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Claimsnet.com Reports Third Quarter 2008 Results
Date:10/30/2008

Including a 27% Increase in Revenues

DALLAS, Oct. 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 third quarter of 2008, which ended September 30, 2008.

"We are pleased to report a 27% increase in our third quarter revenues," commented Don Crosbie, chief executive officer of Claimsnet. "The increase in overall costs during the third quarter of 2008 was due to the addition of new clearinghouse partners as well as customer support personnel. In addition, the costs of our renewed sales effort, with the two new sales personnel added in April 2008, is reflected in the higher costs when compared to last year. However, this renewed sales effort has resulted in new payer and provider contracts and continues to build a good pipeline of opportunities. We anticipate that this renewed investment in sales growth will positively impact the financial results in the next several quarters both in sales and operating results.

For the quarter ended September 30, 2008, Claimsnet reported revenues of $527,000, a 27% increase compared to the $414,000 reported for the third quarter of 2007. Revenues for the nine months ended September 30, 2008 were $1,545,000, a 25% increase compared to the $1,240,000 reported for the nine months of 2007.

Cost of revenues for the third quarter of 2008 was $408,000 compared to $274,000 for the third quarter of 2007, a 49% increase. Cost of revenues for the nine months of 2008 was $1,218,000 compared to $846,000 for the nine months of 2007, a 44% increase. Selling, general and administrative expenses of $245,000 were reported for the third quarter of 2008 compared to $195,000 reported for the third quarter of 2007. Selling, general and administrative expenses of $732,000 were reported for the nine months of 2008 compared to $594,000 reported for the nin
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SOURCE Claimsnet.com inc.
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