APACHE Medical Systems Inc. Reports 2000 First Quarter Results.Business, Health/Medical and Technology Editors BIOWIRE2K McLEAN, Va.--(BW HealthWire)--April 26, 2000 APACHE Medical Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMSI AMSI Australian Mathematical Sciences Institute AMSI Ambient Surround Imaging AMSI Atlantic Merchant Shipping Instructions AMSI Ameritech Message Signal Interface ), a leading provider of health care management systems and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , today reported first quarter 2000 results. Total revenue for the quarter ended March 31, 2000 was $1.6 million, compared with $3.3 million in the year ago quarter. Total expenses of $2.4 million were reduced by 17% from $2.9 million in the year ago quarter. The company reported a loss of $775,000, or $0.10 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a profit of $456,000, or $0.06 per share, in the year ago quarter. APACHE President and Chief Executive Officer Peter Gladkin said, "We were disappointed in our first quarter performance. The anticipated recovery in market demand for systems and consulting services was not immediately forthcoming and we also experienced contracting delays with a number of major clients. Expenses remain under tight control as we saw a continuation of difficult market conditions brought about by a combination of the Balanced Budget Amendment Balanced Budget Amendment is any one of various proposed amendments to the United States Constitution which would require a balance in the projected revenues and expenditures of the United States government. of 1997, a Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 carry-over effect, and concerns over pending Health Information Portability & Accountability Amendment (HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, ) regulations." Gladkin continued "APACHE's repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. program is proceeding according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan and our internet rollout remains on schedule. The recent product demonstrations of our first internet based cardiovascular, neonatal neonatal /neo·na·tal/ (ne?o-nat´'l) pertaining to the first four weeks after birth. ne·o·na·tal adj. Of or relating to the first 28 days of an infant's life. , and acute care applications at the Congressional Internet Caucus caucus: see convention. and the Health Information Management Systems Society (H.I.M.S.S.) Conference were very well received. However, these strategic repositioning activities were insufficient to make up for the first quarter revenue shortfall. We do expect an overall improvement in the traditional market for new systems and consulting services throughout the latter part of the year. Additionally, commercial release of our first internet products beginning in the 3rd quarter of 2000 should eventually provide additional incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenue streams from both domestic and overseas markets." APACHE Medical Systems, Inc. -- a recognized leader in clinical decision support/outcomes management systems and consulting services for the care of high-risk patients--provides products and services that enable health systems, hospitals and providers to apply an evidence-based approach to achieve clinical performance excellence, reduce cost and compete effectively under managed care. APACHE is helping providers better manage the clinical, financial and patient outcomes of high-risk, high-cost patients in critical, acute, cardiovascular and HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome care. One of the most experienced healthcare consultancies in the U.S., APACHE/National Health Advisors is nationally known for its work in the field of integrated delivery system integrated delivery system Integrated provider Medical practice A coordinated health care system formed by physician groups and hospitals which ↑ efficiency and ↓ redundancy in providing health care; IDSs coordinate delivery of a broad range of health development. Its comprehensive suite of services includes strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , clinical service line management, service reconfiguration, clinical integration and physician partnering, as well as evidence-based care evidence-based care, n a philosophy of treatment that relies on up-to-date, germane research as its foundation. process redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re and clinical performance improvement services. APACHE's Health Outcomes Research division provides advanced clinical data collection tools, registry management and analytic services for federal government research, as well as in support of clinical trial design and product-effectiveness evaluations for the pharmaceutical and medical device industries. APACHE (www.apache-msi.com) is headquartered in Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. . Statements in this press release which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All forward-looking statements involve risks and uncertainties. The Company wishes to caution readers that the following important factors, among others, in some cases have affected, and in the future could affect, the Company's actual results and could cause its actual results in fiscal 1999 and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of the Company. Important factors that could cause actual results to differ materially include but are not limited to the Company's having sufficient sales and timely collections to meet cash requirements and achieve profitability; ability to attract and retain key employees; success of its strategy to concentrate its product offerings on high-risk, high-cost patients; ability to timely develop new products and enhance existing products; ability to compete in the competitive and rapidly evolving healthcare information technology industry; ability to correctly estimate and manage its Year 2000 costs and liabilities; success of its marketing and consulting efforts and ability to effectively utilize its direct sales force; ability to protect proprietary information and to obtain necessary licenses on commercially reasonable terms; and ability to comply with and adopt products and services to potential regulatory changes.
APACHE MEDICAL SYSTEMS, INC.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
First Quarter Ended
March 31,
2000 1999
---------- ----------
Revenue: $ 1,583 3,309
Expenses:
Cost of systems, support and services 625 261
Selling, general and administrative 1,656 2,426
Research and development 147 251
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Total expenses 2,428 2,938
Income (loss) from operations (845) 371
Other income (expense):
Interest income 77 93
Interest expense (7) (9)
Other, net - 1
---------- ----------
Total other income (expense) 70 85
Net income (loss) $ (775) $ 456
========== ==========
Net income (loss) per share $ (0.10) $ 0.06
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Weighted average number of shares used for
calculation of net income (loss) per share 7,398 7,338
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Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
Mar 31, Dec 31,
2000 1999
---------- ----------
Assets
Cash and short-term investments 5,158 6,242
Accounts receivable, net 2,889 3,012
Other current assets 459 499
Property, plant and equipment, net 578 439
Capitalized software development costs, net 894 793
Other assets 438 481
---------- ----------
$ 10,416 $ 11,466
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Liabilities and Stockholders' Equity
Current liabilities 5,799 6,305
Long-term debt and capital leases 126 43
Deferred rent 21 5
Stockholders' equity 4,470 5,113
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$ 10,416 $ 11,466
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