Precis Announces First Quarter 2006 Financial Results
May 15 2006 - 11:40AM
PR Newswire (US)
GRAND PRAIRIE, Texas, May 15 /PRNewswire-FirstCall/ -- Precis, Inc.
(NASDAQ:PCIS), a provider of access to affordable healthcare
services to the ever growing number of uninsured and/or
underinsured in the United States, announced its financial results
for the quarter ended March 31, 2006. For the first quarter, the
company reported revenue of $6.1 million, compared to $8.5 million
during the comparable quarter in 2005; a decrease of 28%; and a
sequential decrease of $.6 million or 9% from the fourth quarter of
2005. The company reported a net loss for the first quarter of 2006
of $39,000, or $(0.00) per diluted share, compared to a net loss of
$51,000, or $(0.00) per diluted share, for the comparable quarter
in 2005. Despite the loss, the company's operations provided net
cash of $615,000 during the quarter. As a result of its adoption of
the new accounting pronouncement on stock options -- Statement of
Financial Accounting Standard 123(R) "Share Based Payment," -- the
company's results include a non-cash stock compensation expense for
the first quarter of $27,000. Nicholas Zaffiris, Chairman of
Precis, Inc., commented, "We are pleased that the cost reduction
initiatives implemented during the quarter allowed us to avoid
increasing operating losses. Moreover, during the quarter, we were
able to reduce the decline in members in our primary health
discount product as a direct result of the resumption of sales
through one of our private label resellers. We believe that our new
marketing initiatives will return us to revenue growth in the
not-too-distant future." "Also, the $615,000 of cash provided from
operations during the quarter, along with an additional $1 million
of cash received from an income tax refund received in April, leave
us with an improved balance sheet," concluded Mr. Zaffiris. Precis,
Inc. (NASDAQ:PCIS) will conduct a conference call to discuss
financial results for the first quarter ended March 31, 2006 on
Monday, May 15, 2006 at 11:00 a.m. Eastern time. Interested parties
can access the call by dialing 877-858-9308 or 706-643-0580 or by
accessing the web cast at:
http://www.precis-pcis.com/ir/IRindex.html. A replay of the call
will be available at 800-642-1687 or 706-645-9291 conference ID
9252214 for 3 days following the call; and the web cast can be
accessed at http://www.precis-pcis.com/ir/IRindex.html for 30 days.
About Precis, Inc. Precis, Inc. and its subsidiaries provide
affordable consumer driven health care solutions as alternatives to
traditional health insurance. The companies market non-insurance
health care savings programs, administer tax-favored reimbursement
accounts, and offer third party claims administration, provider
network management, and utilization management services for
employer groups that utilize partially self funded strategies to
finance their employee benefit programs. For more information on
Precis, its subsidiaries Access Administrators and Care 125, visit
http://www.precis-pcis.com/, http://www.accesshealthsource.com/
and, respectively. Disclaimer Certain statements included in this
news release constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
Certain, but not necessarily all, of such forward-looking
statements can be identified by the use of forward-looking
terminology such as "anticipate", "believes", "expects", "may",
"will", or "should", or other variations thereon, by discussions of
strategies that involve risks and uncertainties. Precis Inc.'s
actual results or industry results may be materially different from
any future results expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include general economic and business conditions; Precis
Inc.'s ability to implement its business strategies; competition;
availability of key personnel; increasing operating costs;
unsuccessful promotional efforts; changes in brand awareness;
acceptance of new product offerings; retention of members and
independent marketing representatives; and changes in, or the
failure to comply with, government regulations. The Company
undertakes no obligation to update any forward-looking statements
or to make any other forward-looking statement, whether as a result
of new information, future events, or otherwise. Contact: Bob
Bintliff Joe Diaz Chief Financial Officer Lytham Partners, LLC
Precis, Inc. 602-889-9660 972-343-6501 Precis, Inc. and
Subsidiaries Condensed Consolidated Statement of Operations and
Balance Sheet Data Dollars in Thousands, except Per Share Amounts
For the Quarter Ended March 31, 2006 2005 Statement of Operations
Data: Revenues $6,141 $8,493 Total operating expenses 6,257 8,593
Operating loss (116) (100) Loss before income taxes (43) (87)
Provision for income tax benefit (4) (32) Loss from continuing
operations (39) (55) Earnings from discontinued operations -- 4 Net
loss $(39) $(51) Loss from continuing operations per share: Basic
$(0.00) $(0.00) Diluted $(0.00) $(0.00) March 31, December 31, 2006
2005 Balance Sheet Data: Cash and cash equivalents $6,060 $6,261
Working capital $5,260 $4,692 Total assets $29,322 $30,864 Total
liabilities $8,449 $10,500 Stockholders' equity $20,873 $20,364
DATASOURCE: Precis, Inc. CONTACT: Bob Bintliff, Chief Financial
Officer of Precis, Inc., +1-972-343-6501; or Joe Diaz of Lytham
Partners, LLC, +1-602-889-9660, for Precis, Inc. Web site:
http://www.precis-pcis.com/
http://www.precis-pcis.com/ir/IRindex.html
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