DALLAS, May 7, 2013 /PRNewswire/ -- Claimsnet.com inc. (OTCBB: CLAI.PK), a leading provider of Internet-based business-to-business solutions for the healthcare industry, today reported its results for the first quarter of fiscal 2013, which ended March 31, 2013.
For the quarter ended March 31, 2013, the Company reported revenues of $592,000, a 7% decrease from the $637,000 reported for the first quarter of 2012.
Expenses overall, comprised of cost of revenues and selling, general and administrative expenses decreased 10% compared with the first quarter of 2012. Cost of revenues for the first quarter of 2013 was $454,000 compared to $500,000 in the first quarter of 2012, a decrease of 9%. Selling, general and administrative expenses of $161,000 were reported for the first quarter of 2013, representing a 13% decrease from the $185,000 reported in the first quarter of 2012.
The Company reported a gross profit of $138,000 for the first quarter of 2013, compared with a $137,000 gross profit in the first quarter of 2012.
The loss from operations for the first quarter of 2013 was $23,000, compared to a loss of $48,000 reported in the first quarter of 2012. The net loss for the first quarter of 2013 was $29,000, or $0.00 per share, compared to $54,000, or $0.00 per share, in the first quarter of 2012.
On March 18, 2013, the Company, entered into an Acquisition Agreement (the "Agreement") with TransCoastal Corporation, a Texas corporation ("TransCoastal"). Subsequently, Claimsnet and TransCoastal decided to amend the Agreement on April 24, 2013. For further information, please see the Company's Quarterly Report on form 10-Q, filed with the SEC on May 7, 2013.
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.
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[Table to Follow]
CLAIMSNET.COM INC. AND SUBSIDIARIES
SUMMARY OPERATIONS STATEMENT INFORMATION
(In thousands except per share data)
(unaudited)
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Quarter Ended
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March 31,
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2013
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2012
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REVENUES
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$ 592
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$ 637
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COST OF REVENUES
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$ 454
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$ 500
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GROSS PROFIT
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$ 138
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$ 137
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SELLING, GENERAL AND ADMINISTRATIVE
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$ 161
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$ 185
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LOSS FROM OPERATIONS
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$ (23)
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$ (48)
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INTEREST EXPENSE
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$ (6)
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$ (6)
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NET LOSS
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$ (29)
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$ (54)
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NET LOSS PER COMMON SHARE –
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BASIC
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$ (0.00)
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$ (0.00)
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WEIGHTED AVERAGE COMMON
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SHARES OUTSTANDING –
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BASIC AND DILUTED
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35,645
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34,875
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SOURCE Claimsnet.com inc.