Including an 18% Increase in Revenues
DALLAS, May 6 /PRNewswire-FirstCall/ -- Claimsnet.com inc. (OTC Bulletin Board: CLAI), a leading provider of Internet-based business-to-business solutions for the healthcare industry, today reported its results for the first quarter of fiscal 2008, which ended March 31, 2008.
For the quarter ended March 31, 2008, the Company reported revenues of $490,000, an 18% increase from the $415,000 reported for the first quarter of 2007.
Expenses overall, comprised of cost of revenues and operating expenses, increased 19% compared with the first quarter of 2007. Cost of revenues for the first quarter of 2008 was $392,000 compared to $301,000 in the first quarter of 2007, a 30% increase. Selling, general and administrative expenses of $201,000 were reported for the first quarter of 2008, representing a 2% increase from the $198,000 reported in the first quarter of 2007.
The Company reported a gross profit of $98,000 for the first quarter of 2008, compared with a $114,000 gross profit in the first quarter of 2007. This is the nineteenth consecutive quarter in which the Company has reported a gross profit.
The loss from operations for the first quarter of 2008 was $103,000, compared to a loss of $84,000 reported in the first quarter of 2007. The net loss for the first quarter of 2008 was $132,000, or $0.00 per share, compared to $107,000, or $0.00 per share, in the first quarter of 2007.
"While we are pleased with the 18% growth in sales, our loss from
operations increased compared to last year. This primarily resulted from
extra efforts that were expended to upgrade our ASP server operations,
providing updated hardware and software and increased capacity. Our
expectation is that going forward we will benefit from this upgrade as our
efforts in sales growth continue to increase our sales, and expenses again
return to more normal levels. In connection with these efforts, the Comp
|SOURCE Claimsnet.com inc.|
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