Chindex International, Inc. Announces 2002 First Quarter Results.Business Editors/Health & Medical Writers BETHESDA, Md.--(BW HealthWire)--May 15, 2002 Chindex International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHDX) (U.S.-China Industrial Exchange, Inc.), the leading independent American company providing Western healthcare products and medical services in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, today announced results for its first quarter ended March 31, 2002. Revenue for the first quarter of 2002 was $15.6 million with a net loss of $192,000 or a loss per share of $0.23. This compares to revenue of $10.6 million with a net profit of $25,000 or earnings per share of $0.03 for the first quarter of 2001. "Our business operates on a 12 month basis and the first quarter results need to be viewed in that context. We have in the past and will continue to see period to period fluctuations in our results. We are pleased with the growth in our consolidated revenues of 47% over the prior year. Healthcare Services continued to show substantial increases in revenue and profitable results as it expands its facilities at Beijing United Family Hospital this year. During the expansion process we are experiencing the loss of other income we earned subleasing this space at the hospital previously. We anticipate that increased revenues from the use of this space later in the year will offset these early losses. Capital Medical Equipment delivered the $2 million in loan financing shipments delayed in the previous quarter and began preparation for the next loan program shipments estimated at approximately $7 million. However, the equipment business was negatively impacted by competitive pricing pressures which significantly affected operating results for the quarter. In particular, the Chinese government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
Chindex is a leading American company in healthcare in the Greater Chinese marketplace including Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . It provides representative and distribution services to a number of major multinational companies including Siemens AG Siemens AG German electrical-equipment manufacturer. The first Siemens company, Siemens & Halske, was founded in Berlin in 1847 to build telegraph installations. (diagnostic color ultrasound ultrasound or sonography, in medicine, technique that uses sound waves to study and treat hard-to-reach body areas. In scanning with ultrasound, high-frequency sound waves are transmitted to the area of interest and the returning echoes recorded scanners under the Acuson and Siemens brand names), Becton-Dickinson (including vascular access vascular access Clinical medicine The ability to enter the vascular system; the ease with which the vascular system can be entered for administering therapy or obtaining blood for testing , infusion and critical care systems), Johnson & Johnson (clinical chemistry analyzers), and Guidant (interventional cardiology interventional cardiology Cardiology The subspecialty of cardiology dedicated to the diagnosis, medical and mechanical therapy, pre- and post-procedure management of adult patients with acute and chronic forms of cardiovascular disease amenable to catheter-based products including stents, balloon catheters balloon catheter n. A catheter with an inflatable balloon at its tip, used especially to expand a partially obstructed blood vessel or bodily passage and to measure blood pressure in a blood vessel. Also called balloon-tip catheter. , and guide wires). It also provides healthcare services through the operations of its private hospital corporation in China. With twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. of experience, approximately 480 employees, and operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , China and Hong Kong, the Chindex strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Greater China's professional communities. Further company information may be found at the Chindex website, www.chindex.com and www.beijingunited.com. The statements in this press release that relate to future plans, events or performance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including risks associated with uncertainties pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the Company's (i) performance goals, including successful conclusion of efforts to secure government-backed financing, (ii) future events and earnings, including revenues from the Company's developmental businesses such as healthcare services, (iii) markets, including growth in demand in China for the Company's products and services, and (iv) proposed new operations, including expansion of its healthcare services business. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect the occurrence of unanticipated events. Financial Summary Attached
U.S.-CHINA INDUSTRIAL EXCHANGE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
2002 2001
Total Sales and Service Revenue $ 15,578,000 $ 10,606,000
Cost and Expenses
Cost of Goods and Services Sold 10,922,000 6,949,000
Salaries and Payroll Taxes 3,043,000 2,176,000
Travel and Entertainment 437,000 341,000
Other 1,469,000 1,210,000
------------ ------------
Total Costs and Expenses 15,871,000 10,676,000
Loss from Operations ( 293,000) ( 70,000)
Minority Interest 0 ( 5,000)
Other Income and (Expenses)
Interest Expense ( 4,000) ( 2,000)
Interest Income 15,000 44,000
Miscellaneous Income - net ( 23,000) 162,000
------------ ------------
Total Other (Expenses)/Income ( 12,000) 199,000
(Loss)/Income Before Provision for
Income Taxes ( 305,000) 129,000
Provision for Income Taxes 113,000 ( 104,000)
------------ ------------
Net (Loss)/Income $( 192,000) $ 25,000
============ ============
Net (Loss)/Income per basic and
diluted common share $( 0.23) $ 0.03
============ ============
Weighted average shares outstanding 852,264 851,069
============ ============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion