Medworxx Solutions Inc. Announces Record Revenue; Files Second Quarter 2011 Financial Statements and Management Discussion and Analysis

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 29, 2011 /CNW/ - Medworxx Solutions Inc (the\n \"Company\")(TSX VENTURE:MWX) announced today that it recorded record\n revenue in the quarter ended June 30, 2011, and that it has filed with\n the Canadian securities authorities its interim consolidated financial\n statements and management discussion analysis report for the three\n and six month periods ended June 30, 2011. These documents may be\n viewed under the Company's profile at www.sedar.com.\n\n\nHighlights of the results include:\n\n\nThe Company again achieved record quarterly revenue.  Revenue for the\n quarter ended June 30, 2011 was $1,235,058, representing an increase of\n 28% over revenue of $966,175 in the same quarter last year and an\n increase of 4% over revenue of $1,189,569 in the prior quarter.  The\n increase is attributable to growth across all areas of the business.\n\n\nThe Company generated net income in the quarter of $34,524 as compared\n to a net loss of $262,432 in the same quarter last year. This\n improvement in results of operations is due to the Company's focus on\n growing revenue and tightly controlling expenses.\n\n\nTotal expenses before loss/gain on foreign exchange and interest on\n long-term debt for the quarter ended June 30, 2011 were $1,074,524\n representing a 2.5% decrease from expenses of $1,101,831 in the same\n quarter last year.  These numbers reflect Management's planned control\n of expenses.\n\n\nEBITDA (a non-IFRS measure), defined as Earnings before Interest,\n Depreciation, and Amortization, for the quarter was $113,371 as\n compared to EBITDA of ($207,393) in the same quarter last year, an\n improvement of $320,764. Adjusted EBITDA (a non-IFRS measure), defined\n as Earnings before Interest, Depreciation, Amortization, and Stock\n Option Expense, for the quarter was $124,948 as compared to Adjusted\n EBITDA of ($190,353) in the same quarter last year, an improvement of\n $315,301.  Please see section titled Reconciliation and Definition of\n Non-IFRS Measures for more clarification of these measures.\n\n\nThe Company entered into an agreement with Alberta Health Services (AHS)\n for expanded use of the Medworxx Patient Flow Platform across the\n province. Currently AHS uses the Medworxx Utilization Management System\n (UMS) to monitor 2,266 acute care beds in hospitals a...

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