Transax International Reports Profitable First Quarter Results
MIAMI, FL, May 16, 2007-- Transax International Limited (Transax) (OTCBB: TNSX), a network solutions company for healthcare providers and health insurance companies, today reported record financial results for the first quarter ended March 31, 2007.
For the quarter ending March 31, 2007, Transax generated net revenues of $1,186,226 compared to $981,058 in net revenues during first quarter of 2006, a 21% increase. The increase in revenue was reflected by continued growth in real-time transactions and rollout of previously announced contracts. Transaction volume increased to 2.1 million for the first quarter of 2007, a 16% increase from 1.8 million transactions in the first quarter of 2006. The company executed a record 800,000 transactions during the month of March 2007. Income from operations in the first quarter of 2007 was $113,900 compared with a $121,744 loss during the same period in 2006. Net income for the first quarter of 2007 was $402,005, or $0.01
per share, compared with a net loss in the first quarter of 2006 of $691,704, or $(0.02) a share. The increase in net income is principally due decrease in non cash expenses and the first profitable
quarter reported in the Company’s history.
For the quarter ending March 31, 2007, the Company incurred $1,072,326 in operating expenses compared to $1,102,832 during the same period in 2006. The majority of the decrease in expenses
was attributed to decreases in professional fees throughout the quarter. The company recorded strong net cash flow from its Brazil operations of $328,164 with an EBITDA of 32% during the quarter.
During the quarter the Company installed a further 338 solutions and integrated additional medical laboratories in Brazil. In addition the company commenced initial installations and revenue generating services from its “real time” Internet Web solution for the adjudication of medical claims which had previously been on beta test with a number of clients.
Stephen Walters, President & CEO of Transax stated, “I am very pleased to announce the Company’s first profitable quarter in our history with strong cash flow from our Brazil operations.
Our revenues and transaction volume continue to increase steadily while our expenses continue to be under strict control. A record 800,000 transactions executed during March 2007 was especially
encouraging as we seek to introduce further cost saving measures to increase bottom line performance during the second quarter 2007.” Mr. Walters continued, “We continue to receive interest in our Brazilian operations and will review all strategic options available to the company.”
