Medytox Solutions, Inc. Announces Results for the Year Ended December 31, 2013
WEST PALM BEACH, FL -- (Marketwired) -- 04/07/14 -- Medytox Solutions, Inc. (OTCQB: MMMS) announced today its financial results for the year ended December 31, 2013 (the "2013 Year"). The Company reported revenues of approximately $52.5 million, which represented an increase of approximately $31.4 million, or 149%, from the approximately $21.1 million in revenues reported for the year ended December 31, 2012 (the "2012 Year"). For the 2013 Year, the Company reported income from operations of approximately $14.5 million, compared to income from operations of approximately $3.5 million for the 2012 Year.
"Our results for 2013 are a testament to the efforts of our employees and the service we provide to our customers. In particular, the increase in revenues was a direct result of increased marketing efforts for PB Laboratories and Biohealth and a full year of results for Biohealth in 2013," stated William Forhan, the Company's Chief Executive Officer.
The Company is a holding company that owns and operates businesses in the medical services sector.
| MEDYTOX SOLUTIONS, INC. | ||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||
| For the Year Ended | ||||||||||
| December 31, | ||||||||||
| 2013 | 2012 | |||||||||
| Revenues | $ | 52,523,660 | $ | 21,076,357 | ||||||
| Total operating expenses | 38,023,670 | 17,545,404 | ||||||||
| Income from operations | 14,499,990 | 3,530,953 | ||||||||
| Total other income (expense) | (671,473 | ) | (302,598 | ) | ||||||
| Income before income taxes | 13,828,517 | 3,228,355 | ||||||||
| Provision for income taxes | 5,568,600 | 481,400 | ||||||||
| Net income from continuing operations | 8,259,917 | 2,746,955 | ||||||||
| Net income (loss) from disputed activity | __ | (397,918 | ) | |||||||
| Net income attributable to Medytox Solutions | 8,259,917 | 2,349,037 | ||||||||
| Preferred stock dividends | 2,601,298 | 50,000 | ||||||||
| Net income attributable to Medytox Solutions common shareholders | $ | 5,658,619 | $ | 2,299,037 | ||||||
| Net income per common share - | ||||||||||
| Basic and diluted | $ | 0.19 | $ | 0.07 | ||||||
| Weighted average number of common shares outstanding during the period - | ||||||||||
| Basic and diluted | 29,654,703 | 30,795,073 | ||||||||
"Forward-looking" Statements
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.
Medytox
William Forhan
CEO
561-855-1621
BForhan@MedytoxSolutionsInc.com
400 South Australian Ave * 8th Floor *
West Palm Beach, FL. * 33401
www.MedytoxSolutionsInc.com
Source: Medytox Solutions, Inc.
Released April 7, 2014