TORONTO, ONTARIO -- (Marketwire) -- 03/21/13 -- NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE: NXG) is pleased to announce its 2012 annual results.
Revenue from transaction fees for the year ended December 31, 2012 was $4,395,743 representing an increase of 11%. In addition, cost of sales decreased by 11% and gross profit increased by 20% over the prior year.
The net income for the year was $523,692, or $0.01 per common share, compared with a loss of ($616,253), or ($0.01) per common share, in the prior year.
"We realized significant financial accomplishments in 2012, with continued revenue growth producing four consecutive quarters of positive operating cash flow of $455,651 and generating $523,692 of net income for the year. Organic growth as a result of renewed multi-year contracts with a number of large clients in addition to some cost recovery components across our entire book of business contributed to these positive results." stated Ron Loucks, President and CEO.
NexgenRx is a growing health benefits management company engaged in the design, management and administration of health benefit plans offered by employers and other plan sponsors for the benefit of their employees and plan members. More information on NexgenRx can be found at www.nexgenrx.com .
Caution Regarding Forward-Looking Statements - This news release contains certain forward looking statements, including statements regarding the business and anticipated financial performance of the Corporation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release."
Ronald C. Loucks
President and CEO
Director of Finance
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