Claimsnet.com Reports Fiscal Year 2010 Results
Including a 5% Growth in Revenue for the Year, and 4% Growth in the Fourth Quarter
DALLAS, Feb. 24, 2011 /PRNewswire/ -- 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 fiscal year 2010 and fourth quarter of 2010, which ended December 31, 2010.
For the year ended December 31, 2010, the Company reported revenues of $2,326,000, a 5% increase from the $2,207,000 reported for fiscal 2009.
Cost of revenues for the 2010 fiscal year were $1,694,000 compared to $1,680,000 for the 2009 fiscal year, a 1% increase. Operating expenses of $889,000 were reported for 2010 compared to the $854,000 reported in fiscal 2009, an increase of 4%.
The Company reported a gross profit of $632,000 for fiscal year 2010, compared with a gross profit of $527,000 for fiscal year 2009, representing a 20% increase. The loss from operations for fiscal 2010 was $257,000 compared to $327,000 reported in fiscal 2009, representing a 21% decrease. The net loss for fiscal year 2010 was $287,000, or $0.01 per share, compared to $364,000, or $0.01 per share, in the prior year, representing a 21% decrease.
For the three months ended December 31, 2010, the Company reported revenues of $585,000 compared to revenues of $560,000 reported for the three months ended December 31, 2009, an increase of 4%.
Cost of revenues were $428,000 for the fourth quarter of 2010 compared to $422,000 for the fourth quarter of 2009, an increase of 1%. Operating expenses of $296,000 for the fourth quarter of 2010 increased 63% from the $182,000 reported for the fourth quarter of 2009, primarily attributed to impairment of $104,000 of previously capitalized software development costs.
The Company reported a quarterly gross profit in the fourth quarter of 2010 totaling $157,000 compared with a gross profit of $138,000 in the fourth quarter of 2009, an increase of 14%. The fourth quarter loss from operations was $139,000 in the fourth quarter of 2010 compared to the loss from operations of $44,000 reported in the fourth quarter of 2009, an increase of 216%. The net loss for the fourth quarter of 2010 was $147,000, including the impairment charge of $104,000, or $0.00 per share, as compared with a net loss of $51,000, or $0.00 per share, in the same quarter of 2009, an increase of 188%.
"Our financial results for fiscal year 2010 reflect the stability of our customer relationships in a difficult economic environment. We remain focused on customer development, efficiency of operations and improvement in profitability in fiscal year 2011," commented Don Crosbie, chief executive officer of Claimsnet.
"In addition, while the net loss was $287,000 for fiscal year 2010, this included $154,000 of one-time expense items. These items were the previously mentioned impairment charge of $104,000 and $50,000 for the Advisory Fee with Blackhawk Partners, announced in our earlier press release. Without these items, our loss for the year would have been $133,000, a significant improvement over the previous year's loss of $364,000. The loss without one-time expense items represented a decrease of $231,000, or 63%, over the loss for 2009 ".
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, Claimsnet offers systems that are distinguished by ease of use, customer care, security and measurable cost advantages. More information on Claimsnet and on the information set forth in this release may be found at the Company's web site at http://www.claimsnet.com, as well as at the SEC's website at www.sec.gov.
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, risks related to our recent acquisition of substantially all of the assets of Acceptius, Inc., maintaining access to external sources of capital, regulatory actions, success of marketing strategies, actions of Claimsnet's competitors, dependence on business partners and distribution channels, and continued use of the Internet. Further information on Claimsnet's risk factors is contained in Claimsnet's quarterly, annual, and other periodic reports as filed with the Securities and Exchange Commission.
[Table to Follow]
CLAIMSNET.COM INC. AND SUBSIDIARIES |
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SUMMARY OPERATIONS STATEMENT INFORMATION |
|||
(In thousands except per share data) |
|||
Year Ended |
|||
December 31, |
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---------------------------- |
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2010 |
2009 |
||
----------- |
---------- |
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REVENUES |
$2,326 |
$2,207 |
|
COST OF REVENUES |
$1,694 |
$1,680 |
|
GROSS PROFIT |
$632 |
$527 |
|
OPERATING EXPENSES |
$889 |
$854 |
|
LOSS FROM OPERATIONS |
$(257) |
$(327) |
|
OTHER INCOME (EXPENSE) |
$(30) |
$(37) |
|
NET LOSS |
$(287) |
$(364) |
|
NET LOSS PER COMMON SHARE – |
|||
BASIC AND DILUTED |
$(0.01) |
$(0.01) |
|
WEIGHTED AVERAGE COMMON |
|||
SHARES OUTSTANDING – |
|||
BASIC AND DILUTED |
34,875 |
34,098 |
|
SOURCE Claimsnet.com inc.
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