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Claimsnet.com Reports Fiscal Year 2007 Results
Date:2/26/2008

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 compar
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SOURCE Claimsnet.com
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