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:6/24/2016)... CA (PRWEB) , ... June 24, 2016 , ... Comfort ... the American Cancer Society and the Road To Recovery® program to drive cancer patients ... seniors and other adults to ensure the highest quality of life and ongoing independence. ...
(Date:6/24/2016)... ... ... People across the U.S. are sharpening their pencils and honing their writing ... which patients and their families pay tribute to a genetic counselor by nominating him ... Genetic Counselors (NSGC) Annual Education Conference (AEC) this September. , In April, Genome ...
(Date:6/24/2016)... New York, NY (PRWEB) , ... June 24, ... ... lifestyle publication Haute Living, is proud to recognize Dr. Barry M. Weintraub as ... believes that “the most beautiful women in the world, and the most handsome ...
(Date:6/24/2016)... ... June 24, 2016 , ... Strategic ... Frederick area economy by obtaining investment capital for emerging technology companies. SCP ... that have already resulted in more than a million dollars of capital investment ...
(Date:6/24/2016)... ... 2016 , ... Venture Construction Group (VCG) sponsors Luke’s Wings ... at the Woodmont Country Club at 1201 Rockville Pike, Rockville, Maryland, 20852. The ... members that have been wounded in battle and their families. Venture Construction Group is ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... June 23, 2016 Research and Markets ... Medical Market Analysis 2016 - Forecast to 2022" report ... The report contains up to date financial data derived from ... of major trends with potential impact on the market during ... market segmentation which comprises of sub markets, regional and country ...
(Date:6/23/2016)... INDIANAPOLIS , June 23, 2016 /PRNewswire/ ... Diabetes Tomorrow,s Leaders Scholarship is any indication, the future ... today online at www.diabetesscholars.org by the Diabetes ... stand in the way of academic and community service ... scholarship program since 2012, and continues to advocate for ...
(Date:6/23/2016)... , June 23, 2016 Research ... "Surgical Procedure Volumes: Global Analysis (United States, China, Japan, ... report to their offering. ... tool for healthcare business planners, provides surgical procedure volume ... surgery trends with an in-depth analysis of growth drivers ...
Breaking Medicine Technology: