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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 nine months of 2007.

Claimsnet reported a gross profit of $119,000 for the third quarter of 2008, compared with a gross profit of $140,000 for the third quarter of 2007. Claimsnet reported a gross profit of $327,000 for the nine months of 2008, compared with a gross profit of $394,000 for the nine months of 2007.

The loss from operations for the third quarter of 2008 was $(126,000) compared to $(55,000) reported for the third quarter of 2007. The loss from operations for the nine months of 2008 was $(405,000) compared to $(200,000) reported for the nine months of 2007. The net loss for the third quarter of 2008 was $(151,000), or $(0.01) per share, compared to net loss of ($81,000), or $(0.00) per share, for the third quarter of 2007. The net loss for the nine months of 2008 was $(484,000), or $(0.02) per share, compared to net loss of ($275,000), or $(0.01) per share, for the nine months of 2007.

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 at http://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 Nine Months Ended

September 30, September 30,

-------------------- --------------------

2008 2007 2008 2007

------- ------- ------- -------

REVENUES $ 527 $ 414 $1,545 $1,240

COST OF REVENUES $ 408 $ 274 $1,218 $ 846

GROSS PROFIT $ 119 $ 140 $ 327 $ 394

SELLING, GENERAL

AND ADMINISTRATIVE $ 245 $ 195 $ 732 $ 594

LOSS FROM OPERATIONS $ (126) $ (55) $ (405) $ (200)

INTEREST INCOME $ - $ 1 $ - $ 6

INTEREST EXPENSE $ (25) $ (27) $ (79) $ (81)

NET LOSS $ (151) $ (81) $ (484) $ (275)

NET LOSS PER COMMON SHARE -

BASIC AND DILUTED $(0.01) $(0.00) $(0.02) $(0.01)

WEIGHTED AVERAGE COMMON

SHARES OUTSTANDING -

BASIC AND DILUTED 29,247 26,051 28,160 26,048


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SOURCE Claimsnet.com inc.
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