Navigation Links
Claimsnet.com Reports First Quarter 2008 Results
Date:5/6/2008

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 Company hired a new Vice President of Sales to focus on the payer industry and a sales representative to improve our penetration of the provider community. The results of these efforts seem promising, based on initial results in the first month. In addition, we have substantially completed the integration of the operations of Acceptius into our operations, and as a result we have further options in our sales efforts for paper conversion of claims and medical claims repricing opportunities. We believe these things taken together, along with continued cost controls, will move us towards profitability by the end of this calendar year," 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,

----------------------

2008 2007

---------- ----------

REVENUES $ 490 $ 415

COST OF REVENUES $ 392 $ 301

GROSS PROFIT $ 98 $ 114

SELLING, GENERAL AND ADMINISTRATIVE $ 201 $ 198

LOSS FROM OPERATIONS $ (103) $ (84)

INTEREST EXPENSE $ (29) $ (23)

NET LOSS $ (132) $ (107)

NET LOSS PER COMMON SHARE -

BASIC $(0.00) $(0.00)

WEIGHTED AVERAGE COMMON

SHARES OUTSTANDING -

BASIC AND DILUTED 26,879 26,043


'/>"/>
SOURCE Claimsnet.com inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Claimsnet.com Reports Fiscal Year 2007 Results
2. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites
3. Haemacure Reports Third Quarter 2007 Results
4. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
5. Consumer Reports Analysis: Drugs for Nerve Pain, Fibromyalgia Effective, But Not Always Best
6. MDS Reports Third Quarter 2007 Results
7. Allied Healthcare Reports Strong Fourth Quarter, Flat Net Income for Fiscal 2007 vs. 2006
8. AtriCure Reports First Human Implant of the Cosgrove-Gillinov Left Atrial Appendage Occlusion System
9. NMHC Reports Fourth Quarter and Fiscal Year 2007 Financial Results
10. Blue Cross and Blue Shield of Florida Reports Eighteenth Consecutive Year of Positive Performance
11. ReBuilder Medical Technologies, Inc. Reports International Sales Expansion
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... The Visiting ... Day Market. Featuring a collection of specialty vendors and unique items from across the ... and quality-focused health and wellness services offered by the VNA. The boutique will ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Global Healthcare ... scenic Alexandria Park in Milford, NJ. This free event, sponsored by Global Healthcare ... activity. The fun run is geared towards children of all ages; it is ...
(Date:10/13/2017)... ... 2017 , ... Talented host, actor Rob Lowe, is introducing ... new episode of "Success Files," which is an award-winning educational program broadcasted on ... subject in-depth with passion and integrity. , Sciatica occurs when the sciatic nerve ...
(Date:10/13/2017)... ... ... “The Journey: From the Mountains to the Mission Field”: the story of ... Philippines. “The Journey: From the Mountains to the Mission Field” is the creation of ... taught all ages and currently teaches a class of ladies at her church, which ...
(Date:10/12/2017)... ... October 12, 2017 , ... First Healthcare ... program management, will showcase a range of technology and learning solutions at the ... Convention and Expo to be held October 14–18, 2017 at the Mandalay Bay ...
Breaking Medicine News(10 mins):
(Date:10/2/2017)... Oct. 2, 2017  AllianceRx Walgreens Prime, the combined ... Walgreens and pharmacy benefit manager Prime Therapeutics LLC (Prime), ... which included the unveiling of new signage at its ... well as at a few other company-owned facilities across ... to patients, some of whom will begin to see ...
(Date:10/2/2017)... Denmark , Oct. 2, 2017 The Rebound ... in the struggle to reverse the tide of prescription drug ... for regulating their medicine intake and stepping down their dosage ... set to launch in December 2017; the first 100,000 people ... Learn more at http://www.rebound-solution.com/ ...
(Date:9/28/2017)... 2017 Cohen Veterans Bioscience and Early Signal ... wearable and home sensors for real-time monitoring of patients ... a nonprofit organization focused on disruptive health solutions for ... analytical system to record and integrate behavioral, cognitive, physiological ... ...
Breaking Medicine Technology: