Patient Portal Technologies, Inc. Announces Strong Financial Results and Business Activity for Second Quarter 2010
August 12 2010 - 8:39AM
Patient Portal Technologies, Inc. (OTCBB:PPRG) (Patient Portal)
announced today financial results for the second quarter of fiscal
2010 ending June 30, 2010.
The Company reported another strong quarter with significant
increases in all profit measurements. New business opportunities
also continue to be strong with over $45 million of new multi-year
contract proposals provided to over twenty hospitals during the
first six months of 2010. Much of this new opportunity is
attributable to the Company's Total Satisfaction Platform, which
has been widely accepted as a solution to assist hospitals improve
patient satisfaction.
Net revenues for the second quarter and the six month period
ended June 30, 2010 were approximately $2.6 million and $5.2
million compared to $2.6 million and $5.2 million for the same
periods last year. Revenue growth from new business is expected for
the second half of 2010 as there are presently four new contracts
in process representing over $1 million in new revenue
annually.
The company reported operating income of $49,000 for the six
month period ending June 30, 2010 compared to a loss of $286,000
for the same period last year. The six month net loss, before
restructuring charges and non cash preferred dividend was $116,000
compared to $1.2 million for the same period last year, an
improvement of over $1 million.
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization)
Subtracting interest, taxes, depreciation and amortization from
the Company's net loss results in an EBITDA measurement. Management
utilizes the EBITDA measurement as it reflects the Company's
operating performance before these deductions which can mask true
performance due to the nature of previous hospital contract
acquisitions which tend to inflate amortization and depreciation
expenses. We believe that this information is useful for investors
to fully understand the entire operating performance of the
business.
The Company's EBITDA improved 101% over the same six month
period of 2009, from $444,000 to $892,000 in 2010.
EBITDA is calculated by taking the Company's net loss before
taxes of $115,000 and adding back the interest, taxes, depreciation
and amortization of approximately $1 million, which resulted in
EBITDA of approximately $892,000 for 2010 compared to approximately
$444,000 for the same period of 2009.
Additionally, cash income, EBITDA less interest expense,
increased over 275% from the same period of 2009 from a loss of
$431,000 to income of $732,000, an improvement of approximately
$1.2 million.
OVERALL
New business demand for the Total Satisfaction Platform
continues to be strong and management expects the trend to continue
throughout the remainder of the year. The Company released its new
web based information analysis tool and improved welcome channel
platform during the second quarter of 2010 and will continue to
improve its service offering as a key part of its growth plan.
Company CEO Kevin Kelly commented, "We are very pleased with the
progress we are making and the significant amount of new business
opportunity being pursued. With the backlog of outstanding
proposals we expect our business to get increasingly stronger over
the coming months. Our innovative Total Satisfaction Platform is
providing us with a clear market distinction for our services."
Patient Portal Technologies, Inc. is a Total Satisfaction
company, assisting hospitals to improve the patient's experience
before, during and after their hospital stay. The company provides
its products and solutions to hospitals and healthcare facilities
throughout the entire United States
To view the website and obtain Company information, go to
http://www.patientportal.com.
CONTACT: Patient Portal Technologies, Inc.
Investor Relations
Vanessa Loysen
(315) 638-6708
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