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Medytox Solutions, Inc. Announces Results for the Three and Six Months Ended June 30, 2014
|By Marketwired .
|August 18, 2014 03:59 PM EDT
WEST PALM BEACH, FL--(Marketwired - August 18, 2014) - Medytox Solutions, Inc. (OTCQB: MMMS) announced today its financial results for the three-month period ended June 30, 2014 (the "2014 Quarter"), and the six-month period ended June 30, 2014 (the "2014 Period"). For the 2014 Quarter, the Company reported revenues of approximately $20.1 million, which represented an increase of approximately $12.2 million, or 142%, from the approximately $8.6 million in revenues reported for the same period of the prior year (the "2013 Quarter"). For the 2014 Period, the Company reported revenues of approximately $41.8 million, which represented an increase of approximately $25.2 million, or 152, from the approximately $16.6 million in revenues reported for the same period of the prior year (the "2013 Period"). For the 2014 Quarter, the Company reported income from operations of approximately $5.8 million, compared to income from operations of approximately $0.9 million for the 2013 Quarter. For the 2014 Period, the Company reported income from operations of approximately $12.7 million, as compared to income from operations of approximately $2.2 million for the 2013 Period.
"Our results for the three and nine months ended June 30, 2014 are due to our continued commitment to all our customers," stated William Forhan, the Company's Chief Executive Officer. "We also appreciate all our employees, who work hard to deliver excellent customer service."
The Company is a holding company that owns and operates businesses in the medical services sector. Our principal line of business is clinical laboratory blood and urine testing services, with a particular emphasis in the provision of urine drug toxicology and comprehensive pain medication monitoring programs to physicians, clinics and rehabilitation facilities in the United States.
MEDYTOX SOLUTIONS, INC.
Condensed Consolidated Statements of Operations
For the Three Months For the Six Months
June 30, June 30,
2014 2013 2014 2013
------------- ------------- ------------ ------------
Revenues $ 20,784,426 $ 8,602,577 $41,846,998 $16,626,336
expenses 14,986,134 7,675,800 29,184,625 14,442,103
Income from operations 5,798,292 926,777 12,662,370 2,184,233
Total other income
(expense) (100,813) (122,700) (63,258) (332,843)
Income before income
taxes 5,697,479 804,077 12,599,112 1,851,390
Provision for income
taxes 2,198,000 120,800 4,796,100 514,900
Net income attributable
to Medytox Solutions 3,499,479 683,277 7,803,012 1,336,490
dividends 1,510,542 244,365 2,424,105 483,106
Net income attributable
to Medytox Solutions
common shareholders $ 1,988,937 $ 438,912 $ 5,378,907 $ 853,384
Net income per common
Basic $ 0.07 $ 0.01 $ 0.18 $ 0.03
Diluted $ 0.06 $ 0.02 $ 0.18 $ 0.03
Weighted average number
of common shares
outstanding during the
Basic 30,247,265 29,572,076 30,145,723 29,567,814
Diluted 30,669,487 29,955,309 30,482,862 29,931,047
This press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995, as amended. Any such statements are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and they involve a number of risks and uncertainties that could cause actual results to differ materially from those that may be anticipated by or from the forward-looking statements. Important factors that could cause such a difference are set forth in the Company's filings with the Securities and Exchange Commission and include, but are not limited to the ability to consummate acquisitions and the ability to integrate such acquisitions.
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