Chindex International, Inc. Announces Third Quarter and Nine Month 1999 Results.BETHESDA, Md.--(BUSINESS WIRE)--Nov. 15, 1999-- 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 distribution 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 third quarter and nine months ended September 30, 1999. Revenue for this year's third quarter was $7.0 million with a net loss of $445,000, or a basic loss per share of $0.56. This compares to revenue of $3.4 million with a net loss of $737,000 or a basic loss per share of $0.93 for the same period a year earlier. Revenue for this year's nine month period was $29.6 million with net income of $678,000 or basic earnings per share of $0.86. This compares to revenue of $11.8 million with a net loss of $2.8 million or a basic loss per share of $3.56 for the same period last year. Chindex Chairperson chairperson Chairman The head of an academic department. See 'Chair.', Cf Chief. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Roberta Lipson, speaking from Beijing, commented on the third quarter results and the state of Chindex's growth strategy: "We are pleased with the substantial progress we have made this quarter compared to last year. Although this quarter did not show a profit, the situation is consistent with historical quarterly fluctuations in our performance due to the timing of revenues in our capital medical equipment business. Our business has traditionally operated on a calendar year basis and in that context we are pleased with the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. we have been able to achieve over the past two years. Our revenue diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. programs are on track, and the market demand for the products and services we offer is extremely strong. "In our capital medical equipment business, we are in the final contract process of our next loan program for up to $30 million to be guaranteed by the Export-Import Bank of the United States Export-Import Bank of the United States (Ex-Im Bank) One of the principal U.S. government agencies in international finance. Originally incorporated as the Export-Import Bank of Washington in 1934, its goal is to help finance U.S. . From there we move on to the process of final government approvals. Once all the required approvals are in place, this round of financing would allow us to supply our products to more than 50 individual hospitals throughout China and we believe that it would provide a substantial revenue impact for us as shipments begin in early 2000. This would be the third such financing we have arranged for the sale of our medical equipment over the last four years. "Our healthcare products distribution business has seen rapidly expanding revenues this year as we continue to develop the tremendously lucrative potential in the retail pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. markets as well as expand our product portfolio for the hospital markets. We have been in negotiations on new and exciting distribution relationships in the retail area, one of which we are also announcing today. "Our Beijing United Family Hospital is still the only government-approved foreign-invested healthcare facility in China. Its contribution to our consolidated revenue picture is increasing every quarter. We are working hard on expansion plans which include a substantial increase in services offered in the Beijing area, as well as regional outreach Outreach is an effort by an organization or group to connect its ideas or practices to the efforts of other organizations, groups, specific audiences or the general public. programs beginning in Shanghai and Guangzhou. We will have some very exciting details on these developments which will be announced in the months to come." 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. and Macau. It provides representative and distribution services to a number of multinational companies including Acuson, Johnson & Johnson, and Kendall Healthcare Products. It also operates a private hospital corporation in China. With over eighteen years experience, approximately 300 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. Chindex is listed on NASDAQ under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CHDX. More information is available at the Company's website: www.chindex.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 customer orders, demand for products and services, availability of financing including any Export-Import Bank Export-import Bank (Ex-IM Bank) The U.S. federal government agency that extends trade credits to U.S. companies to facilitate the financing of U.S. exports. guaranteed financing, development of markets for the Company's products and services and other risks identified in the Company's SEC filings. 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. -0-
CHINDEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30 Sept. 30
1999 1998 1999 1998
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Total Net
Revenue $ 6,966,000 $ 3,365,000 $ 29,611,000 $ 11,786,000
Cost and
Expenses
Cost of
goods sold 4,630,000 2,167,000 20,832,000 7,868,000
Salaries and
payroll
taxes 1,635,000 1,421,000 4,890,000 3,828,000
Travel and
entertainment 388,000 288,000 989,000 1,045,000
Other 983,000 767,000 2,885,000 2,852,000
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Total Costs
and Expenses 7,636,000 4,643,000 29,596,000 15,593,000
Income/(Loss)
from Operations (670,000) (1,278,000) 15,000 (3,807,000)
Other Income and
Expenses, net 227,000 504,000 734,000 999,000
Minority
Interest 0 (12,000) (18,000) (12,000)
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Income/(Loss)
Before
Provision
for Taxes (443,000) (786,000) 731,000 (2,820,000)
(Provision)/
Benefits for
Income Taxes (2,000) 49,000 (53,000) 5,000
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Net Income/
(Loss) $(45,000) $(737,000) $678,000 $(2,815,000)
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Basic Earnings/
(Loss) per Share $(0.56) $(0.93) $0.86 $(3.56)
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Weighted average
shares
outstanding 790,313 790,313 790,313 790,313
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