FT. LAUDERDALE, FL / ACCESSWIRE / January 9, 2023 / Cardiff Lexington Corporation (OTC PINK:CDIX) announced today financial results for its 3rd quarter ended September 30, 2022.
| Total Stockholder' Equity | |
| For the Twelve Months Ended December 31, 2020 | $2,781,364 |
| For the Nine Months Ended September 30, 2022 | $6,417,788 |
| 131% Net Increase is Stockholders Equity | $3,636,424 |
| Total Assets End of Period | |
| For the Twelve Months Ended December 31, 2021 | $11,159,951 |
| For the Nine Months Ended September 30, 2022 | $15,958,345 |
| 43% Net Increase in Total Assets | $4,798,394 |
| Revenue | |
| For the Nine Months Ended September 30, 2021 | $6,424,587 |
| For the Nine Months Ended September 30, 2022 | $9,432,481 |
| 47% Net Increase in Nine Month Revenue | $3,007,894 |
| Gross Margin | |
| For the Nine Months Ended September 30, 2021 | $4,222,040 |
| For the Nine Months Ended September 30, 2022 | $6,026,267 |
| 43% Net Increase in Semi-Annual Gross Margin | $1,804,227 |
| Profit/Loss from Operations | |
| For the Nine Months Ended September 30, 2021 | ($1,665,830) |
| For the Nine Months Ended September 30, 2022 | $3,325,317 |
| Net Increase in Profit/Loss from Operations | $4,991,147 |
| Net Profit/Loss for the Nine Month Period | |
| For the Nine Months Ended September 30, 2021 | ($2,810,930) |
| For the Nine Months Ended September 30, 2022 | ($813,054) |
| Net Decrease in Loss for the Period | $1,997,876 |
For the three quarters ending in September, the Company reported increased Stockholders' Equity of 131%, a $3.6 million dollar increase; increased Total Assets of 43%, a $4.8 million dollar increase; increased Revenue of 47%, a $3.0 million dollar increase; increased Gross Margin of 43%, a 1.8 million dollar increase; increased Profit from Operations for the nine month period by $4.99 million dollars; and decreased the Net Loss for the nine month period by $1.99 million dollars.
Over the past eighteen months operating under difficult conditions and severe cash flow constraints derived from the Company's delinquent reporting status originating from a dispute between auditors, management has consistently improved revenue, margins, and the balance sheet. The Company has divested of smaller underperforming assets which were not aligned with our strategy moving forward and positioned the Company for synergistic future acquisitions within the healthcare segment.
Alex Cunningham Cardiff Lexington CEO stated, ""We are very relieved, as well as excited, to report this 3rd quarter 2022 financial disclosure. The Company finally has regained its status as a, current, fully reporting, public company. It has been a difficult and trying process." Cunningham further stated, "This accomplishment empowers management to finally turn the page and its focus beyond cash flow survival and sustained internal revenue growth while maximizing margins, to now, additionally, move toward acquiring new capitalization required to maximize profitability and fund exponential growth through new strategically aligned acquisitions. This is also a major step forward towards proprietary broker-dealers being able to publish competing quotations and provide continuous market making of the Company's shares on the OTC Pink Market. With over $6 million dollars in Stockholders' Equity, consecutive years exceeding $10 million in annual Revenue, and with approximately a $5 million increase in profit from operations, the Company management looks forward announcing future developments and to reporting 2022 year end, and 2023, 1st quarter performance."
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 real estate 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.
Contact:
Investor Relations
800-628-2100 ext. 705
[email protected]
SOURCE: Cardiff Lexington Corporation