DALLAS, May 8, 2012 /PRNewswire/ -- Claimsnet.com inc.
(OTCBB: CLAI.PK), a leading provider of Internet-based
business-to-business solutions for the healthcare industry, today
reported its results for the first quarter of fiscal 2012, which
ended March 31, 2012.
For the quarter ended March 31,
2012, the Company reported revenues of $637,000, an 11% increase from the $573,000 reported for the first quarter of
2011.
Expenses overall, comprised of cost of revenues and selling,
general and administrative expenses increased 12% compared with the
first quarter of 2011. Cost of revenues for the first quarter of
2012 was $500,000 compared to
$434,000 in the first quarter of
2011, an increase of 15%. Selling, general and administrative
expenses of $185,000 were reported
for the first quarter of 2012, representing a 5% increase from the
$176,000 reported in the first
quarter of 2011.
The Company reported a gross profit of $137,000 for the first quarter of 2012, compared
with a $139,000 gross profit in the
first quarter of 2011.
The loss from operations for the first quarter of 2012 was
$48,000, compared to a loss of
$37,000 reported in the first quarter
of 2011. The net loss for the first quarter of 2012 was
$54,000, or $0.00 per share, compared to $42,000, or $0.00
per share, in the first quarter of 2011.
"We were pleased with the 11% increase in our sales compared to
last year. Our customer relationships remain strong, and the
services we provide them are beneficial to their cost of
operations. While expenses increased compared to last year,
some of this was associated with the conversion of our systems to
the new 5010 standard as mandated by Centers for Medicare and
Medicaid Services. This applied to all entities associated with
healthcare transactions, including clearinghouses, claims
submitters and payer customers. At the same time, we continue
to look for strategic alternatives to increase both growth and
product offering," commented Don
Crosbie, Chief Executive Officer of Claimsnet.
Claimsnet.com inc. is a leading provider of Internet-based claim
processing solutions for the healthcare payer industry, including
distinctive, advanced ASP technology. Headquartered in Dallas, Texas, Claimsnet offers systems that
are distinguished by ease of use, customer care, security and
measurable cost advantages. More information on Claimsnet can be
found at the Company's web site at http://www.claimsnet.com.
Forward-Looking Statements - With the exception of historical
information, the matters discussed in this press release are
forward looking statements that involve a number of risks and
uncertainties. The actual future results of the Company could
differ significantly from those statements. Factors that could
cause or contribute to such differences include, but are not
limited to, maintaining access to external sources of capital,
regulatory actions, success of marketing strategies, actions of the
Company's competitors, dependence on suppliers and distribution
channels, continued use of the Internet, achieving the anticipated
benefits of capital expenditures, and achieving anticipated expense
reductions. Further information on the Company's risk factors is
contained in the Company's quarterly, annual, and other periodic
reports as filed with the Securities and Exchange Commission.
[Table to Follow]
CLAIMSNET.COM INC. AND SUBSIDIARIES
SUMMARY OPERATIONS STATEMENT INFORMATION
(In thousands except per share data)
(unaudited)
|
Quarter
Ended
March 31,
--------------------------
|
|
|
2012
|
2011
|
|
---------
|
---------
|
|
|
|
REVENUES
|
$
637
|
$
573
|
|
|
|
COST OF
REVENUES
|
$
500
|
$
434
|
|
|
|
GROSS
PROFIT
|
$
137
|
$
139
|
|
|
|
SELLING,
GENERAL AND
ADMINISTRATIVE
|
$
185
|
$
176
|
|
|
|
LOSS FROM
OPERATIONS
|
$
(48)
|
$
(37)
|
|
|
|
INTEREST
EXPENSE
|
$
(6)
|
$
(5)
|
|
|
|
NET
LOSS
|
$
(54)
|
$
(42)
|
|
|
|
NET LOSS
PER COMMON SHARE –
BASIC
|
$
(0.00)
|
$
(0.00)
|
|
|
|
WEIGHTED
AVERAGE COMMON
|
|
|
SHARES
OUTSTANDING –
|
|
|
BASIC AND
DILUTED
|
34,875
|
34,875
|
SOURCE Claimsnet.com inc.