Claimsnet.com Reports First Quarter 2010 Results
Including an 11% Increase in Revenues
DALLAS, April 27 /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 the first quarter of fiscal 2010, which ended March 31, 2010.
For the quarter ended March 31, 2010, the Company reported revenues of $578,000, an 11% increase from the $519,000 reported for the first quarter of 2009.
Expenses overall, comprised of cost of revenues and selling, general and administrative expenses decreased 12% compared with the first quarter of 2009. Cost of revenues for the first quarter of 2010 was $414,000 compared to $413,000 in the first quarter of 2009. Selling, general and administrative expenses of $173,000 were reported for the first quarter of 2010, representing a 31% decrease from the $251,000 reported in the first quarter of 2009. The decrease is primarily due to a reduction in sales personnel in 2010.
The Company reported a gross profit of $164,000 for the first quarter of 2010, compared with a $106,000 gross profit in the first quarter of 2009.
The loss from operations for the first quarter of 2010 was $9,000, compared to a loss of $145,000 reported in the first quarter of 2009. The net loss for the first quarter of 2010 was $16,000, or $0.00 per share, compared to $157,000, or $0.00 per share, in the first quarter of 2009.
"We are pleased with both the 11% increase in sales and the significant reduction in our loss from operations compared to last year. This close to breakeven result is a milestone in the history of Claimsnet and comes about through the efforts of all our personnel who have worked hard to achieve this extra productivity," commented Don Crosbie, Chief Executive Officer of Claimsnet.
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.
Forward-Looking Statements - 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, continued use of the Internet, achieving the anticipated benefits of capital expenditures, and achieving anticipated expense reductions. 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.
CLAIMSNET.COM INC. AND SUBSIDIARIES SUMMARY OPERATIONS STATEMENT INFORMATION (In thousands except per share data) (unaudited) |
||||
Quarter Ended |
||||
2010 |
2009 |
|||
REVENUES |
$578 |
$519 |
||
COST OF REVENUES |
$414 |
$413 |
||
GROSS PROFIT |
$164 |
$106 |
||
SELLING, GENERAL AND ADMINISTRATIVE |
$173 |
$251 |
||
LOSS FROM OPERATIONS |
$(9) |
$(145) |
||
INTEREST EXPENSE |
$(7) |
$(12) |
||
NET LOSS |
$(16) |
$(157) |
||
NET LOSS PER COMMON SHARE – |
||||
BASIC |
$(0.00) |
$(0.00) |
||
WEIGHTED AVERAGE COMMON |
||||
SHARES OUTSTANDING – |
||||
BASIC AND DILUTED |
34,875 |
32,618 |
||
SOURCE Claimsnet.com inc.
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