FT. LAUDERDALE, FL / ACCESSWIRE / December 9, 2022 / Cardiff Lexington Corporation (OTC PINK:CDIX) announced today financial results for its 2nd quarter ended June 30, 2022.
Revenue | ||||
For the Six Months Ended June 30, 2021 | $ | 3,114,794 | ||
For the Six Months Ended June 30, 2022 | $ | 6,071,738 | ||
95% Net Increase in Semi-Annual Revenue | $ | 2,956,944 | ||
Gross Margin | ||||
For the Six Months Ended June 30, 2021 | $ | 1,994,966 | ||
For the Six Months Ended June 30, 2022 | $ | 3,820,804 | ||
92% Net Increase in Semi-Annual Gross Margin | $ | 1,825,838 | ||
Profit/Loss from Operations | ||||
For the Six Months Ended June 30, 2021 | $ | (2,732,480 | ) | |
For the Six Months Ended June 30, 2022 | $ | 1,826,047 | ||
Net Increase in Profit/Loss from Operations | $ | 4,558,527 | ||
Net Profit/Loss for the Six Month Period | ||||
For the Six Months Ended June 30, 2021 | $ | (4,846,900 | ) | |
For the Six Months Ended June 30, 2022 | $ | (514,658 | ) | |
Net Decrease in Loss for the Period | $ | 4,332,242 | ||
Net Profit/Loss for the Quarter | ||||
For the Three Months Ended June 30, 2021 | $ | (3,077,861 | ) | |
For the Three Months Ended June 30, 2022 | $ | 61,826 | ||
Net Decrease in Loss for the Period | $ | 3,139,687 | ||
For the two quarters ending in June, the Company reported increased Revenue of 95%, a $2.9 million dollar increase; Gross Margin increased 92%, a 1.8 million dollar increase; and Profit from Operations for the six month period increased by $4.5 million dollars.
The Company's reported Net Income for second quarter operations of $61,826, which was an improvement of $3.1 million dollars over the same period in 2021; and the Company's Net Loss for the two quarters was $548 thousand dollars which was a $4.3 million dollar improvement from the prior year.
"We are thrilled to report positive net income for the 2nd quarter which was a $3.1 million dollar improvement over the same period last year," said Alex Cunningham, Cardiff Lexington CEO. "We continue to report impressive margins, quarter after quarter, as we work to drive revenue consistently reporting significant measurable results." Cunningham further stated, "Expectations are that third quarter results to be reported in a few weeks will build significantly upon this trend as we remain laser focused on profitability, cash flow management, and accumulating the necessary resources to sustain year over year revenue growth. We look forward in the near future to regaining active trading status whereby our shareholders and investors can readily weigh in on our operational performance over the past eighteen months."
In summary, since February 2022, the Company has collaborated with its new independent auditor having refiled or filed, financial results for its past 13 quarters and will shortly file the Company's 3rd quarter of 2022 which will regain timely current reporting status that will enable proprietary broker-dealers to publish competing quotations and provide continuous market making of the Company's shares on the OTC Pink Market.
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 - the Company is 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.
Investor Relations
800-628-2100 ext. 705
investorsrelations@cardifflexington.com
SOURCE: Cardiff Lexington Corporation
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