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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
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SOURCE Claimsnet.com inc.
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