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DrugMax.com Reports Record Third Quarter Financial Results and Positive Cash Flow


THURSDAY, FEBRUARY 15, 2001 7:59 AM
- BusinessWire

LARGO, Fla., Feb 15, 2001 (BUSINESS: DMAX) the leading business-to-business online trade exchange for
pharmaceuticals, over-the-counter products, health and beauty aids and nutritional supplements, announced financial
results for the third quarter ended December 31, 2000 with record net revenues of $54.7 million, a 670 percent
increase from $7.1 million in the third quarter last year and a 41 percent increase from $38.8 million for the previous
quarter. The company filed its quarterly report on Form 10-QSB for the period ended December 31, 2000 with the SEC
on February 14, 2001.

"We are very pleased that we achieved positive cash flow for consecutive quarters and that our net revenue surpassed
our initial projections," Ron Patrick, CFO, said. "DrugMax.com is committed to simultaneously increasing sales and
improving cash flow. We feel that staying aggressive and flexible will continue to help us improve our financial position
over the remainder of this fiscal year and in the long-term as well."

Net revenues for the nine months ended December 31, 2000 were $122.6 million, an increase of 484 percent from $21
million for fiscal year ended March 31, 2000. The Company decreased net loss 10 percent with a net loss of $606,204
or $.09 per share for the third quarter from $627,610 or $.10 per share for the previous quarter. The Company`s net loss
for the quarter ended June 30, 2000 was $1.5 million or $0.24 per share.

"DrugMax.com has increased sales growth through the Internet and also through other traditional sales channels,"
Patrick said. "DrugMax.com has worked very hard for over a year to recruit and retain our 9,000 online members. We
have achieved market penetration of small, independent and regional pharmacies and earned our online members`
loyalty -- that is evident in our increased sales and inventory turns. Our online members buy more and come back
more often, translating into higher revenue for DrugMax.com. The next logical step is to aggressively pursue some of
the smaller chain pharmacies and get them to buy consistently as well."

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


For the For the For the For the
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Dec. 31, 2000 Dec. 31, 1999 Dec. 31, 2000 Dec. 31, 1999

Net revenues 54,697,214 $7,170,581 $122,473,558 $7,221,279

Cost of
goods sold 53,065,833 7,112,971 118,549,908 7,139,562
------------ ----------- ------------- -----------
Gross profit 1,631,381 57,610 3,923,650 81,717


Selling,
general and
administrative
expenses 1,964,997 458,800 6,072,162 728,918
------------ ----------- ------------- -----------

Operating
loss (333,616) (401,190) (2,148,512) (647,201)
------------ ----------- ------------- -----------

Other income
(expense):
Interest
income 70,773 38,981 209,462 39,539
Other
Income - (31,667) 375 (31,307)
Interest
expense (343,361) (32,159) (814,973) (36,575)
------------ ----------- ------------- -----------
Total other
expense (272,588) (24,845) (605,136) (28,343)
------------ ----------- ------------- -----------

Net loss (606,204) $(426,035) $(2,753,648) $(675,544)
============ =========== ============= ===========

Basic and
diluted
loss per
share (0.09) $(0.10) $(0.43) $(0.21)
============ =========== ============= ===========

Basic and
diluted
weighted
average
number
of common
shares
outstanding 6,419,384 4,085,185 6,404,079 3,151,616
============ =========== ============= ===========

About DrugMax.com

DrugMax.com, Inc. primarily is an e-commerce business providing: (1) the wholesale distribution of pharmaceuticals,
over-the-counter products, health and beauty care products, veterinary products and nutritional supplements and (2)
one of the first business-to-business online trade exchanges for the same products, dedicated exclusively to
manufacturers, distributors, wholesalers and retailers in the pharmaceuticals and over-the-counter products markets.
The company can be reached at www.drugmax.com, or 727/533-0431.

Except for the historical information contained herein, the matters discussed in this press release are forward-looking
statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect assumptions and involve risk and uncertainties, including without
limitation those set forth in the company`s 10-KSB/A for the year ended March 31, 2000 and its 10-QSB for the
quarter ended December 31, 2000, that may affect DrugMax.com, Inc.`s business and prospects and cause actual
results to differ materially from these forward-looking statements.

CONTACT: DrugMax.com, Largo
Eli Johnson, 727/533-0431
[e-mail]
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