PR Newswire; 8/26/2004
IRVINE, Calif., Aug. 26 /PRNewswire/ -- Transax International Limited ("Transax") (OTC Bulletin Board: TNSX; Frankfurt/Berlin: TX6) announces its financial results for the three and six months periods ended June 30th 2004.
Revenues for the quarter from Transaction Fees were USD $312,600 compared to revenues of USD $67,000 for the second quarter of 2003. Net loss for the quarter decreased to USD $112,200 or $0.01 per share compared to USD $448,900 or $0.04 per share for the comparable 2003 period.
During the six month period ended June 30th 2004, revenue increased to USD $450,200 a 301% increase with the comparable period in 2003. Operational loss was USD $440,400 or $0.03 per share, a 56% decrease from the $1,012,500 or ($0.08) loss per share in 2003. The decrease in operating expenses is primarily due to no stock compensation charges being recorded during the first half of 2004.
Stephen Walters, Transax President and CEO stated, "We are pleased with the growth in revenues since commencing our Roll Out plan and can expect favorable rates to continue over the coming twelve months as we continue to install solutions to existing clients." Walters further commented: "In the second quarter of 2004, we were able to increase our transactions revenues by 127% while total operating expenses decreased by 11%. This bodes well for our business model and profitability of the company."
The information contained in this press release should be read in connection with the company's Quarterly Report filed on Form 10-QSB for the quarter ended June 30, 2004 and its Annual Report filed on Form 10-KSB for the year ended December 31, 2003.
About Transax International Limited: Transax is a premier international provider of information network solutions for healthcare providers and health insurance companies, enabling the "real-time" automation of routine patient eligibility verifications, authorization, claims processing and payment functions that are currently performed manually. The technology has been proven to significantly decrease health insurance claim expenditure and provides additional operational efficiencies for the health insurer. Transax "MedLink" solution has been specifically designed for the healthcare and health insurance industry to allow insurance companies, Health Maintenance Organizations, and other industry concerns to connect to healthcare providers and electronically undertake eligibility, authorization and processing of health claims in "real-time." MedLink has been developed as a "Total Connectivity" solution where Transax is able to provide an insurer with the ability to cost effectively process all of the transactions generated in "real time" regardless of location or method of generation. Presently operational in Brazil, Transax currently undertakes approximately 250,000 transactions per month, has contracts in place for in excess of 2,500,000 transactions per month, and other potential contracts in various stages of negotiation.
AI
