Cardiff Lexington Announces 2019 Year-End Results

FT. LAUDERDALE, FL / ACCESSWIRE / April 15, 2020 / Cardiff Lexington Corporation (OTCPINK:CDIX) has announced its Annual Report for the physical year end 2019 results with the filing of their 10K. The net effect of Cardiff Lexington acquisitions increased 2019 Assets to $4,907,113 an increase of 46.9% from 2018.

Assets:
           
Affordable Housing Rentals
  299,565     318,285  
New York Style Pizza Restaurant
    398,253       108,908  
Italian Ice Franchise Group
    27,735       169,030  
Tax Resolution Services
    4,302,238       60,578  
Others
    269,401       2,684,265  
Consolidated assets
  4,907,113     3,341,066  
                 

The Company reported Revenues of $4,541,142 for the year ending 12/31/2019. This represents an increase of 91.3% above 2018 performance. The increase in revenues is attributable to full quarter cycles of acquisitions over the past two years and improved performance within several subsidiaries.

 
  31-Dec-19     31-Dec-18  
Revenues:
           
Affordable Housing Rentals
  176,882     186,096  
New York Style Pizza Restaurant
    626,123       602,866  
Italian Ice Franchise Group
    207,658       538,156  
Tax Resolution Services
    3,530,480       899,748  
Other
    -       147,072  
Consolidated revenues
  4,541,142     2,373,938  
 
               
Cost of Sales:
               
Affordable Housing Rentals
  174,433     182,690  
New York Style Pizza Restaurant
    454,691       446,880  
Italian Ice Franchise Group
    176,904       503,478  
Tax Resolution Services
    1,491,053       337,986  
Other
    -       156,664  
Consolidated cost of sales
  2,297,081     1,627,698  
 
               
Income (Loss) from operations from subsidiaries
               
Affordable Housing Rentals
  (18,720     -1,468  
New York Style Pizza Restaurant
    10,350       28,336  
Italian Ice Franchise Group
    (47,983       -10,395  
Tax Resolution Services
    114,773       -168,851  
Profit/Loss from operations
  125,123     -152,378  
                 

Management continues work to restructure, renegotiate, and refinance current debt and position for additional acquisitions. Cardiff Lexington and its subsidiaries are actively involved in various Covid-19 Disaster Relief Funding scenarios and we begin the road to recovery from the short-term economic crisis the worldwide pandemic has imposed. Our commitment to employees and shareholders is unwavering.

Alex H. Cunningham, Cardiff Lexington CEO stated, "We were encouraged by the performance in 2019 where our subsidiary companies from a standalone operations perspective posted the Company's first profitable Annual Net Operating Income of $125,123 as compared to the loss of ($152,378) last year. This is a significant step and substantial accomplishment. We have proven the viability and success of our business model which combines sustained growth in market share complemented by steady growth through acquisitions. As we continue to transition from convertible debt to conventional debt eliminating derivative liability allocations, continue to shed unprofitable business segments, and continue to attract profitable asset rich acquisitions management expect this positive trend to continue into 2020 and beyond."

ABOUT CARDIFF LEXINGTON CORPORATION: Cardiff Lexington is a public holding company, much like a cooperative, leveraging proven management in private companies that become wholly owned become subsidiaries. Cardiff Lexington's business model targets acquisition of middle market private niche companies both mature, and, second stage with high growth potential. Our focus is not industry or geographic-specific, but rather proven management, market, and margin. Cardiff Lexington targets acquisitions of mature, high growth, niche companies. Cardiff Lexington's strategy identifies and empowers select income-producing middle market private businesses and commercial real estate properties. Cardiff Lexington provides these companies both 1) the enhanced ability to raise money for operations or expansion, and 2) an equity exit and liquidity strategy for the owner, heirs, and/or Investors. The Cardiff Lexington umbrella enables those business owners to exit personal equity and to take advantage of the capitalization power of a public company without losing independent management control. Fundamental to the Cardiff Lexington strategy, acquisitions become standalone autonomous subsidiaries gaining advantage of the power of a public company. Owners gain liquidity, diversification, pooled resources, leverage value, and mitigated risk. As a Cardiff Lexington subsidiary these companies gain both the enhanced ability to raise money for operations or expansion while also establishing a longer-term equity exit strategy. Management does not directly or indirectly provide any unsubstantiated commentary or opinion to any third parties related to ongoing negotiations or confidential discussions outside of formal press releases.

For Investors Cardiff Lexington seeks to aggressively grow and hold assets that create a diversified lower risk environment that over the long term protects and safely enhances investment by continually adding assets and holdings through acquisitions to a diversified continually growing niche holding company. Cardiff Lexington is led by strong and talented team of executives and advisors providing expert acquisition, market guidance and added value for subsidiaries and investors.

FORWARD LOOKING STATEMENT: This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. These risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.

Investors Relations
800-628-2100 ext. 705
investorsrelations@cardifflexington.com

SOURCE: Cardiff Lexington Corporation