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Claimsnet.com Reports Second Quarter 2009 Results
Date:7/30/2009

DALLAS, July 30 /PRNewswire-FirstCall/ -- Claimsnet.com inc. (OTC Bulletin Board: CLAI), a leading provider of Internet-based claims processing solutions for the healthcare industry, today reported its results for the second quarter of 2009, which ended June 30, 2009.

For the quarter ended June 30, 2009, Claimsnet reported revenues of $563,000, a 6% increase compared to the $529,000 reported for the second quarter of 2008. Revenues for the six months ended June 30, 2009 were $1,082,000, a 6% increase compared to the $1,018,000 reported for the six months of 2008.

Cost of revenues for the second quarter of 2009 was $419,000 compared to $422,000 for the second quarter of 2008, a 1% decrease. Cost of revenues for the six months of 2009 was $832,000 compared to $810,000 for the six months of 2008, a 3% increase. Selling, general and administrative expenses of $221,000 were reported for the second quarter of 2009 compared to $281,000 reported for the second quarter of 2008, a 21% decrease. Selling, general and administrative expenses of $472,000 were reported for the six months of 2009 compared to $487,000 reported for the six months of 2008, a 3% decrease.

Claimsnet reported a gross profit of $144,000 for the second quarter of 2009, compared with a gross profit of $107,000 for the second quarter of 2008, a 35% increase. Claimsnet reported a gross profit of $250,000 for the six months of 2009, compared with a gross profit of $208,000 for the six months of 2008, a 20% increase.

The loss from operations for the second quarter of 2009 was $(77,000) compared to $(174,000) reported for the second quarter of 2008, a decrease of 56%. The loss from operations for the six months of 2009 was $(222,000) compared to $(279,000) reported for the six months of 2008, a decrease of 20%. The net loss for the second quarter of 2009 was $(87,000), or $(0.00) per share, compared to net loss of ($200,000), or $(0.01) per share, for the second quarter of 2008. The net loss for the six months of 2009 was $(244,000), or $(0.01) per share, compared to net loss of ($333,000), or $(0.01) per share, for the six months of 2008.

In a comparison with the first quarter of 2009, sales increased 8%, the loss from operations decreased 47% and gross margins improved by 5% to 26%.

"We are pleased, in the current economic environment, with the 6% growth in sales. Our loss from operations in the second quarter decreased compared to last year by 56%. This decrease in loss resulted from both the increase in sales and a decrease in overall costs associated with actions the Company took in April 2009, as it focused on moving towards profitability over the next several quarters. This resulted in significant improvements in both May and June of the quarter. New customer implementations and increased business from the more than 70 direct payer customers and 35 clearinghouse business relationships are adding to the top line sales. Our expectation is that over the next two quarters we will see continued benefits of these efforts in operating profitability and cash flow," commented Don Crosbie, Chief Executive Officer of Claimsnet. "Also, the Company reached a milestone in the second quarter with more than a million transactions processed in each month. This was the first time that this volume level has been reached in a quarter."

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, Texas, 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 athttp://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, maintaining access to external sources of capital, regulatory actions, success of marketing strategies, actions of the company's competitors, dependence on suppliers and distribution channels, and continued use of the internet. Further information on the company's risk factors is contained in the company'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)

                                 (unaudited)             (unaudited)
                                Quarter Ended          Six Months Ended
                                  June 30,                June 30,
                           ---------------------  -----------------------
                              2009        2008       2009         2008
                           ----------  ---------  ----------   ----------

    REVENUES                  $563        $529     $1,082       $1,018

    COST OF REVENUES          $419        $422       $832         $810

    GROSS PROFIT              $144        $107       $250         $208

    SELLING, GENERAL AND
     ADMINISTRATIVE           $221        $281       $472         $487

    LOSS FROM OPERATIONS      $(77)      $(174)     $(222)       $(279)

    INTEREST EXPENSE          $(10)       $(26)      $(22)        $(54)

    NET LOSS                  $(87)      $(200)     $(244)       $(333)

    NET LOSS PER COMMON
     SHARE - BASIC AND
     DILUTED                $(0.00)     $(0.01)    $(0.01)      $(0.01)

    WEIGHTED AVERAGE
     COMMON
    SHARES OUTSTANDING -
     BASIC AND DILUTED      34,078      28,344     33,352       27,611


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SOURCE Claimsnet.com
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