RS and have a few PRs, this will fly.
#1 on OTCBB Actives
FORZ and ABQQ canceled RS also
It can run a lot higher and prevent a forced r/s , even a buyback could see 5 cents easy… my average is .04 lol
Drop an 8k with cancel RS plans. Seen it happen with 3 stocks in the last 3 months.
It can run to a penny on this.
Good Luck…DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES if preferred were to be converted…14,435,802,103
Not enough in authorized to convert…RS split is a must
anybody email/phoned the company? all they have to do is confirm no r/s and this willl keep on going.
Things will only get better from here!
$CDIX - Full press release! https://www.otcmarkets.com/stock/CDIX/news/story?e&id=2669815
These represent significant, quantifiable advancements for the Company. We look forward to reporting our 3rd quarter performance and expect to see significant impact beginning in the 4th quarter of this year from recently deployed new working capital. Management maintains its focus to maximize profitability and fund exponential growth through new strategically aligned acquisitions. The Company expects to update its S-1 filing in November as it continues to make strides towards meeting the criteria necessary to qualify to up list to a major securities exchange."
that would be great
The uplist ball and without a R/S
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