AVIDYN Reports 2000 Results

Apr 02, 2001, 01:00 ET from AVIDYN, Inc.

    DALLAS, April 2 /PRNewswire/ -- AVIDYN, Inc. (Nasdaq: ADYN), a leading
 healthcare information services company for the PPO and payer markets, today
 reported 2000 results.  For the year ended December 31, 2000, revenues were
 $2.15 million, compared to $949,000 for the prior year.  A net loss of
 $406,000 was reported for 2000, which compares to a net loss of $1.6 million
 for 1999.
     2000 results are reported in a different format as required by the
 Company's previously announced sales of its Preferred Provider Organization
 (PPO) and Third Party Administrator (TPA) business units.  Pursuant to
 reporting requirements, results for the Company's ppoONE and ValueCHECK
 product groups (continuing operations) continue to be fully reported, while
 its interests in the PPO and TPA business units are now reported in a single
 line item as "income (loss) from discontinued operations."  The Company no
 longer reports revenues from these operations in its top-line revenue total.
 
     About AVIDYN, Inc.
     AVIDYN, Inc. is a leading healthcare information services company,
 providing enterprise business solutions for the healthcare industry.  Based in
 Dallas, Texas, the company delivers dynamic products for niche healthcare
 segments through two wholly owned subsidiaries: ppoONE, Inc. and ValueCHECK,
 Inc.  As an Application Service Provider (ASP), ppoONE is the market leader in
 claims repricing and data management for Preferred Provider Organizations
 (PPOs), Third Party Administrators (TPAs), healthcare plans and insurance
 carriers nationwide.  ValueCHECK is a turnkey outsource solution for
 utilization review and case management serving TPAs, PPOs, healthcare plans
 and insurance carriers nationwide.  On January 22, 2001, shareholders approved
 the sale of the company's PPO and TPA business units.  As a result of these
 transactions, and to reflect its focus as a technology provider, the company's
 name changed from MedicalControl, Inc. (formerly Nasdaq: MDCL) to AVIDYN, Inc.
 For more information, visit www.avidyn.com.
     Safe Harbor Statement under the Private Securities Litigation Reform Act
 of 1995:  Certain statements made in this release are not historical facts and
 may include forward-looking statements.  Forward-looking statements
 necessarily involve assumptions about risks and uncertainties that could cause
 actual results to differ materially from any future performance implied or
 assumed by such statements.  Such factors may include, without limitation,
 trends, management's beliefs, expectations, options, actual and potential
 competition, and general economic conditions.  For further information that
 could cause actual results to differ from the Company's expectations as well
 as other factors that could affect the Company's financial statements, please
 refer to the Company's Annual Report on Form 10-KSB and other reports filed
 with the Securities and Exchange Commission.  Readers are cautioned to assess
 forward-looking statements in light of the possibility of foreseeable events
 or conditions.  AVIDYN will not undertake to revise or update any statements
 herein in the future to reflect the occurrence of such events or conditions.
 
 
                                                    Year Ended
                                                   December 31,
                                               2000            1999
     Revenues                               $2,149,921       $949,103
 
     Loss From Continuing Operations        (1,621,253)      (978,081)
 
     Income (Loss) From Discontinued
      Operations                             1,215,009       (577,527)
 
     Net Loss                                $(406,244)   $(1,555,608)
 
     Basic and Diluted Income (Loss) Per Share:
          Continuing Operations                 $(0.35)        $(0.22)
          Discontinued Operations                 0.26          (0.13)
                    Net Loss                    $(0.09)        $(0.35)
 
     Weighted Average Common Shares
      Outstanding                            4,683,056      4,389,605
 
     NOTE -- The 1999 loss from discontinued operations includes a net loss of
     $784,000 from the sale in August 1999 of a division of the TPA.
 
 

SOURCE AVIDYN, Inc.
    DALLAS, April 2 /PRNewswire/ -- AVIDYN, Inc. (Nasdaq: ADYN), a leading
 healthcare information services company for the PPO and payer markets, today
 reported 2000 results.  For the year ended December 31, 2000, revenues were
 $2.15 million, compared to $949,000 for the prior year.  A net loss of
 $406,000 was reported for 2000, which compares to a net loss of $1.6 million
 for 1999.
     2000 results are reported in a different format as required by the
 Company's previously announced sales of its Preferred Provider Organization
 (PPO) and Third Party Administrator (TPA) business units.  Pursuant to
 reporting requirements, results for the Company's ppoONE and ValueCHECK
 product groups (continuing operations) continue to be fully reported, while
 its interests in the PPO and TPA business units are now reported in a single
 line item as "income (loss) from discontinued operations."  The Company no
 longer reports revenues from these operations in its top-line revenue total.
 
     About AVIDYN, Inc.
     AVIDYN, Inc. is a leading healthcare information services company,
 providing enterprise business solutions for the healthcare industry.  Based in
 Dallas, Texas, the company delivers dynamic products for niche healthcare
 segments through two wholly owned subsidiaries: ppoONE, Inc. and ValueCHECK,
 Inc.  As an Application Service Provider (ASP), ppoONE is the market leader in
 claims repricing and data management for Preferred Provider Organizations
 (PPOs), Third Party Administrators (TPAs), healthcare plans and insurance
 carriers nationwide.  ValueCHECK is a turnkey outsource solution for
 utilization review and case management serving TPAs, PPOs, healthcare plans
 and insurance carriers nationwide.  On January 22, 2001, shareholders approved
 the sale of the company's PPO and TPA business units.  As a result of these
 transactions, and to reflect its focus as a technology provider, the company's
 name changed from MedicalControl, Inc. (formerly Nasdaq: MDCL) to AVIDYN, Inc.
 For more information, visit www.avidyn.com.
     Safe Harbor Statement under the Private Securities Litigation Reform Act
 of 1995:  Certain statements made in this release are not historical facts and
 may include forward-looking statements.  Forward-looking statements
 necessarily involve assumptions about risks and uncertainties that could cause
 actual results to differ materially from any future performance implied or
 assumed by such statements.  Such factors may include, without limitation,
 trends, management's beliefs, expectations, options, actual and potential
 competition, and general economic conditions.  For further information that
 could cause actual results to differ from the Company's expectations as well
 as other factors that could affect the Company's financial statements, please
 refer to the Company's Annual Report on Form 10-KSB and other reports filed
 with the Securities and Exchange Commission.  Readers are cautioned to assess
 forward-looking statements in light of the possibility of foreseeable events
 or conditions.  AVIDYN will not undertake to revise or update any statements
 herein in the future to reflect the occurrence of such events or conditions.
 
 
                                                    Year Ended
                                                   December 31,
                                               2000            1999
     Revenues                               $2,149,921       $949,103
 
     Loss From Continuing Operations        (1,621,253)      (978,081)
 
     Income (Loss) From Discontinued
      Operations                             1,215,009       (577,527)
 
     Net Loss                                $(406,244)   $(1,555,608)
 
     Basic and Diluted Income (Loss) Per Share:
          Continuing Operations                 $(0.35)        $(0.22)
          Discontinued Operations                 0.26          (0.13)
                    Net Loss                    $(0.09)        $(0.35)
 
     Weighted Average Common Shares
      Outstanding                            4,683,056      4,389,605
 
     NOTE -- The 1999 loss from discontinued operations includes a net loss of
     $784,000 from the sale in August 1999 of a division of the TPA.
 
 SOURCE  AVIDYN, Inc.