Including a 13% Growth in Revenue for the Year
DALLAS, Feb. 26 /PRNewswire-FirstCall/ -- Claimsnet.com (OTC Bulletin Board: CLAI), a leading provider of Internet-based business-to-business solutions for the healthcare industry, today reported its results for fiscal year 2007 and fourth quarter of 2007, which ended December 31, 2007.
For the year ended December 31, 2007, the Company reported revenues of $1,648,000, a 13% increase from the $1,464,000 reported for fiscal 2006.
Cost of revenues for the 2007 fiscal year were $1,156,000 compared to $944,000 for the 2006 fiscal year, a 22% increase. Selling, general and administrative expenses of $840,000 were reported for 2007 compared to the $844,000 reported in fiscal 2006.
The Company reported a gross profit of $492,000 for fiscal year 2007, compared with a gross profit of $520,000 for fiscal year 2006, representing a 5% decrease. The loss from operations for fiscal 2007 was $348,000 compared to $324,000 reported in fiscal 2006. The net loss for fiscal year 2007 was $457,000, or $0.02 per share, compared to $389,000, or $0.01 per share, in the prior year.
For the three months ended December 31, 2007, the Company reported revenues of $408,000 compared to revenues of $410,000 reported for the fourth quarter of fiscal year 2006.
Cost of revenues increased 22% to $310,000 for the fourth quarter of 2007 from $254,000 for the fourth quarter of 2006. Selling, general and administrative expenses of $245,000 for the fourth quarter of 2007 increased from the $242,000 reported for the fourth quarter of 2006.
The Company reported a quarterly gross profit in the fourth quarter of 2007 totaling $98,000 compared with a gross profit of $156,000 in the fourth quarter of 2006. The fourth quarter loss from operations was $148,000 compared to the loss of $86,000 reported in the fourth quarter of 2006. The net loss for the quarter was $182,000, or $0.00 per share, as compared with a net loss of $107,000, or $0.00 per share, in the same quarter of 2006.
"Our financial results for fiscal year 2007 reflect the focus of the Company on revenue growth. While we are not fully satisfied with the results of those efforts to date, we remain fully focused on our strategy of revenue and margin growth for the Company with a goal of reaching profitability in fiscal year 2008.
The recent acquisition of substantially all the assets of Acceptius, Inc. fits well into this strategy, as we expect a boost to our position in the marketplace," said 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, 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.
Safe Harbor Statement Under the Private Securities Litigation Act 1995
- 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, risks
related to our recent acquisition of substantially all of the assets of
Acceptius, Inc., maintaining access to external sources of capital,
regulatory actions, success of marketing strategies, actions of Claimsnet's
competitors, dependence on business partners and distribution channels, and
continued use of the Internet. Further information on Claimsnet's risk
factors is contained in Claimsnet's quarterly, annual, and other periodic
reports as filed with the Securities and Exchange Commission.
CLAIMSNET.COM INC. AND SUBSIDIARIES
SUMMARY OPERATIONS STATEMENT INFORMATION
(In thousands except per share data)
REVENUES $ 1,648 $ 1,464
COST OF REVENUES $ 1,156 $ 944
GROSS PROFIT (LOSS) $ 492 $ 520
SELLING, GENERAL AND ADMINISTRATIVE $ 840 $ 844
LOSS FROM OPERATIONS $ (348) $ (324)
OTHER INCOME (EXPENSE) $ (109) $ (65)
NET LOSS $ (457) $ (389)
NET LOSS PER COMMON SHARE -
BASIC AND DILUTED $ (0.02) $ (0.01)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING -
BASIC AND DILUTED 26,050 25,983
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