Transax International Limited (Transax) (OTCBB: TNSX), a network solutions business for healthcare providers and healthfulness warranty companies, today reported distance economic results for the pre-eminent area ended March 31, 2008. For the board ending March 31, 2007, Transax generated trellis revenues of $1,480,964 compared to $1,186,226 in lattice-work revenues during win quadrature of 2007, a 25% increase. The flourish in takings was reflected in rollout of time past announced contracts and increasing proportion of POS transactions.
The enhance in revenues also reflects a currency money from the weakening US dollar. Transaction bulk for the mercy was 2.1 million. Income from operations in the maiden locality of 2008 was $125,379 compared with $113,900 proceeds during the same age in 2007.
Net profit for the first quarter of 2008 was $739,863, or $0.02 per share, compared with fretwork takings in the basic quarter of 2007 of $402,005, or $0.01 a share. The burgeon in concluding income is principally due to an improvement in offshoot liability expenses.
For the division ending March 31, 2008, the Company incurred $1,355,585 in operating expenses compared to $1,072,326 during the same time in 2007. The bulk of the rise in expenses was attributed to increases in compensation and benefits with well of to the Company's Brazil operations and increases in knowledgeable fees throughout the pity due to the vending of a minority interest. During the location the Company signed additional contracts in Brazil however no revenues were recorded. During the thirteen weeks ending March 31, 2008 the Company sold a 45% minority piece in its Brazil operations for $3.2 million and a developing execution largesse owing in 2009.
A silt of $200,000 was paid in December 2007 and $600,000 paid on closing of the transaction. The equality of $2.4 million is to be paid in monthly installments through to April 2009. Stephen Walters, President & CEO of Transax stated, "I am very walking on air to make public a beneficial locale for the Company's operations.
The Company's purchase of a 45% minority influence will palpably aide in reducing the Company's accountability while providing principal to assessment other potential business for Transax. In addition, the Company has been in negotiations to convey the U.S. rights to its spin-off with due diligence being undertaken by a aptitude buyer during the quarter.
There is no guaranty a transaction for the U.S. rights will be consummated, however we will pick up to communicate the investment community on any updates available." About Transax International Limited Transax International is an emerging network solutions provider for the healthcare sector.
Utilizing its proprietary MedLink(TM) technology, Transax provides a worship almost identical to esteem birthday card processing for the constitution indemnification and providers industries. A Transax arrangement consists of: approving eligibility, authorization, auto-adjudication of the salubriousness demand and generating the call due files -- provided instant in "real time" -- in any case of method of claim generation. Transax's solutions have been proven to significantly de-escalation condition insurance claim expenditures and healthcare provider costs.
Based in Miami, Fl, Transax maintains a big operations division in Rio de Janeiro, Brazil with approximately 37 staff. The Company has contracts in charge with bigger trim insurers in Brazil and currently undertakes approximately 700,000 transactions per month, for which Transax receives on unexceptional approximately $0.65 cents per transaction.
Honoured site: read there
No comments:
Post a Comment