Cardiff Lexington Announces 2nd Quarter 2022 Financial Results

Rhea-AI Summary

Cardiff Lexington Corporation (OTC PINK:CDIX) reported remarkable financial results for the 2nd quarter ended June 30, 2022. The company achieved a 95% increase in revenue to $6.07 million, compared to $3.11 million for the same period in 2021. Their gross margin also rose by 92% to $3.82 million. Notably, net income reached $61,826, a $3.1 million improvement from last year, while net loss decreased by $4.33 million. CEO Alex Cunningham expressed optimism for continued growth, anticipating strong results for the impending third quarter.

Positive

• 95% increase in revenue to $6.07 million
• 92% increase in gross margin to $3.82 million
• Net income of $61,826, a $3.1 million improvement year-over-year
• Net loss reduced by $4.33 million compared to the same period last year

Negative

• None.

FT. LAUDERDALE, FL / ACCESSWIRE / December 9, 2022 / Cardiff Lexington Corporation (OTC PINK:CDIX) announced today financial results for its 2^nd 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 2^nd 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 3^rd 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

View source version on accesswire.com:
https://www.accesswire.com/731044/Cardiff-Lexington-Announces-2nd-Quarter-2022-Financial-Results

FAQ

What were the financial results for Cardiff Lexington Corporation (CDIX) in the 2nd quarter of 2022?

Cardiff Lexington Corporation reported a 95% revenue increase to $6.07 million and a net income of $61,826 for the 2nd quarter of 2022.

How did Cardiff Lexington's revenue compare with the previous year?

The revenue increased by $2.9 million from $3.11 million in 2021 to $6.07 million in 2022.

What improvements did Cardiff Lexington (CDIX) show in its profit/loss from operations for the 6 months ended June 30, 2022?

Profit from operations increased by $4.5 million, showing a positive shift for the company.

What is the net loss reported by Cardiff Lexington Corporation for the first two quarters of 2022?

The net loss for the first two quarters of 2022 was $514,658, a significant improvement of $4.33 million compared to last year.

What expectations did CEO Alex Cunningham express regarding future quarters for CDIX?

CEO Alex Cunningham stated that they expect the third quarter results to continue the positive trend of revenue and profitability.