Claimsnet.com Reports Fiscal Year 2012 Results
DALLAS, Feb. 26, 2013 /PRNewswire/ -- Claimsnet.com inc. (OTCBB: CLAI.OB), a leading provider of business-to-business Electronic Data Interchange (EDI) solutions for the healthcare industry, today reported its results for fiscal year 2012 and fourth quarter of 2012, which ended December 31, 2012.
For the year ended December 31, 2012, the Company reported revenues of $2,511,000, a 7% increase from the $2,346,000 reported for fiscal 2011.
Cost of revenues for the 2012 fiscal year were $1,928,000 compared to $1,748,000 for the 2011 fiscal year, a 10% increase. Operating expenses of $759,000 were reported for 2012 compared to the $702,000 reported in fiscal 2011, an increase of 8%.
The Company reported a gross profit of $583,000 for fiscal year 2012, compared with a gross profit of $598,000 for fiscal year 2011, representing a 3% decrease. The loss from operations for fiscal 2012 was $176,000 compared to $104,000 reported in fiscal 2011, representing a 69% increase. The net loss for fiscal year 2012 was $199,000, or $0.00 per share, compared to $125,000, or $0.00 per share, in the prior year, representing a 59% decrease.
For the three months ended December 31, 2012, the Company reported revenues of $619,000 compared to revenues of $605,000 reported for the three months ended December 31, 2011, an increase of 2%.
Cost of revenues were $472,000 for the fourth quarter of 2012 compared to $470,000 for the fourth quarter of 2011. Operating expenses of $187,000 for the fourth quarter of 2012 increased 3% from the $181,000 reported for the fourth quarter of 2011.
The Company reported a quarterly gross profit in the fourth quarter of 2012 totaling $147,000 compared with a gross profit of $135,000 in the fourth quarter of 2011, an increase of 9%. The fourth quarter loss from operations was $40,000 in the fourth quarter of 2012 compared to the loss from operations of $46,000 reported in the fourth quarter of 2011, a decrease of 13%. The net loss for the fourth quarter of 2012 was $46,000, or $0.00 per share, as compared with a net loss of $51,000, or $0.00 per share, in the same quarter of 2011, a decrease of 10%.
"Our financial results for fiscal year 2012 reflect the stability of our customer relationships. We continue to remain focused on those customers and the services we provide them while aiming at expansion of our business, and at the same time look at ways we can achieve further efficiency of operations," commented Don Crosbie, chief executive officer of Claimsnet. "Our 2012 results reflect extra expenses incurred as a consequence of complying with the HIPAA 5010 health claim format mandated by regulations promulgated by the Centers for Medicare & Medicaid Services (CMS). However, this has now been completed and adjustments have been made that we expect will be reflected in reduced expense levels from now on so to reach breakeven in fiscal year 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, 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 ability to access external sources of capital to satisfy our capital requirements, our ability to comply with existing and future governmental regulations, such as HIPAA, the success of our marketing strategies, actions of Claimsnet's competitors, our dependence on business partners and distribution channels, and continued use by the Company 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.