Navigation Links
Claimsnet.com Reports Fiscal Year 2008 Results
Date:3/2/2009

Including a 26% Growth in Revenue for the Year, and 31% Growth in the Fourth Quarter

DALLAS, March 2 /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 fiscal year 2008 and fourth quarter of 2008, which ended December 31, 2008.

For the year ended December 31, 2008, the Company reported revenues of $2,080,000, a 26% increase from the $1,648,000 reported for fiscal 2007.

Cost of revenues for the 2008 fiscal year were $1,640,000 compared to $1,156,000 for the 2007 fiscal year, a 42% increase. Selling, general and administrative expenses of $985,000 were reported for 2008 compared to the $840,000 reported in fiscal 2007, an increase of 17%.

The Company reported a gross profit of $440,000 for fiscal year 2008, compared with a gross profit of $492,000 for fiscal year 2007, representing an 11% decrease. The loss from operations for fiscal 2008 was $545,000 compared to $348,000 reported in fiscal 2007. The net loss for fiscal year 2008 was $650,000, or $0.02 per share, compared to $457,000, or $0.02 per share, in the prior year.

For the three months ended December 31, 2008, the Company reported revenues of $535,000 compared to revenues of $408,000 reported for the three months ended December 31, 2007, an increase of 31%.

Cost of revenues increased 36% to $422,000 for the fourth quarter of 2008 from $310,000 for the fourth quarter of 2007. Selling, general and administrative expenses of $254,000 for the fourth quarter of 2008 increased from the $252,000 reported for the fourth quarter of 2007, an increase of 1%.

The Company reported a quarterly gross profit in the fourth quarter of 2008 totaling $113,000 compared with a gross profit of $98,000 in the fourth quarter of 2007. The fourth quarter loss from operations was $141,000 compared to the loss of $154,000 reported in the fourth quarter of 2007. The net loss for the quarter was $166,000, or $0.01 per share, as compared with a net loss of $182,000, or $0.01 per share, in the same quarter of 2007.

"Our financial results for fiscal year 2008 reflect the focus of the Company on revenue growth. While we are not yet satisfied with the results of those efforts, we remain fully focused on this strategy of revenue and margin growth for the Company with a goal of reaching profitability in fiscal year 2009," commented Don Crosbie, chief executive officer of Claimsnet.

"Some of these efforts, previously announced, included the hiring of two new sales people in 2008. As a result of these hires and our increased focus on expanding our product platform, we have secured new contracts with both payers and providers and we have a good sales pipeline that our sales team continues to cultivate.

Claimsnet has also added services to existing customers associated with transactions other than medical claims. These services relate to, among other areas, ERA (electronic remittance advice) transactions, additional edits of paper claims, full paper claim processing and claim repricing services.

In fiscal year 2008, transaction volume increased by 63% to a total of 10,000,000 transactions, compared to fiscal year 2005, the year in which we completed fund raising activities with many significant investors. This growth is the result of maintaining long term customer relationships, expanding our customer base, offering additional services to all of our customers, and adding new customers associated with the paper conversion and claims repricing services purchased from Acceptius earlier this year. Our total number of direct payer customers now exceeds 65, along with a growing number of direct provider connections.

An added benefit to our customers is the more than 35 connections that have been developed with other claims clearinghouses in our industry. These relationships allow more transactions to be maintained in an electronic format, rather that being printed to paper, and we expect to continue to add more of these connections as we expand our business relationships."

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 and on the information set forth in this release may be found at the Company's web site at http://www.claimsnet.com, as well as at the SEC's website at www.sec.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.

[Table to Follow]

                               CLAIMSNET.COM INC. AND SUBSIDIARIES
                             SUMMARY OPERATIONS STATEMENT INFORMATION
                               (In thousands except per share data)

                                                              Year Ended
                                                              December 31,
                                                            ----------------
                                                            2008        2007
                                                            ----        ----

    REVENUES                                              $ 2,080    $ 1,648

    COST OF REVENUES                                      $ 1,640    $ 1,156

    GROSS PROFIT (LOSS)                                   $   440    $   492

    SELLING, GENERAL AND ADMINISTRATIVE                   $   985    $   840

    LOSS FROM OPERATIONS                                  $  (545)   $  (348)

    OTHER INCOME (EXPENSE)                                $  (105)   $  (109)

    NET LOSS                                              $  (650)   $  (457)

    NET LOSS PER COMMON SHARE -  BASIC AND DILUTED        $ (0.02)   $ (0.02)

    WEIGHTED AVERAGE COMMON
     SHARES OUTSTANDING -BASIC AND DILUTED                 28,574     26,050


'/>"/>
SOURCE Claimsnet.com inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Claimsnet.com Reports Fiscal Year 2007 Results
2. Claimsnet.com Reports First Quarter 2008 Results
3. Claimsnet.com Reports Third Quarter 2008 Results
4. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites
5. Haemacure Reports Third Quarter 2007 Results
6. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
7. Consumer Reports Analysis: Drugs for Nerve Pain, Fibromyalgia Effective, But Not Always Best
8. MDS Reports Third Quarter 2007 Results
9. Allied Healthcare Reports Strong Fourth Quarter, Flat Net Income for Fiscal 2007 vs. 2006
10. AtriCure Reports First Human Implant of the Cosgrove-Gillinov Left Atrial Appendage Occlusion System
11. NMHC Reports Fourth Quarter and Fiscal Year 2007 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/2/2016)... ... ... “Engineering Bubbles,” an oil painting submitted by Canadian radiology resident Dr. Kari ... the Annual Meeting in Los Angeles. The first annual art forum was a platform ... attendees. , “Through art I hope to educate people about radiology and its ...
(Date:5/2/2016)... ... ... Over $60 Billion is spent annually on products for our favorite furry ... site for Toys, Tots, Pets & More (TTPM) announced the 15 winners of the ... Metropolitan Pavilion in New York City. , Chosen from a field of hundreds of ...
(Date:5/2/2016)... ... May 02, 2016 , ... ... new Specialty Pharmacy Patient Satisfaction Award that will recognize specialty pharmacies for their ... from Zitter Health Insights’ Specialty Pharmacy Patient Satisfaction Survey compiled throughout 2016. Results ...
(Date:5/2/2016)... , ... May 02, 2016 , ... According to an ... one in four girls are sexually abused before the age of 18. Of those ... to tell her story and others. , In her new book, Lyah! Lyah! ...
(Date:5/2/2016)... ... May 02, 2016 , ... Consultative health care market research ... Callandrillo and Duane Reed, VP of business development of AJMC Strategic Solutions, will ... Group (PBIRG) General Meeting from May 15-17 at the Boca Raton Resort ...
Breaking Medicine News(10 mins):
(Date:4/27/2016)... TURIN, Italy , April 27, 2016 ... MR-guided linear accelerator (MR-linac) platform will be the focal ... annual meeting of the European Society for Radiotherapy & ... Elekta,s MR-linac integrates a state-of-the-art radiotherapy system and ... a physician to clearly see the patient,s anatomy in ...
(Date:4/27/2016)... April 27, 2016   Zillion Group ... health technology platform, which specializes in live video ... scalable digital products, Zillion enables companies to realize ... consumers to take control of their health. ... conferencing – including one-to-one, group and webcast scheduled ...
(Date:4/27/2016)... , April 27, 2016  Bayer Animal Health ... senior from the University of Florida College of ... Bayer Excellence in Communication Award (BECA). Brittany was ... were awarded a total of $70,000 in scholarship ... four years, Bayer has provided a total of ...
Breaking Medicine Technology: