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For the quarter ending March 31, 2009, Transax generated net revenues of $952,318 compared to $1,480,964 in net revenues during first quarter of 2008, a 36% decrease. The decrease in net revenue was reflected in the loss of one major client effective January 1, 2009 and currency variations during the period. Transaction volume for the quarter was 1.9 million compared with 2.1 million in the first quarter of 2008. The company's proprietary WEB solution for lower cost real time online healthcare transactions become our clients preferred solution and recorded significant transaction volume growth in the quarter ended March 31, 2009.
Loss from operations in the first quarter of 2009 was $317,183 compared with income of $125,379 during the same period in 2008. Net income for the first quarter of 2009 was $428,614 or $0.01 per share, compared with net income in the first quarter of 2008 of $739,863, or $0.02 a share. The decrease in net income is principally due to the loss of operational costs being offset by gains from derivative liability expenses.
For the quarter ending March 31, 2009, the Company incurred $1,269,501 in operating expenses compared to $1,355,585 during the same period in 2008. The decrease in operating expenses was attributed to decreases in costs for compensation and benefits with respect to the Company's Brazil operations and decreases in professional fees throughout the quarter. During the quarter ending March 31, 2009 the Company signed additional contracts in Brazil which are under development and awaiting implementation. Transaction data is being collected in a test environment and will be subject to full roll out later in 2009. At the end of the first quarter 2009 the Company had a total of eleven contracts eight of which are generating revenue bearing transactions and three in a development phase.
In announcing the results Stephen Walters, President & CEO, stated, "The first ever loss of a client since commencing operations was a corporate decision that was out the Company's control and affected our performance in the first quarter 2009. However with the signing of new contracts in the quarter and ongoing installations of existing contracts the Company expects to return to profitability during the second half of 2009. The Company intends to provide an update of its negotiations with the buyer to conclude an amendment of the Purchase Agreement previously entered into in 2008 and plans to complete this process no later than June 30 2009."
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 service similar to credit card processing for the health insurance and providers industries. A transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- provided instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures and healthcare provider costs. Based in Plantation, Fl, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 45 staff and a Sales Office in Sao Paulo, Brazil. The Company has contracts in place with major health insurers in Brazil and currently undertakes approximately 700,000 transactions per month.
SAFE HARBOR STATEMENT: 'THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.'
Contacts: Stephen Walters President & CEO Tel: 888.317.6984 Email: Email Contact http://www.transax.com
SOURCE: Transax International
http://www2.marketwire.com/mw/emailprcntct?id=68A1F57DB2154414 http://www.transax.com
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