WELLINGTON, Fla., March 18 /PRNewswire-FirstCall/ -- The Quantum Group, Inc. (Amex: QGP, QGP.WSA, QGP.WSB) (http://www.QuantumMD.com) announced 1st Quarter financial results for fiscal year 2008 and reported revenues of $2,935,955 for the first fiscal quarter ending January 31, 2008. The Company had reported $421,177 in revenues for the same quarter of fiscal year 2007, marking an increase of nearly 700%. The reported revenues also reflect a continued increase from the fourth quarter of 2007 of 43.3%.
The Company reported a loss attributed to operating expenses of $2,812,813 in the first quarter of fiscal year 2008 versus $948,253 from the same quarter in fiscal year of 2007. This reflects an increase of 196.7%. The Company reported a loss of $6,946,016 for the quarter versus $2,017,240 for the first quarter of fiscal year 2007. This figure includes $4,133,203 related to non- operating financing activities as compared to $1,068,987 reported for the same period in 2007 and resulted in a loss per share of $1.20 versus $1.56 per share for the same period in 2007. The Company expects financing and non- operating costs to drop in subsequent reporting periods.
Additionally, the Company reported a 912.7% increase in the enrolled patient base served by subsidiary Renaissance Health Systems from 1681 at the close of the first quarter of 2008 to 166 at the same time in fiscal year 2007.
Noel J. Guillama, President & CEO of The Quantum Group, commented, "We are pleased by the results of our operations. After the completion of our public offering in mid-December of 2007, we have been able to fully concentrate on the business after 6 months of preparation and roadshow related activities."
Guillama continued, "We are excited by the immediate and long term prospects of the Company. Personally, my biggest excitement is the anticipated deployment of our technology platform as well as the development of additional inventions. We expect this platform to provide improved comprehensive care to our patients, reduce the workload for our healthcare providers and create cost effective efficiencies for our payer partners."
About The Quantum Group, Inc.
The Quantum Group is a Florida-based organization. The Company builds and manages healthcare systems and offers consulting and outsourcing services to the nation's largest and fastest growing industry- healthcare.
The Company is leveraging leading-edge technology with the development and execution of a series of innovative patent-pending technology initiatives (including patent-pending business processes) designed to make Quantum one of the state's leading providers of business solutions for the healthcare industry. Through its growing number of over 1,800 contracted physicians and managed care relationships in the state of Florida, the Company believes it is positioned to bring increased efficiencies to the Florida healthcare industry.
Certain statements contained in this news release, which are not based
on historical facts, are forward-looking statements as the term is defined
in the Private Securities Litigation Reform Act of 1995, and are subject to
substantial uncertainties and risks in part detailed in the respective
company's Securities and Exchange Commission 10-KSB, 10-QSB, S-8 and 8-K
filings (and amendments thereto) that may cause actual results to
materially differ from projections. Forward-looking statements can be
identified by the use of words such as "expects," "plans," "will," "may,"
"anticipates," "believes," "should," "intends," "estimates" and other words
of similar meaning. These statements are subject to risks and uncertainties
that cannot be predicted or quantified and, consequently, actual results
may differ materially from those expressed or implied by these
forward-looking statements. Such risk factors include, without limitation,
the ability of the Company to properly execute its business model, to raise
substantial and immediate additional capital to implement its business
model, to attract and retain executive, management and operational
personnel, to negotiate favorable current debt and future capital raises,
to negotiate favorable agreements with a diversified provider base and to
continue to supply the services needed by its HMO clients as well physician
clients. The Company does not undertake any obligation to publicly update
any forward-looking statements. There can be no assurance that the
provisional patents discussed in this press release will be granted by the
US Patent and Trademark Office, or, if they are granted, they will not be
challenged by third parties, or if not that we will be able to effectively
use or commercialize such patents and/or we may not have the resources to
deploy such technology. As a result, investors should not place undue
reliance on these forward-looking statements.
FOR MORE INFORMATION, PLEASE CONTACT:
BPC Financial Marketing
Vice President Corporate Communications
The Quantum Group, Inc.
|SOURCE The Quantum Group, Inc.|
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